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To Bankrupt is Divine
divine -- the Internet incubator turned software/technical services shop that attracted about a billion dollars in investment from private capital, public sources and M&A partners under the orchestration of Andrew "Flip" Flipowski -- has filed for Chapter 11.
"Despite efforts over the past several months to minimize operating expenses and various liabilities, [divine's] board of directors has determined that it must seek alternatives to protect the value and viability of its operations," reads a recent press release.
divine's stock, peaking at nearly $20 per share in mid-2000, is now trading at about 8 cents, giving the company a market capitalization of about $1.5 million. In its brief history, divine has generated losses exceeding $1 billion. Should the company liquidate, it would represent one of the dotcom era's most spectacular failures, comparable to the billions of dollars in shareholder value lost by Webvan and another Chicago-based catastrophe, marchFIRST.
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