Cast Out12/10/2000 07:00:00 PM Eastern
Microcast is the most recent streaming-content enabler to hit the skids. According to CEO Paul Nash, the company failed to complete its latest round of $75 million funding or find a buyer and, as a result, 85 of its 101 employees were let go last week.
"When the market turns against you, there's nothing you can do," Nash explains. "We could have thrown in the towel earlier, but the bottom line is, there isn't a lot that dotcoms can do. The venture-capital community has dried up."
The company has filed for Chapter 11 bankruptcy production, and liquidation of equipment will help square debts with creditors. Customers have been moved to other service providers, including Akamai and eMedia.