Monthly Archive for June, 2005

From CNN:

In 1994, people had to call the bank to check their balances. Or inquire in person, or wait for a paper statement to arrive in the mail. Baseball box scores were found in the newspaper. Weather forecasts came over the phone from the weather bureau, or on TV.

Back then, most Americans still had to lick a stamp to send mail.

Then along came the Internet, and an experimental browser called Mosaic, followed by an improved browser from Netscape. And if you had a computer, you discovered a new way to this cool, new thing called the World Wide Web. Mosaic and Netscape were the first popular connection to what came to be called the information superhighway.

According to the Pew Internet & American Life Project, less than one in five Americans were online in 1995. Today, the majority of Americans are surfing the Web, exchanging e-mail, reading bank statements and ball scores, checking the weather. Today, Pew says, two out of every three Americans spend time online.

From New York Times:

As a rule, companies don’t often draw attention to business practices that could land their executives in jail. But for PartyGaming PLC, potential illegalities aren’t just a secret hidden in its business plan – they are the centerpiece of its business plan.

A giant in the online gambling business, PartyGaming is an often-overlooked megasurvivor from the dot-com crash of the late 1990’s. As hundreds of profitless commercial sites disappeared into the digital ether, PartyGaming’s popular gambling sites – like PartyPoker.com – soared, with revenues and profits growing exponentially year after year.

This week, the company will go public in what is expected to be the largest offering in years on the London Stock Exchange, one that will make billionaires out of its ragtag assortment of founders and major stockholders – including a California lawyer who earned her first fortune in online pornography and phone-sex lines. All told, as much as $9 billion is expected to be raised, with all of the cash going to private shareholders selling portions of their stakes.

But there will be no Wall Street investment houses lapping up fees in the giant deal, no victory dances in the offices of American corporate lawyers. That is because PartyGaming, based in Gibraltar, has no assets in the United States, and its officers or directors could risk being served with a civil suit – or an arrest warrant – if they came to the United States on business.