Amp'd Deathwatch: Brief Stay of Execution
Poor Amp'd. They are as deep in debt as a teenager who just got a new credit card and spent all their money on a new amp'd phone but can't actually afford to pay for it (see what I did there?). So Verizon told them to pay up the $33 million they owe - Now. Then their CEO was ousted. Finally a tiny glimmer of hope: Amp'd gets to use some of its cash to keep the company running for another few days, though June 25th.
Of course, that cash actually belongs to Verizon, who's none-too-happy about the judge letting Amp'd spend it on frivolities like keeping a network running. Actually, Verizon is worried that Amp'd will use the cash to pay for legal fees necessary to weasel out of negotiate their bankruptcy terms.
Not even 'Lil Bush (originally an amp'd cartoon, now headed to Comedy Central) can save them now.
Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., Monday signed off Amp'd Mobiles's request to use Verizon's cash collateral to keep its so-called mobile virtual network up and running through June 25.
Read: Amp'd Mobile's Use of Lender's Cash OKed | Chron.com - Houston Chronicle
