Irish telco and ISP Smart Telecom sold itself for a single Euro yesterday after lost its High Court battle to regain a 3G license. Justice Peter Kelly ruled that they should never have been offered it in the first place.
Regulators withdrew the offer from Smart after a $125m "performance guarantee" bond issue went awry, Smart failing to provide it in a form acceptable to authorities within the specified deadline.
Following the decision, Smart was sold on the cheap to one of its major shareholders, presumably in some arrangement to keep the buggered company out of trouble long enough for the storm to pass.
Smart loses battle with ComReg [TheRegister.com]
.png){kind=logo}
