Netcentives begins winding down process
Following its earlier Chapter 11 filing, Netcentives has sold its assets and has begun a winding down process that should be complete by the end of March 2002.
San-Francisco-based Netcentives, MaxMiles and Post Communications have announced that, as of December 7th, all of their business assets have been sold. This is part of their jointly administered Chapter 11 bankruptcy proceeding, reported in The Wise Marketer earlier this year.
Ceased operations Netcentives has ceased all operations of its business and has begun a winding down process that should be complete by the end of March 2002. It does not expect that the proceeds from these sales or from the sales of any other assets will be enough to fund a dividend to shareholders once creditor claims have been administered by the US Bankruptcy Trustee.
Who bought what Purchasers include: Princeton Entrepreneurial Group, LLC, which bought MaxMiles and all outstanding shares of UVN Holdings, Inc.; Trilegiant Corporation bought the Netcentives patent portfolio, Northbay Networks bought Netcentives' Loyalty Marketing Group furniture, fixtures and equipment; Charles River Consulting bought Netcentives' Loyalty Marketing Group assets; CD Micro bought Netcentives' remaining furniture, fixtures and equipment, and YesMail bought Netcentives Email Marketing Group.