11 February 2008
Verizon is the biggest loser from the collapse of VoIP Inc., with the carrier owed $8 million and unlikely to see any of it. Verizon last year settled a long running claim by MCI World Com (now Verizon Business Services) for $8.35 million. VoIP Inc. agreed to pay a total of $2.2 million in equal monthly installments until November 2009, but with VoIP Inc. liable for $8 million if it defaulted on its payments. Unless Verizon believes in fairies, this money is as good as gone because the stock price is now at $0.008, creditors are already in the courts for big debts and VoIP Inc. is admitting it expects to have to write off its only real asset, its network business.