Starmedia

STARMEDIA

• Was founded in 1996 and became the first Latin American communications company access to Nasdaq. Spurs raised more than $ 140 million in private equity to fund StarMedia and has earned more than 75 strategic partners. In addition, he created the first solution for Latin America in the field of electronic commerce.

• And beyond kewego which remains a successful business running my strategy, I also know that (laughs), now see the success of the industry in Latin America and how it has changed, what has been done in Uruguay with all industry export of software, I achieved what I wanted and the money was just an accident that vision is not the most important, although it sounds weird.

• Latin American Internet portal on the New York Stock Exchange is worth 1,400 million.

• The review of Lars Schonander, a specialist in stock at the investment bank ING Barings and collection on Monday by The New York Times, clearly reflects market sentiment in the United States regarding the announcement by the once great company oriented to Latin American market.

• StarMedia announced Monday that two subsidiaries operating in Mexico, AdNet SA StarMedia SA and Mexico, had incorrectly recognized revenue of $ 10 million between October 2000 and June 2001, so that its financial statements for that period were unreliable.

• Along with the announcement, StarMedia further explained in a brief press release that Fernando had given Spurs the post of Chairman of the Board, a position that was assumed on an interim basis by Susan Segal. And he had also resigned CFO, Steven J. Seller, without stating the reasons for his departure, although they are presumably linked to its executive responsibility in financial situation lived in Mexico.

• Finally, although StarMedia recover from this incident, their problems will not end. Because you will have to compete in a market which is not easy. Terra is gaining more power, AOL and Yahoo! have their eye on this part of the world and Universe Online has been a rival of weight in Brazil, which gives no room for maneuver to develop a winning strategy. And yet, no longer be Spurs, which as a market leader in the Internet in the region, he gave some weight to the company.

The success story that once had the goal StarMedia.com concluded yesterday, being bought by a Spanish goal in eight million.

The purchase included the latinred.net interactive community. The buyer was WorldNet Interactive.

There was breakeven.

Fernando Spurs, considered by some media as the "Bill Gates latino", said the company had $ 93 million in cash.

Repentimante all came out with an accounting scandal in 2001, the company recognized that misrepresented the financial results of two years, having to make a financial review from October 2000.

The share price, which had touched 60 dollars fell to 0.38 cents, the Nasdaq suspended trading and

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