Allegiance Telecom Selects XO Communications As Winning Bidder to Purchase

[snooper2]

Allegiance Telecom Selects XO Communications As Winning Bidder to Purchase Allegiance Assets

"DALLAS, Feb. 13 /PRNewswire-FirstCall/ -- Allegiance Telecom (OTC Bulletin Board: ALGXQ - News) has selected XO Communications Inc. (OTC Bulletin Board: XOCM - News) as the winning bidder to purchase substantially all of the assets of Allegiance Telecom and its subsidiaries except for Allegiance's customer premises equipment sales and maintenance business operated under the name of Shared Technologies, its managed modem business and certain other Allegiance assets and operations.

Under the terms of its bid, XO will purchase substantially all of Allegiance's assets for approximately $311 million in cash and approximately 45.38 million shares of XO common stock. The parties expect to finalize the definitive agreement within the next several days and submit the agreement to Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York for approval on February 19, 2004."

http://biz.yahoo.com/prnews/040213/cgf011_1.html

[northernsoul]

1. I (briefly) worked for Allegiance

absolutely the most miserable experience of my working life.

I hope the regular working folks on the Allegiance payroll come out okay, but their management staff can rot in hell.

[snooper2]

2. thanks for the info... :(

:)

[tkulesa]

3. These people are falling apart

Allegiance is the most disorganized, mis-managed telecom vendor I have to deal with. And I have to deal with most of them.

And I'll bet they go through another round of laying off their good people again. That's just what they need when they start consolidating their staff.

Geez. How are these people still in business?