Remaining Netcentives Assets Sold
Netentives has announced the buyers of its remaining assets.
These companies placed the winning bids for Netcentives assets during a Chapter 11 bankruptcy hearing in November.
Princeton Entrepreneurial Group, LLC was the high bidder for the loyalty technology MaxMiles Inc.
Other winners were: Trilegiant Corp. for the company’s patent portfolio; North Bay Networks for the Loyalty Marketing Group’s hard assets; CD Micro, Inc. for the remaining hard assets; Princeton Entrepreneurial Group for the outstanding shares of UVN Holdings Inc.; and Charles River Consulting Inc. for the Loyalty Marketing Group assets.
The e-mail marketing arm of the company was purchased by Yesmail Inc. for $2 million and the assumption of some debt, it was announced last week. Yesmail’s bid included the taking on of a certain number of employees. (See DIRECT Newsline, Dec. 3, 2001.)
“Netcentives is unable to determine at this time whether the proceeds from these sales and sales of any other assets will be sufficient to pay the various creditors…or whether any funds will be available for our shareholders,” the company said.
