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How It All Unraveled

1996

JANUARY: Jim Manzi, former CEO of Lotus Development, joins 100-employee Industry.Net in Pittsburgh as chairman and CEO.

MARCH: Manzi establishes offices in Cambridge, Mass., hiring several ex-Lotus execs and dozens of new technical workers. Days later, Industry.Net founder Donald Jones suffers a serious heart attack.

JULY: Industry.Net merges with AT&T New Media Services; AT&T gets about 18% of the newly renamed Nets Inc. Payroll soars to 300.

1997

JANUARY: Manzi hires Lazard Frres to begin shopping part of the company. He seeks Asian investors.

FEBRUARY: Manzi shuts down the Business Network, the core product acquired with AT&T New Media, and hires former U S West marketing exec Catherine Hapka as president.

APRIL: Manzi begins paying $500,000 a week of Nets' expenses from his own pocket, but his lieutenants assure employees the company will survive.

MAY: Nets announces it will seek bankruptcy protection.



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Updated June 15, 1997 by bwwebmaster
Copyright 1997, Bloomberg L.P.
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