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BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | January 31, 1999
What is PSINet, and why is it inflicting its name on our football stadium?These are the questions that have fallen from the lips of many a pundit and sports fan since it leaked out last week that Camden Yards' purple-seated pigskin palace will be known henceforth -- or at least for the next 20 years -- as PSINet Stadium.To take the first question first, PSINet Inc. is a Herndon, Va., Internet global network company that posts deepening losses despite booming sales figures. In addition, it is widely seen as a juicy acquisition target in an industry rife with merger activity.
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NEWS
By Jon Morgan and Jon Morgan,SUN STAFF | May 6, 2003
Baltimore's football stadium will be renamed M&T Bank Stadium under the terms of a 15- year deal completed yesterday. M&T, founded 147 years ago as Manufacturers and Traders Trust Co., will pay the Ravens about $5 million a year, according to C. Michael Zabel, a spokesman for the Buffalo, N.Y.-based bank. As part of the deal, the company will contribute to charities operated by the team. Officials of the bank, which went from 26th largest in the nation to 18th through last month's acquisition of Baltimore-based Allfirst Financial Inc., were in town yesterday to complete details.
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BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | August 24, 1999
PSINet Inc., the Internet service provider that paid more than $100 million to get its name on the Baltimore Ravens football stadium, said yesterday that it has agreed to purchase Transaction Network Services Inc., a provider of high-speed data services for credit-card and automated bank-teller transactions.The deal will allow PSINet, based in Herndon, Va., to offer electronic-commerce options to its customers.PSINet will pay $22.50 and one-half share of its stock for every share of Transaction Network, which is based in nearby Reston, Va. The purchase price equals about $45 a share -- 31 percent more than Transaction Network's closing price Friday.
BUSINESS
By BLOOMBERG NEWS | June 18, 2002
NEW YORK - PSINet Inc., the former high-flying Internet service provider that filed for Chapter 11 protection last year after a string of acquisitions, will be liquidated now that it has obtained approval from a bankruptcy judge. U.S. Bankruptcy Judge Robert Gerber approved a liquidation that will return about 10 cents on the dollar to PSINet's bondholders and general unsecured creditors. Those creditors are owed more than $4 billion. "The plan is feasible," Gerber said in court papers filed yesterday.
SPORTS
By Jon Morgan and Jon Morgan,SUN STAFF | November 18, 1999
The Ravens, who paid the state $10 million for the right to sell the name of their stadium, have already made that much -- and more -- on their deal with PSINet Inc.In January, the fast-growing, Virginia-based computer services company paid the Ravens $11.8 million. It expects to pay $93.5 million during the agreement's 20-year term, according to documents that PSINet filed earlier this year with federal regulators.The documents provide a detailed look at the agreement, which was met by derision by many fans because it left the state-owned stadium with an awkward name.
SPORTS
By FROM STAFF REPORTS | January 25, 1999
This week, the Ravens are expected to announce that their stadium has a name, PSINet Stadium.The Northern Virginia-based Internet service provider and the Ravens completed a deal on Friday that will make the company a "presenting sponsor," deeply involved in many aspects of the team's public face, according to a source familiar with the negotiations.The deal was reported in most of yesterday's editions of The Sun.Look for a new, jazzy Ravens World Wide Web site on the Internet and prominent lettering on the brick stadium.
BUSINESS
By Andrew Ratner and Andrew Ratner,SUN STAFF | May 1, 2001
William L. Schrader, co-founder of PSINet Inc., was one of the first to espouse in the 1980s that the lightning-speed of the Internet would someday revolutionize business communications. His prescience cut painfully close to home yesterday: Minutes after he resigned as chairman and chief executive officer of his ailing Northern Virginia company, his biography vanished from the corporate Web site. The company announced that Harry G. Hobbs will take over as CEO and join its board. Hobbs, a PSINet executive since 1997, was promoted to president six weeks ago after several executives resigned amid reports that the company was facing bankruptcy.
NEWS
By Andrew Ratner and Andrew Ratner,SUN STAFF | June 2, 2001
PSINet Inc., the Internet services company for which Baltimore's football stadium is named, announced yesterday that it had filed for Chapter 11 bankruptcy protection - meaning the Ravens will probably carry their Super Bowl trophy next season onto a home field with a bruised title. But they aren't likely to do so for long. An attorney for the Ravens indicated that the team has quietly begun discussing a search for another corporate partner to enter a naming-rights deal. He expected that PSINet would remain as the name on the Baltimore stadium when the Ravens play host to the Chicago Bears in their National Football League season opener Sept.
NEWS
By Andrew Ratner and Andrew Ratner,SUN STAFF | January 24, 2002
The Baltimore Ravens and PSINet Inc. might announce as early as today the premature end of their 20-year deal, which would remove the neon-purple name of the bankrupt Internet services company from the city's football stadium. But if the Ravens regain the right to resell the name, they'll likely do so in a market much flatter than when they sold it as part of an advertising package in 1999 for $105.5 million. A Ravens' buyout of the right from PSINet would require approval in U.S. Bankruptcy Court, because PSINet has operated since last summer under Chapter 11 protection from creditors.
FEATURES
By Jon Morgan and Sandra Crockett and Jon Morgan and Sandra Crockett,SUN STAFF | April 12, 2000
No bands will play, no singers will croon, no dancers will dance in the aisles this summer at PSINet Stadium. Despite hopes to the contrary, the Baltimore Ravens' home will not be the site of a single concert. "We're disappointed," says John Brown, chairman of the Maryland Stadium Authority, after a report on the lack of bookings was presented to the authority yesterday. Rocker Dave Matthews opted for RFK Memorial Stadium in Washington, and the HFStival and George Strait's country and western band will go to Landover's FedEx Field, home of the Washington Redskins.
BUSINESS
By Andrew Ratner and Andrew Ratner,SUN STAFF | April 10, 2002
PSI-yonara. Dave Henshaw might have spelled that in purple neon if his job yesterday was to put letters up. But it was to take them down - specifically to remove the name of the bankrupt Internet company PSINet Inc. from the Baltimore Ravens football stadium. With a 40-ton crane and help from co-workers in a cherry picker 100 feet above him, Henshaw reeled in 7-foot letters from the east face of the stadium like a surfcaster on a gusty day down the ocean. "This is a piece of Baltimore history we're doing," co-worker Rob Holmes shouted above the wind.
BUSINESS
By Andrew Ratner and Andrew Ratner,SUN STAFF | April 4, 2002
The stadium name that some Baltimore football fans loved to hate will disappear next week. The letters "PSINet" will begin to be removed Tuesday from the downtown stadium where the Ravens play. The team and the bankrupt Internet services company last month reached settlement on terms to end the 20-year naming-right partnership they began in 1999. Letters will be removed first from the north face of the stadium across from Oriole Park, then the remaining sides through April 19, Ravens spokesman Kevin Byrne said.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | March 1, 2002
The Ravens are closer to severing their ties to PSINet Inc. after a federal bankruptcy judge approved a settlement yesterday that returns the naming rights of Baltimore's football stadium to the team in exchange for a cash payment to the bankrupt Internet services company. A Ravens spokesman said the team had expected the settlement's approval, and an attorney for the team said PSINet's name and logo will come down after this month. The team has said that it has heard from companies that have expressed interest in the stadium naming rights, but has not given any details on negotiations.
BUSINESS
By Gus G. Sentementes and Brent Jones and Gus G. Sentementes and Brent Jones,SUN STAFF | February 13, 2002
Within the next two months, the 12-foot-high neon-purple letters that spell PSINet Stadium will be removed as the Baltimore Ravens begin their search for a company to buy the high-profile naming rights to the 69,000-seat stadium, team officials said yesterday. The Ravens regained the naming and marketing rights from bankrupt PSINet Inc. in an agreement filed last week in federal court in New York. The agreement still must be approved by the court. Team President David Modell will begin discussions with companies that have contacted the team, and also seek out other companies, said Kevin Byrne, the Ravens' vice president of public relations.
FEATURES
By Kevin Cowherd | January 28, 2002
SO HERE WE go again, wondering what horrible new name they'll stick on the ballpark that already has the ugliest name in sports: PSINet Stadium. With the Internet services company now belly-up, this town is buzzing with suggestions for a new name. Some of them are good, some not so good, some come from the John Walker Lindh fringe of society, if you catch my drift. On the good side, I have heard Johnny Unitas Field, which sounds kind of catchy. Unpretentious yet classy, like the man himself.
BUSINESS
By Andrew Ratner and Andrew Ratner,SUN STAFF | January 25, 2002
As the Baltimore Ravens and PSINet Inc. representatives closed in on a deal yesterday that could allow the team to resell the name on the city's football stadium, the Maryland Stadium Authority said it does not plan to contest the team's regaining the naming rights. "The lease says that the team shall have the right to resell. ... It's there," said Alison L. Aste, general counsel for the agency that operates the football and baseball complex at Camden Yards. According to the stadium lease, "The team shall have the right ... to sell naming rights to the football stadium, and all revenues therefrom shall be paid to the team."
BUSINESS
By Andrew Ratner and Andrew Ratner,SUN STAFF | April 4, 2001
PSINet Inc., the Northern Virginia Internet company for which Baltimore's football stadium is named, announced yesterday that it will likely be forced to file for bankruptcy while it sells assets to pay bondholders. The world champion Ravens, meanwhile, are trying to ensure that the name of the stadium isn't one of those assets. The Nasdaq stock market halted trading of PSINet's stock at 9:04 a.m., seeking additional information from the company, said Wayne Lee, a Nasdaq spokesman. The company is in jeopardy of being delisted by the Nasdaq if its stock closes under $1 for 30 consecutive trading days.
SPORTS
By Jon Morgan and Jon Morgan,SUN STAFF | January 26, 1999
First, a word on the pronunciation. It isn't "sigh net" or "p-sigh net." It's "P-S-I Net."Get used to it. It's a name you're going to be seeing and hearing a lot in coming years. Look for it plastered to the bricks of the Ravens' stadium, glued to the cup holders, beamed through cyberspace and repeated in pre-game shows and radio broadcasts.Herndon, Va.-based PSINet Inc. will insist on such omnipresence, and has paid dearly for it.The company, an Internet service provider, has agreed to pay $105.
NEWS
By Andrew Ratner and Andrew Ratner,SUN STAFF | January 24, 2002
The Baltimore Ravens and PSINet Inc. might announce as early as today the premature end of their 20-year deal, which would remove the neon-purple name of the bankrupt Internet services company from the city's football stadium. But if the Ravens regain the right to resell the name, they'll likely do so in a market much flatter than when they sold it as part of an advertising package in 1999 for $105.5 million. A Ravens' buyout of the right from PSINet would require approval in U.S. Bankruptcy Court, because PSINet has operated since last summer under Chapter 11 protection from creditors.
FEATURES
By John Coffren and By John Coffren,SUN STAFF | December 24, 2001
When it was over, when his wobbly wounded duck of a field goal had successfully cleared the crossbar, winning him an expensive new car and the adulation of nearly 69,000 fans at PSINet Stadium yesterday afternoon, Richard Pangle had just one thought: "I'll finally get some sleep tonight." Actually, that probably was his second thought. It would be hard not to think about the fact that if his kick, a halftime promotion for a local car dealership group, had sailed just a little more to the left, he might have been walking away a millionaire and a Mercedes-Benz owner.
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