Pop quiz: Whatever became of theGlobe.com, one of Bubble 1.0 ‘s most infamous stories?
We know, we know – we would have failed this one, too.
Turns out the company (here’s an excellent history, via Wikipedia) is still extant, technically speaking. That is, someone — that’d be CEO Michael Egan, presumably — cares enough about it to keep filing statements with the SEC, even though it’s long been mired in penny stock status (2 cents a share, according to Yahoo Finance, giving it a market cap of $3.5 million).
Hence this mind-bending 10-Q, where the company explains that it’s in particularly desperate straits and now needs a baffling series of transactions to escape. Except that even those maneuvers won’t be enough: It will still need a capital transfusion to keep going past the end of this month.
Anyone want to invest? Here’s what you get, from what we can tell:
- A mountain of of debt.
- A lingering class action suit that dates all the way back to August 2001.
- Control over the theglobe.com url, currently occupied by placeholder site full of dead links
- The “.travel” domain