How did a company whose frachise centered on Shamanistic Practices of Native Americans become part of the Fiber Telecom Texas Hold’em Tournament?
A company called Fibernet was fomed on August 10, 1994. It joined the telecom fiber race and employed the strategy of Aesop’s Tortoise. By December of 1998, it spent $3.6M and, cumulatively over its first four years of existance, it reported no revenue.
Leveraging these exciting developments, Fibernet decided to go public. To accomplish this, it sold itself to Desert Native Designs. As covered in yesterday’s post, DND’s business was “producing and marketing drums, rattles, and other specialy crafts related to the shamanistic practices of Native Americans”. After much strategic deliberation last over a latte at Starbuck’s, DND changed its name to Fibernet and its priority shifted to bandwidth and colo instead of drums and rattles.
Santo Petrocelli Sr. served as chairman of Fibernet from inception through to perhaps 2005. Santo was the Chief Executive Officer of Petrocelli Electric Company. Years earlier, Santo sold another Fibernet–FiberNet USA–to MFS. Santo apparently was fond of both the fiber business and the Fibernet name.
Fibernet went through several presidents and CEOs. Lawrence S. Polan was president in 1998; Frank Chiaino in 1999; Michael S. Liss followed him in 2000; most recently, John Deluca became president in 2005 (and Liss became Chairman). What happened to the business during these years? What is Fibernet’s current status? Tomorrow the story will continue.
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