Rhythms NetConnections

Rhythms NetConnections

Rhythms NetConnections Inc. (Former NASDAQ: RTHM) was in the business of providing broadband local-access communication services to large enterprises, telecommunications carriers and their internet service provider (ISP) affiliates and other ISPs. The company's services included a range of high-speed, always-on connections that were designed to offer customers both cost and performance advantages when accessing the Internet or private networks. The Company used multiple digital subscriber line (DSL) technologies to provide data transfer rates ranging from 128 kbit/s to 8.0 Mbit/s delivering data to the end user, and from 128 kbit/s to 1.5 Mbit/s receiving data from the end user. In August 2001, the Company and all of its wholly owned United States subsidiaries voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code. Also in August 2001, the Company sent 31-day service termination letters to all of its customers.

Legal Action

Rhythms and its former executives are in the process of facing a class action lawsuit for laddering and violating the Securities Act of 1933 by making misleading statements in order to gain regulatory approval.

At one time, Enron owned nearly 50% of the publicly available Rhythms stock. [McLean & Elkind, "The Smartest Guys in the Room" p191]

References


* [http://securities.stanford.edu/1019/RTHM01/ Summary of Class Action Suit]

ee also

*Covad Communications
*NorthPoint Communications

External links

*Former Official site - http://www.rhythms.net/
* [http://www.itworld.com/Net/2574/IDG010926worldcom/ WorldCom buys Rhythms' gear to keep service running] ITworld
* [http://www.convergedigest.com/Daily/v8/v8n184.htm WORLDCOM PAYS $40 MILLION FOR RHYTHMS DSL ASSETS]
* [http://www.theregister.co.uk/2001/08/08/the_fattest_ever_fat_cats/ The Register - Fattest Fat Cats Ever? - Article on Bonus Payouts to CEO and COO that occurred 3 days prior to bankruptcy]


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