Updated: Tuesday, August 27, 2002  3:40 am EST

MSGL     
Site Navigational links

The birth of Stockskill.net explained

Welcome to StockSKILL.net

or

StocksKILL.net

whichever fits your situation more appropriately

This site is presently devoted solely to the
NorthPoint vs. Verizon saga

Note: All external links on this main page will open in their own windows leaving this page open for easy reference. Holding your mouse over most links will reveal additional information

Follow the "stars" for recent site additions or updates.
Documents are dated by authorship, not date of addition to the site. 		  1st week of August 
4th week of July 
3rd week of July 
2nd week of July 
1st week of July 
  Help    PicoSearch
Intra-site Links NorthPoint Vs. Verizon WAS to commence on 7/29/02 and is now struck from the calander 
IMPORTANT Trial and contact information.

NorthPoint's shareholders and creditors have been shafted by the US Justice system and NorthPoint's court appointed U.S. Trustee E. Lynn Schoenmann in particular, for caving in to Verizon behind closed doors, lining her pockets, and leaving NorthPoint's estate far from whole. 07/29/02 

A document put together to answer questions put to our shareholder group by Joanna Glasner of wired.com 07/31/02  

Both of the above documents contain numerous links to back all statements made - Please reference these to any media or government agency you contact.

- 1 -




^Recent Developments

Breaking-News: Covad Communications Inc. can proceed with an antitrust case against BellSouth In its appeals filing, Covad stated the ILEC delayed and hindered DSL provisioning, because "Covad's market entry and service offerings pose a real threat to BellSouth's monopoly power," and engaging in "a wide variety of unlawful, exclusionary and anticompetitive acts with the intent and inevitable effect of injuring, thwarting or eliminating Covad as an actual or potential customer." These acts, Covad maintains, were party responsible for its stock value to plummet, which resulted in Chapter 11 bankruptcy last year. They re-emerged from bankruptcy that December.08/03/02 

U.S. 11th Circuit Court of Appeals
COVAD COMM. v BELLSOUTH


^ Court Decisions and Orders

Master Jury Calander set for JUL-29-2002 Vacated. CASE SETTLED on JULY 23, 2002, Terms of the settlement placed on record, all Parties present, JUDGE: Paul Alvarado, CLERK: Greg Chuck, REPORTER: Robert Baliam (RM 305) 7/25/02 

REMOVED from settlement conference calander set for JUL-23-2002 - CASE SETTLED. assigned to dept. 212 on DEC-17-2002 at 10:00 AM for DISMISSAL per CRC 225. - (Rule 225: the court shall dismiss the case unless good cause is shown as to why the case shall not be dismissed) -- JUDGE: Paul Alvarado  7/23/02 

ORDER: DENYING DEFENDANT VERIZON'S MOTION FOR SUMMARY ADJUDICATION 7/13/02  

Mandatory settlement conference REMOVED from calander set for July 9, 2002 and CONTINUED to Tuesday July 23, 2002 at 3pm PST in Room 305 7/5/02  


^ Media Stories after Settlement

"...Northpoint Shareholders Robbed Attorneys, trustee, walk away grinning..." DSL Reports.com 07/31/02 

"... Bullshit. A company like Verizon doesn't settle a lawsuit for $175 million because it's afraid of the cost. A golden opportunity was missed here. For more information, see this website (stockskill.net) for more information ..." - dotcomscoop 07/29/02 

Bankrupt NorthPoint Communications Group Inc. has settled its lawsuit against Verizon Communications Inc. less than a week before the case was scheduled to go to trial 7/26/02 

The FAT LADY THREW UP: US Trustee sells NorthPoint down the river and pockets a cool 5 1/4 million dollars for accepting a paultry $175 Mil to settle NorthPoint's lawsuit against Verizon. This settlement would pay 50 million to secured creditors leaving 20 cents on the dollar to unsecured creditors and bondholders. The companies shareholders get wiped out. The bondholders get just about wiped out. And the Dept of Justice US Trustee becomes a millionaire! 7/23/02 


^ Media Stories before Settlement

americasnetwork.com quotes Covad's Khanna as saying "Bell Atlantic's [Verizon's] hands are dripping with NorthPoint's blood" 7/17/02  

This story from DotComScoop points out Verizon has never mentioned the NorthPoint lawsuit, which could have a serious material impact on the company, in any of its Securities & Exchange filings. The author notes this is very troubling because the suit had gotten little play in the media until this week and shareholders may have been oblivious to the suit's existence." 7/15/02  

Here is bloombergs updated story where they say, "Once Monarch and other creditors are fully paid, NorthPoint's shareholders would divide any money left over." 7/15/02  

The Deal.com quotes NortPoint's attorney Dan Sullivan as saying "We are pleased with the ruling, and it is significant in that we will go to trial not only on the breach of contract, but on the fraud claims, and a jury will rule on all these aspects," 7/14/02  

The Wall Street Journal, C-Net news, interNetnews, and Bloomberg break the ice on the lack of reporting in the pending lawsuit NorthPoint has filled against Verizon. The Trial date has been set for the 29th of this July. 7/13/02  

Forbes actually beat everyone one to press with this caveat aimed at Verizon 7/12/02  

list of creditors on file at the Bankruptcy court claiming  $719,292,247   $518,211,961 (secured)  $201,060.286  ;(unsecured)  

- 2 -





^ Shareholders Speak Out

Here are some letters written to Judge Carlson, who is overseeing the bankruptcy proceedings for NorthPoint Communications, These letters ask for his consideration that the insufficient settlement offer be rejected and allow the trial to proceed. They further ask his honor to right the injustice perpetrated behind closed doors . Specifically, that the deal Lynn Schoenmann engineered was in her best interest and not in the estate of NorthPoint Communications. That she breached her fiduciary duty and impeded justice by stopping the trial which by her words was "very strong and potentially worth 4 billion dollars".

letter 1 - "...Judge Carlson, Ms. Schoenman's offer to settle for $175 million leaves me with $0. I do not see how any settlement that pays Ms. Schoenman $5 million (see trustees pay schedule), and then only a very few senior creditors less than .20 cents on the dollar, and leaves the remaining creditors (who represent a MAJORITY of the estate) with ZERO serves the best interests of the Northpoint Estate...."  7/24/02 

letter 2 - "...Verizon would never have offered $17.5 million let alone $175 million if they reasonably thought the case was weak and the jury would go their way. They paid because there is no way they wanted this to go to trial where there was a high possibility that they would loose. ..."  7/25/02 

letter 3 - "...Your Honor, will you please investigate this and if you conclude, as many othere have, that there is something here that “smells”, will you please turn down this settlement, remove Ms. Schoenmann from this case and decree that this case shall be tried..."  7/25/02 

letter 4 - "...Her willingness to accept a settlement was in direct opposition to everything she repeatedly stated publicly and in email, which was, she had a good case, she was ready to go to trial, and that 4 billion or more was within reach She offered no explanation for her very sudden 180 degree turn..."  7/26/02 

letter 5 -"...Ms. Schoenmann has made public and written statements concerning this case. I have copies of these statements. Without exception, she has stated that she expected to go to trial and to prevail in this case, with expectations of recovering up to $4 billion or even more. Ms. Schoenmann has also given me several similarly upbeat telephone briefings...."  8/01/02 

Here a shareholder sends out correspondence to many journalists titled "David-v-Goliath" 7/25/02 

Here is what transpired at the Summary Adjudication hearing held July 12, 2002. 7/13/02  

Also see correspondence with Trustee



In civil court, only a preponderance of evidence is needed, not the largest quantity -- just the most convincing. The jury could make the judgement call if the evidence leans 51 % or more in NortPoint's direction. The jury could say: ... 7/21/02  

Demand Justice, e-mail your trustee, and be heard. You can make a difference. 7/21/02  

Will Verizon make a settlement offer and admit guilt. Or. more importantly will NorthPoint's Trustee, Lynn Schoenmann, accept such an offer?  8/30/01  

- 3 -




^ Quotes and Charts for NPNTQ




Quotes for NPNTQ:
  • Nasdaq.com
  • WallStreetCity.com
  • Quicken.com
  • Yahoo.com
  • PinkSheets.com
  • FreeRealTime.com
  • OTCbbPulse.com
  • BarCharts.com

    • July to date (23rd): 15,088,100   
    2002 Volume
    Jun 9,310,900
    May 10,825,900
    Apr 7,592,600
    Mar 5,008,100
    Feb 5,244,600
    Jan 19,691,973
    Total 57,674,073
    2001 Volume
    Dec 32,968,597
    Nov 33,899,419
    Oct 16,610,425
    Sept 3,937,893
    Aug 19,375,838
    Jul 4,567,995
    Total 131,052,140
    2001 Volume
    Jun 14,033,808
    May 6,051,505
    Apr 25,473,781
    Mar 26,916,533
    Feb 4,980,037
    Jan 58,183.900
    Total 135,639,564
    2000 Volume
    Dec 105,383,700
    Nov 50,151,100
    Oct 16,370,100
    Sept 17,252,300
    Aug 34,858,300
    Jul 21,173,700
    Total 245,189,200
    2000 Volume
    Jun 26,035,700
    May 18,693,600
    Apr 26,657,400
    Mar 34,187,700
    Feb 36,653,200
    Jan 23,617,800
    Total 165,845,400
    1999 Volume
    Dec 26,737,000
    Nov 45,507,700
    Oct 22,071,100
    Sept 13,697,500
    Aug 18,767,100
    Jul 18,767,100
    Total 160,125,000

    Who are (or were) the institutional holders


    - 4 -






    ^ What's at stake

    A study, conducted by the Brookings Institute in Washington, D.C, said widespread use of high-speed Internet service in the near future could pump as much as $500 billion annually into the U.S. economy. 7/17/01

    Total worldwide DSL installed subscribers will generate in excess of $36 billion of revenue by 2005 with $21 billion coming from business DSL subscribers. The installed base of business DSL subscribers worldwide is expected to exceed 1.8 million by the end of 2001, and reach 8.5 million by the end of 2005. 12/03/01

    "Broadband should be a national imperative for this country in the 21st Century, just like putting a man on the moon was an imperative in the last century," he said. "In order to stay competitive, educate the workforce and increase productivity, the United States must have ubiquitous broadband. 1/15/02

    If a high-speed Web were as universally available as electricity, it's a fair bet that immediate spending plus multiplier effects would spark the U.S. economy to boom as never before. A recent Brookings Institution report pegged the potential benefit at $300 billion a year. 1/16/02

    Congress enacted the 1996 Act in order to bring innovative voice and data services to all Americans from a multitude of service providers at reasonable prices," the lawmakers wrote. "Without better enforcement of the Act, we may soon regress to the days of monopoly telecommunications." 1/17/02

    ^Background

    Please read this paper on "Monopolies in the Telecommunications Industry" for Verizon's motive in having a helping hand in NorthPoint's untimely demise. 5/24/02

    Lawrence T. Babbio - Verizon's vice chairman and president - after making nothing but glowing statements such as: "the new NorthPoint will hit the ground running as a broadband industry leader", throughout the months following his signing of the merger agreement, abruptly terminates the merger without warning or discussion. various  

       All the RBOC's need to be broken up into 2 separate entities, a retail company that has to pay for local access just like all other CLEC's, and a wholesale company that provides service repair to all carriers on a level playing field. That is the only way we will have true unbiased competition. Turn the RBOC's into what the government originally intended them to be, which is a caretaker for our national network

    The RBOC wholesale company would maintain the plant as it is now. They would be collecting a lot of revenue from the government mandated line sharing prices and services provided to the retail portion of the company and competitors. They would also no longer have the cloud of the retail portion of the company hanging over their head so they could feel free to make lucrative service deals with other competitors.

    Bottom line is the Access to our homes and business's that was paid for by the taxpayer's shouldn't be controlled by one single entity. Instead it should be an entity that allows universal, unbiased access to companies and enterprises that can bring us new and improving services at affordable prices. (source1 and 2)


    - 5 -





    ^ Important Documents

    The merger agreement between NorthPoint communications and Verizon 08/8/00

    The original complaint by NorthPoint  12/8/00

    NorthPoint vs. Verizon 1st amended complaint, filed july 12th, 2001, alleges wrongful termination of a legal binding contract and fraud, seeks compensatory and punitive damages. (25 pages - 103K, HTML format)  7/12/01
    or the PDF format, (1.465 Megs)

    The differences between the original complaint filed December 8, 2000 and the 1st amended complaint filed July 12, 2001  7/20/02  

    View The (Aug , Sept , Oct , Nov-Dec , Jan-July02  ) docket from
    the U.S. Bankruptcy Court
    Northern District of California (SanFrancisco)
    Bankruptcy Petition #: 01-30127 filed: 1/16/01
    Assigned to: Thomas E. Carlson  Judge Carlson's calander  
    Courtroom 23 - 235 Pine Street
    San Francisco, CA 94104
    Tel. 415-268-2362   
    Law Clerk - Jennifer Hayes
    Judicial Assistant - Anna Mapp
    Courtroom Deputy - Gordon Hom
    Electronic Court Recorder Operator - Jane Galvan

    View all the complaints, motions, briefs, etc at the Milberg Weiss website in the class action lawsuit they filled against NorthPoint. There is also case information at Standford.edu as well as an analysis (.pdf) of the class action lawsuit that was dismissed against NorthPoints directors. Here (.pdf 32 pages) is NorthPoint's answer to that complaint.  2/21/01

    View the list (291) - ( 331) of creditors petitioning the the bankruptcy court for releif. Total claims filled with the bankruptcy: $719,292,247  8/13/01

    View the Register of Actions, Case Number:CGC-00- , at the Superior Court of California website. - or - The archived version (easier reading) on this site - 105kb, (Dec 8th 2000 thru July 27nd, 8.32 am pst 2002) - no new filings since the 25th - in the lawsuit filed by NorthPoint Communications against Verizon Communications for breach of contract, fraud and negligent misrepresentation 7/27/02 

    all phone #'s at the Superior Court of California   

    SEC fillings for:
    NorthPoint communications - Bell Atlantic Corp - Verizon Communications

    All FCC documents relating to the NorthPoint Verizon merger

    The True Value of the NorthPoint-Verizon Merger is Much Greater Than $800 Million, and is outlined in this NorthPoint Communications schedule 425 filed with the SEC on 8/11/00

    ^MAC

    Verizon is claiming NortPoint has suffered a Material Adverse Condition and is using this as their basis for terminating the binding merger with NorthPoint Communications. Please read this story From The Economist (print edition) and follow its many links to gain more incite into this boilerplate clause inserted into merger agreements as a way of allocating interim economic risk between signing and closing of the deal. 7/07/02

    Are you sure you really understand why Verzion would want to merge with NorthPoint (or possibly eliminate it)? 7/14/02

    What (and why) Verizon owes the estate of NorthPoint Communications for their blatant destruction of a viable company. 6/25/02

    Can it be that Verizon truly believes they can walk away just because the telecom data industry has fallen on hard times. 7/01/02


    - 6-





    ^ Questions answered by NortPoint's appointed U.S. Trustee


    a NorthPoint shareholder questions Trustee Schoenmann on obtaining a copy of the settlement agreement. 8/01/02 

    NorthPoint shareholder expresses dismay to Trustee Schoenmann for settling the lawsuit 8/01/02 

    A Shareholder receives a response fom the trustee, Lynn Schoenmann, questioning how such a low settlement offer could have been accepted on such a "strong case" and secondly how shareholders can offically object to this settlement. 7/26/02 

    A NorthPoint shareholder expresses disbelief to the Trustee in an e-mail. 7/25/02 

    more e-mail correspondences to the Trustee, FLK, and Verizon's investor Relations. 7/20/02  

    A former NorthPoint employee tells the US Trustee how Verizon made arcane rules and procedures to impede mandatory access to Verizon's the last mile network, 7/18/02  

    An e-mail asking Lynn to once again remember the people who have lost so much. Especially in light of the current state of corporate America (the improprieties of Enron,Worldcom,Verizon, etc), the CEO's and board members lining their pockets at the expense of the average investors, that justice prevail in NorthPoints litigation against Verizon for breach of a binding contract and fraud 7/3/02

    how monies would be distributed from a settlement or jury award to a gentleman at the US Trustee's office via a phone conversation. Trial attendance by shareholders was also encouraged in this conversation! 05/28/02

    NorthPoint's Trustee stating to a shareholder that shareholder presence at the trial could prove helpful. Ms Schoenmann further reiterated the trial will commence on Monday, July 29, 2002 05/27/02

    An email to NorthPoint's Trustee elucidating the human factor at stake in the litigation against Verizon for breach of contract and fraud 3/13/02

    NorthPoint's Trustee, Lynn-Schoenmann, has encouraged contact by shareholders. Among other things, she represents shareholder's interests in the lawsuit against Verizon. If a shareholder has a word of encouragement, a question, a suggestion, a tip, a pertinent news article, some new intelligence,... Please contact her. It may be YOUR input that makes a difference. 1/19/02

    Ms. Schoenmann in an e-mail reply to a shareholder questioning if settlement talks were ongoing. Her answer: "... No. We are preparing for trial which is set to begin July 29. ..." 1/11/02

    A Briefing given by the NorthPoint trustee to our informal NorthPoint shareholder Group (NSG). Discussed are settlement offers and how they are handled, Discovery and Depositions and preparing for trial 11/17/01

    Lynn Schoenmann states: "...Resolution of Northpoint's bankruptcy is being delayed by not expeditiously resolving this lawsuit. Until such time as this case is concluded, the bankruptcy proceedings cannot be concluded, thereby prejudicing creditors, lenders and shareholders..." 11/07/01

    NorthPoint's U.S. Trustee, MS. Schoenmann [1], states her obligation is to the estate of Northpoint in a correspondence with a shareholder. She alludes to the strength of the case and estate's potential recovery.  10/21/01

    The trustee elucidates how she is "paid" in overseeing NorthPoint's bankruptcy. Very informative. Indicates the incentive is there to maximize the value of NorthPoint's estate. Specifically, she may receive up to 3 percent all moneys disbursed in excess of $1,000,000  10/25/01

    An email to NorthPoint's Trustee, Lynn E. Schoenmann, questioning if shares purchased after bankruptcy could be excluded from benefiting from a settlement or jury award 10/17/01

    Notes a shareholder took from a phone conversation with NorthPoint's Trustee, E. Lynn Schoenmann - she encourages the helpful efforts of the shareholder group. 8/30/01  

    Guidelines for a US Trustee as outlined by the U.S. Department of Justice. Here you'll find many important questions answered regarding bankruptcy and Trustees. 7/01/02


    - 7 -





    ^ NorthPoint Equity Holders

    The list of shareholders coming together for the common cause of protecting our investment in NorthPoints common equity. Presently there are 273 Shareholders Declaring 11,672,710 shares. 7/23/02  

    Read this document for a better understanding of the purpose behind our NorthPoint Shareholder Group (NSG) 5/28/02

    What's at stake and why we need to form a large shareholder group  12/14/01

    A synopsis of what has transpired to NorthPoint since filing for bankruptcy (1/16/01) and what we as a group can do protect our investment in NorthPoint  11/29/01

    A NorthPoint Shareholder Group (NSG) member reports from the San Francisco court house 11/28/01

    A potential juror's opinion and a statement from a lawyer from a prominent Boston law firm, explaining compensatory damages, punitive damages, and closing arguments in a court of law and how they apply to NorthPoint vs. Verizon  12/14/01

    Expensive shares versus cheap shares, Are they relative to the size of any jury award? Read a likely "closing arguments" scenario 12/26/01

    A humorous parody on the various NPNTQ shareholder groups 12/7/01

    A report from the spokesman for the California Business folks who are working to ensure maximum value for NorthPoint's shareholders in our lawsuit against Verizon.  1/7/02

    More thoughts on the various groups of NorthPoint shareholders 5/25/02

    A San Franciso shareholder is asked for information in the jury process in California 5/26/02  

    With the telecoms hurting so bad is it possible the judge not want to hurt VZ and the economy by allowing the jury to award a large settlement to NorthPoint?  7/3/02




    Read a story about the wrongful termination of the NorthPoint - Verizon merger 9/5/01

    Read a discussion thread on the possibility Verizon shorted NorthPoint's equity begining the day the merger agreement was announced 3/12/02

    Read this story of how CEO's of legitimate public companies have to suffer the abuse and loss of credibility as the result of falling share prices due to illegal manipulation 7/19/02  

    Convertible Preferred Shares shorted by Investment Bankers have Disastrous Results on Start Up Companies. 7/20/02  


    - 8 -





    ^ A Little History


    Read a chronology of events pertaining to NorthPoint and Verizon
    between August 5th 2000 and January 18, 2002 1/18/02

    ^ Pre Merger
    • Microsoft and NorthPoint Communications Form Alliance To Accelerate Development and Deployment of Broadband Services 4/19/99
    • As Demand for NorthPoint DSL continues to accelerate, NorthPoint is deploying Lucent's PacketStar™ Access Concentrator PSAX-1250 in its national DSL backbone, a network that currently spans nearly 2,000 cities and towns across 33 major U.S. markets. 1/18/00
    • Sales grew more than 2,400% over the past 12 months march/2000
    • NorthPoint Canada launches high-speed DSL service in Toronto 7/24/00
    • A pre-merger investment of $150 million-- along with an additional $200 million in debt financing committed by Verizon and to be made available to NorthPoint after January 1, 2001 -- is expected to fulfill NorthPoint's funding requirements beyond the targeted close of the merger in mid-2001 9/6/00

    ^The Merger

    • The Merger Agreement 8/7/00
    • Verizon and NorthPoint to Merge DSL Businesses to Create Leading National Broadband Company - Verizon press release 8/8/00
    • 'New' NorthPoint to Bring Benefits of Broadband To Consumers, - NorthPoint press release 8/8/00
    • The NorthPoint partnership could go a long way toward smoothing out Verizon's DSL problems
    • The pending merger calls for Verizon to spend $800 million for NorthPoint - $350 million to buy 55% of the company's stock and $450 million for network improvements 8/8/00
    • NorthPoint, Verizon form broadband venture 8/8/00
    • Verizon to pay cash for a 55 percent stake in NorthPoint. Of the total, $450 million will go toward capital expenditures for the new company, while NorthPoint shareholders will receive $350 million, or $2.50 per share 8/8/00
    • Verizon grabs NorthPoint. This is a great deal for Verizon. NorthPoint covers as much of the US as Media One, the cable company AT&T paid $60B or so for. It delivers the last mile around the world, not just in the US. NorthPoint is on track to cover 40% of the US homes/offices by the end of the year. 8/8/00
    • The deal will give NorthPoint a quick start on line-sharing, which "is going to be the real big breakthrough in the DSL category," Fetter said. 8/9/00
    • The "New Northpoint" is described in detail to employees by management in an e-mail and subsequently documented in filing 425 with the SEC. 8/11/00
    • Telecom companies stymied by Verizon strike 8/16/00
    • "ILECs are the big, dumb, fat, happy 800-pound gorilla, but they don't know what they're doing [in the DSL market. Verizon had to buy NorthPoint to get it right." 9/22/00
    • The State of the DSL industry at the time of the merger 10/01/00
    • The company, which provides digital subscriber lines (DSL), became the second such provider to restate its quarterly revenue this month because of delinquent payments from its Internet service provider customers.11/21/00

    - 9 -





    ^ Termination of Merger

    • Verizon snubs NorthPoint, cites NorthPoint's financial woes; NorthPoint explores legal options.  11/29/00
    • Verizon ditches NorthPoint merger deal stating "NortPoint has suffered a material adverse condition" or MAC 11/29/00
    • Due to that "material adverse change," Verizon canceled the merger pact. Verizon said it will not have to pay a break-up fee to end the deal. 11/29/00
    • Verizon Ends Merger Pact With NorthPoint citing the deterioration in NorthPoint's business, operations and financial condition since August 7th 2000 11/29/00
    • Larry Babbio, president and vice-chairman of Verizon's Telecom Group, cited NorthPoint's restatement of third quarter 2000 results as one of the main reasons for the telco's decision to call off the merger 11/30/00
    • Verizon Raises Estimates After Ending NorthPoint Deal 11/30/00
    • Verizon, NorthPoint in heated dispute over DSL merger deal 11/30/00
    • "I am stunned to get the news after months of conversation with Verizon on the strong business opportunities available to the combined entities," said Liz Fetter, president and CEO of NorthPoint, in a statement. "Verizon was not entitled to terminate these agreements, and we are exploring all our options, including funding options and legal remedies."12/1/00
    • NorthPoint Communications Files Suit Against Verizon 12/08/00
    • David Frail, a Verizon spokesman, said yesterday the company was well within its rights to kill the deal and that NorthPoint's claim that Verizon did it to boost stock prices is flat wrong."Our decision to terminate the agreement was based on the business' deterioration, pure and simple," he said. Only days after dropping NorthPoint, Verizon raised its earnings forecast through 2002. 12/12/00

    ^After the Termination

    • fcc order 01/10/01
    • The decision by Verizon Communications, Inc. last November to back out of its merger with NorthPoint was what many analysts believe led to NorthPoint's downward spiral.. 1/17/01
    • DSL Provider NorthPoint Files for Bankruptcy 1/17/01
    • Nasdaq delists NorthPoint 2/8/01  
    • AT&T today confirmed it has completed the acquisition of substantially all of the assets of NorthPoint Communications for approximately $135 million.  5/25/01
    • NorthPoint Communications pulled the plug on its operations by filing for a conversion from Chapter 11 to Chapter 7 bankruptcy protection 6/20/01
    • Could Northpoint resume operations under the Northpoint name? Could this stock go even higher than what would be expected from the lawsuit alone? YES  1/16/02
    • Mark Cooper of the Consumer Federation of America sarcastically says, " that's cute ", that Verizon Communications wants the $150 million dollars it invested in the now defunct high-speed Internet provider NorthPoint Communications to count toward it's obligation to compete outside of its local region. 3/12/02
    • The Association for Local Telecommunications Services says "Verizon is like a parent killing its child" 6/25/02
    • U.S. House of Representatives U.S. Code - Title 11, Bankruptcy
    • A group of telecom startups charged Tuesday that the Federal Communications Commission is rewarding a giant for squashing a dwarf. . 06/27/02  
    • Verizon's total DSL users have exploded from 92,000 in fourth-quarter 1999 to 1.35 million in its most recent quarter. 7/15/02

    - 10 -





    ^ The Lawsuit
    • Superior Court of California, County of San Francisco Case # 317249. The Honorable Judge Ronald Quidachay presiding.
    • NorthPoint vows legal action. The Verizon illegally terminated pact to buy 55% stake 12/1/00
    • Northpoint Communications filed a lawsuit against local exchange carrier Verizon Communications Friday, seeking up to $1 billion in damages as compensation for Verizon's decision last week to terminate an agreement to merge their DSL operations. 12/8/00
    • "We have carefully considered our response to Verizon's actions, and we intend to pursue this matter completely to ensure that Verizon either closes the deal with NorthPoint or that NorthPoint receives the full compensation and benefits to which it is entitled under law and the merger agreement," Fetter said. "We believe we have a strong case and a good probability of success." 12/8/00
    • NorthPoint's $1B Suit Against Verizon Proceeds 2/16/01
    • NorthPoint President and CEO Liz Fetter said, "Verizon took its best shot to deprive us of a jury trial in San Francisco and lost. Now it is clear that NorthPoint will have its day in court before a San Francisco jury on Verizon's wrongful termination. We remain confident that we have a strong case and plan to aggressively pursue it until we are compensated." 2/16/01
    • NorthPoint Suit To Be Tried in San Francisco 3/20/01
    • NorthPoint Communications Group Inc.'s $1 billion lawsuit against Verizon Communications Inc. over the companies' failed combination has received $7.5 million in backing from an investment banking firm. 7/20/01
    • Angelo Gordon & Co., a New York investment firm specializing in distressed securities and one of the largest unsecured creditors in the NorthPoint bankruptcy, committed to put up $7.5 million to fund NorthPoint's suit against Verizon. The agreement is subject to bankruptcy court approval. 07/27/01 
    • NorthPoint Communications Group Inc. sold Monarch Global Capital Associates LLC the chance to finance the bankrupt telecommunications company's multibillion-dollar suit against Verizon Communications Inc 10/15/01
    • THE SUPERIOR COURT OF CALIFORNIA has set the jury Trial date for 7/29/02
    • Verizon is embroilled in numerous lawsuits Here is a list of pending lawsuits against Verizon as well as fines and penalities levied by the federal government.

    ^ NorthPoint Achievements
    • NorthPoint offers the first fully two-way 1.544M-bps digital subscriber line service available at wholesale rates of $250 a month. 11/2/98
    • NorthPoint Communications blew open the pan-European market for Digital Subscriber Line connectivity 3/8/00

    - 11 -





    ^ The DSL Train Wreck

    An analysis of the Telecommunications Act of 1996. 09/30/98

    How The Bells Stole America's Digital Future. 02/01/00  

    Despite the telecom meltdown in the U.S., DSL is continuing to show strong growth worldwide 06/16/00

    How the various types of DSL work and what are the CLEC's, ILEC's and ISP relationships that bring DSL to you. 09/30/00  

    A class action lawsuit is pending against Verizon Communications on behalf of all purchasers of the Verizon Online and Verizon DSL Access Service. This class action is aimed at not only compensating Verizon customers for poor service, but also at preventing Verizon from continuing to sell DSL internet access until these problems are resolved. 01/16/01  

    New Networks Institute reports that The Bell companies have successfully defended their aging copper wire phone networks and destroyed any hope of competition or a fiber-optic future. 8/02/01  

    With the already battered telecommunications industry seemingly thrown into a prolonged slump, the argument goes, a concerted national effort to boost broadband could be the best elixir to get telecom, and maybe the whole economy, growing again10/29/01

    New Networks Institute (NNI) released the results of its 3rd Nationwide Annual Survey of Internet Service Providers (ISPs). Across the US, independent ISPs claim they are being frozen out of DSL and cannot compete on an equal footing with the local Bell monopolies. This is directly harming America's DSL and Internet customers. 12/14/01

    Pulver.com has recently established a forum for the pursuit of comprehensive antitrust suits against the RBOCs (VZ, SBC, Q, BLS).Troubled DSL service provider Covad is spearheading the legal efforts and is joined by the once formidable NorthPoint, as well as a number of smaller competitive local exchange carriers (CLECs), including CoreCom, Ntegrity, Cavalier Telephone, Allegiance Telecom, and NOWCommunications. Also contemplating legal actions are several state governments, including those of Alabama, Illinois, Iowa, Louisiana, Maryland, Massachusetts, Minnesota, New York, Nevada and Pennsylvania. 02/01/02

    Republican Controlled FCC is Stymying Broadband in U.S. - A report shows, the Federal Communications Commission (FCC) wants to put the deployment of high-speed Internet services in the hands of a relatively select number of companies. In the end it's the consumers who lose. The FCC proposes to make the changes without altering the 1996 Telcom Act by redefining wireline broadband Internet access services -- whether provided over a third party's facilities or self-provisioned facilities -- as information services, with a telecommunications component, rather than telecommunications services. Information services include such services as voice mail and e-mail, which ride over telecommunications facilities 07/01/02

    Competition was never really possible under the 1996 Act. In fact, the Act increased the monopoly power of the incumbent local exchanges (ILEC), the regional Bell operating companies. These monopolies have yet to upgrade their networks as promised and their monopolistic practices make competing at the customer end almost impossible. These companies are very profitable and they generated a cumulative $6B positive cash flow last year 07/03/02

    Keep the Broad View: Broadband is on the brink of success. We must not wreck it now.  7/19/02  

    Transcript from CNBC's Maria Bartiromo's "After Hours" InterviewVerizon's CEO with Ivan Seidenberg Broadcast 7/15/02  

    ^ Raging Bull

    Visit the ragingbull(RB) message board, whose members have discovered and posted much of the information archived on this site.

    The last 30 posts by active members:   

    24bahl
    angelbaby
    anne_elk
    aries4157
    away_out
    btwn2lns
    bmanrique2
    callmeSnake
    cowboyblu
    DEODEBA
    edvard_kardelj
    eunomic
    frankx
    gw775
    king_george_va
    rudy6485
    rrufff
    rywi1
    ThePostmanDeliv
    wewill
    whiteknob
    woz
    To ultize these links you'll have to become a member of RB, even if you never post. If RB is malfunctioning at any time please use this Yahoo group NPNTQ club meassage board.


    - With Great Power Comes great Responsibility -
    contact:
    Frank@stockSkill.net
    Visitor
    - 12 -