360networks withdraws plans to acquire NetRail

"360networks today announced it no longer intends to acquire NetRail, a
wholesale Internet service provider, in an all-stock transaction. The
company announced plans to acquire NetRail earlier this year."

Per the announcement they just sent via e-mail. Looks to be posted on
<URL:http://www.360.net/> as well.


This appears to be a very good thing for NetRail.

  Also from www.360.net:

  "360networks announced it will not make a US $10.9 million
  interest payment due today on its 12.5% Senior Notes. Under
  the terms of the debt, 360networks has another 30 days to
  make the payment in order to avoid default consequences
  under the Notes."


Wow, how things change, hope you guys did not buy the Porsches just yet.

P.S. Sorry, I have been waiting 4 months to say that. :wink: As Founder of
NetRail it is nice to see that the unethical people that took the company
from me are not going to get a dime more then the $0 they paid me for the


Nathan's lack of bitterness is indicative of his high level of personal
maturity. Oh, wait....

- Daniel Golding