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PSInet Reportedly Near Bankrupcy

In a story that is running in tomorrow's Wall Street Journal, PSInet, one of the largest Internet Service Providers in the world and the company whose name appears on the stadium where the Baltimore Ravens play, told its investors that "it is likely that the common stock of the company will have no value".

Two of the founders of PSInet, Martin Schoffstall '82 and Bill Schrader, were profiled in the Pioneers of the Internet article that appeared in Rensselaer Magazine in September. Schoffstall, who among other things is credited with co-developing the SNMP protocol said of the situation at PSInet, "This is the death of the child of my youth."

PSInet common stock which has a 52-week high of $50, closed today at 3/16, or approximately $0.19. What can this turn of events be called, other than an unmitigated disaster?

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The Rensselaer Club of New Jersey (RCNJ) is a regional chapter of the Rensselaer Alumni Association that serves the State of New Jersey.

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For more information, contact Sandeep Nandy, RCNJ President, by email at sandeep.nandy [at] verizon.com.
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