In a shock turn around, ASX listed bandwidth wholesaler FlowCom has announced their intended purchase of Froggy Holdings will not go ahead, paving the way for the sale of the company to mystery man Tim Berry.
Despite a concerted advertising campaign incorporating billboards and the print media, Froggy joint owner and chief executive John Patterson said the company continues to be dogged by the scandal surrounding the Suleman name.
In an attempt to avert the forced sale of Froggy ISP and Froggy Mobiles, John Karasmanis, the man charged with making Froggy profitable, has presented the liquidators with a -business plan" which is understood to include a -compromise of debt".
As ASIC commences civil proceedings against former One.Tel managing directors Jodee Rich, Bradley Keeling and Mark Silbermann, public pressure to make directors and executives personally pick up the tab for company failures may be rising, according to a survey.
The Supreme Court today banned failed entrepreneur Karl Suleman from ever managing a corporation, five months after ASIC won a ruling to freeze his assets and prevent him from operating the Karl Suleman Enterprises (KSE) and the Froggy group of companies.
Having been to the brink and back again, Froggy staff discuss how they managed to survive the Karl Suleman crisis, and talk about their hopes for the new Froggy ISP.
Monday's announcement that ASIC was seeking to join a series of the Froggy companies in its proceedings against KSE have been met with a strongly worded letter accusing ASIC of a -serious error in judgement", composed by Karasmanis.
It would seem the dam has finally burst for Froggy ISP, as over half the staff at the company's Liverpool call centre had their employment terminated today, according to unconfirmed reports.
A defiant Froggy has hit back at OzEmail and iPrimus campaigns to lure the pint-size ISP's customer base, filing complaints with the Australian Competition and Consumer Comission and Department of Fair Trading.
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Karl Suleman has finally been forced to face fraud charges stemming from the AU$60 million investment scam based around KSE and the Froggy group of companies.
There were plenty of hot issues in 2001 and no shortage of good quotes to go along with them. ZDNet Australia has compiled the funniest, most ironic and sometimes downright ridiculous quotable quotes delivered by IT mouthpieces in 2001.
Marketing execs, entrepreneurs, activists and former secretaries have struck it rich online. But has all that money changed them? Here are five stories of the dotcom experience.
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