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Phoenix is the first of several deals to close.
In other companies that are under stress from the market drop and are in difficulty obtaining funds, CEOs will have to make some of the toughest decisions in their lives, often cutting back on the people who built the company. Honesty with employees is a small but absolutely essential part of the task. They've been working with NorthPoint from the start, ensuring minimal overlap in coverage. That means the mutual reseller agreement gives their ISPs extraordinary coverage. Rob Gheewalla, of Goldman, Sachs, led the financing round and joined the board.