Madge.web, the wholly-owned subsidiary of Token Ring card maker Madge Networks, has gone bust. Its parent company has called in the UK receivers and is actively seeking to sell the rich media streaming host as a going concern.

Madge Networks BV is to restate its results to January 31, 2001 to "reflect the fact that" Madge.web is no longer part of the group. Obviously, accountancy rules are accountancy rules, but this looks somewhat like rewriting history to us. Post-airbrush, Madge Networks will see its liquidity 'significantly improved'.

From the look of it, Madge.web is in the Akamai/Inktomi space - not a very good place to be right now. ®