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On June 10, 1999 the @Home cable division announced a joint venture with Australia with Cable & Wireless Optus to form a pany, AtHome Network Australia. The projected homes past for the deal was 2.2 million.

The merger between Excite and @Home fell disastrously short of expectations. The stock which once soared at $128.34 a share in the first quarter of 1999 and had a market cap of $35 billion had fallen to $1 a share by the third quarter of 2001 when pany formally filed for Chapter 11 bankruptcy protection.

The new Chief Executive George Bell worked from his home in Massachusetts and the Chief Financial Officer Mark McEachen lived in LA, flying in only once per week to the Bay Area to conduct business. Both executives were part of the former Excite executive team.

More significantly, expenses ran far ahead of revenues. The burst of the bubble in March of 2000 and the subsequent collapse of the Internet advertising market further limited panys prospects by making it harder to raise investor money to keep pany afloat in the absence of retained earnings.

By 2001, pany was running out of cash. On September 21, 2000 George Bell stepped down as Chief Executive Officer and reprised his role as President of the Excite division.

The stock was trading at $15.38 a share, a drop of 90% of panys evaluation during his leadership. On April 23, 2001, Patti S.

Hart, the former Chief Executive Officer of Telocity joined Excite@Home as its third CEO and @Homes fourth. In the same announcement Current Chairman George Bell resigned and left pletely.

The news was not good as pany also reported first-quarter net loss of $61.6 million, or 15 cents per share, on revenue of $142.8 pared with a loss of $4.6 million, or 1 cent, on revenue of $138 million in the same period the prior year. On June 11, 2001 Excite@home announced what it had raised $100 million in fresh financing from Promethean Capital Management and Angelo Gordon & Co.

Part of the deal not widely disclosed was that the loan was repayable immediately if Excite@Home stock was delisted by Nasdaq. The loan, structured as a note convertible into shares of Excite, had an interest rate of zero.

The key aspect of the deal was that Prometheus gained first dibs on Excites assets. By August 20, 2001, @Home fired their auditor firm Ernst & Young replacing them with PricewaterhouseCoopers.

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