The E-Sylum:  Volume 5, Number 24, June 9, 2002, Article 18

EXPENSIVE PAPER

  From a June 3, 2002 article in the Financial Times:
  "Framed on Jack McMaster's wall is one of his proudest
  possessions: a stock certificate for shares in KPNQwest,
  the Dutch data network operator.

  The company's president and chief executive paid $500,000
  for it two years ago; today it is worthless.

  For the past month staff had worked without pay in what
  ultimately proved a fruitless effort to keep the cash-starved
  telecoms carrier alive. On Friday, lacking funds, shareholder
  support and a saviour, it went bust.  Founded in November
  1998 and worth 40bn ($37bn)  at its peak two years ago,
  it will be broken up and sold for next to nothing.

  A 25,000km glass-fibre backbone, stretching from Ireland
  to Romania and Spain to Finland, is to be shut down within
  less than three months."

  Wayne Homren, Editor

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