ICANN files for chapter 11

ICANN today stated at a news conference that they have filed for chapter 11 bankruptcy protection. RegisterFly started proceedings this past week, as reported here on Green Joe, that involved taking ICANN to arbitration over losing accreditation. This delays the inevitable by at least 30 days.

Paul Levins, one of ICANN's Vice Presidents told the media:

"We are under intense pressure and scrutiny. The lawsuit against RegisterFly and by RegisterFly's customers has lead us into a situation where we are deep into the red."

Levins went on to say that any remaining assets from ICANN following liquidation would be donated to PBS and President Bush's Iraq deployment plan. Levins said that following ICANN's bankrupcy, he and fellow employee Mike Zupke plan to take a long vacation.