Mediawave not dead after all

Yesterday we reported that the company responsible for the infamous Madonna gig Webcast had gone into receivership.

An announcement on the front of its Web site read: "MediaWave today announced it had brought in receivers PWC to assist in its current refinancing round. The company has been the most innovative in the streaming media industry since 1995..." and quoted CEO Chris Frampton as saying he hoped to refinance the company soon. The week before Mr Frampton had told us that a financing deal was on the table and the company was out of danger territory.

However, when the announcement disappeared off the site this morning, we called Mr Frampton to find out what was going on. "It was a hack," he told us. "A disgruntled ex-employee hacked into the site and posted it. He is now tied up resting at the bottom of a river." It wasn't clear whether the person in question was an ex-employee before or after posting the announcement.

So MediaWave is not about to go under? "No, we're working on funding at the moment; the legal stuff should be completed in the next few days." So there you have it. Hopefully. ®

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