Monday, February 19, 2007

Z-Tel Blew $524M!

The Tampa Biz Journal highlights the waste and wonder that was Trinsic (Z-Tel).

Through last September, Trinsic lost more than $524.4 million on revenue of $1.47 billion, according to filings with the Securities and Exchange Commission. The company still has existing debt in excess of $34.5 million that was reported in its bankruptcy filing. At its peak work force, Trinsic employed upwards of 2,000. But it continued to lose money and began mass layoffs in 2002, many of them at its Tampa headquarters, cutting 350 jobs in 2002 and another 150 in 2004. Top management, however, was seeing salary increases and bonuses, according to SEC filings.

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