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View Full Version : General Magic Closes Doors


arn
Sep 19, 2002, 12:53 AM
http://www.reuters.com/news_article.jhtml?type=technologynews&StoryID=1465163

The once high-flying software company General Magic Inc. GMGC.O said on Wednesday it would cease operations effective at the close of business today because it could not get additional financing or complete a merger or acquisition.

This is a shame.

oldMac
Sep 19, 2002, 11:25 AM
The only thing "high-flying" about General Magic was it's hype (and corresponding stock price).

This company should have been put out of its misery serveral years ago.

It doesn't matter how "cool" you think your technology is. Companies that lose tens of millions of dollars year after year should shut down. Period.

Seriously, how can a company be allowed to consistently lose more money than they have in revenue?!? General Magic did this not for a couple years, but year, after year, after year...

arn
Sep 19, 2002, 12:38 PM
Originally posted by oldMac

It doesn't matter how "cool" you think your technology is. Companies that lose tens of millions of dollars year after year should shut down. Period.

Seriously, how can a company be allowed to consistently lose more money than they have in revenue?!? General Magic did this not for a couple years, but year, after year, after year...

True... in the end it was not a viable business.... but MagicCap was a brand new direction... and not the "status quo".

Sure, some of these ideas don't quite make it mainstream... but overall a worthy effort. I mourn the loss of a company like this far more than the likes of a company that repackages old ideas.

arn