Amp’d falling further into debt, Verizon ticked

Update: They’re shutting down at 12:01 a.m. on July 24. Port your number today! – Know how much cash Amp’d Mobile has as of today? Try $9,000. Yes, it’s looking that grim for the Verizon MVNO, who filed for Chapter 11 bankruptcy protection back in early June. Of course, Verizon isn’t too happy about this, and they’re pulling out all the stops to get Amp’d’s network shut down permanently. Can you blame them? We know we wouldn’t want some bums — who have no means to pay at the moment — mooching off our stash.

The total amount of Amp’d’s debt to Verizon is $56.6 million, $15.6 million of which has been accrued since the bankruptcy filing. And the network is costing them $370,000 per day.

Verizon (nyse: VZ – news – people ) Wireless said Amp’d has been burning though cash since filing for bankruptcy in June, racking up charges of $370,000 a day to Verizon alone. The company said Amp’d Mobile is almost out of cash, and it wants to pull the plug unless the Los Angeles company obtains a “debtor-in-possession” loan to finance its Chapter 11 case.

That they haven’t obtained a debtor-in-possession loan yet makes us rethink our position on this. Originally, we thought that Amp’d would emerge from this. But now that we’re seeing more and more evidence stacked against them, we just can’t think that anymore.

“While it is not the court’s responsibility to second-guess the debtor’s business decisions, it is the court’s responsibility to protect creditors’ interests from the actions of inexperienced, incapable or foolhardy management,” Verizon said in its filing.

It’s tough to disagree with this statement. This very well may end up being a jab to the jaw for Verizon Wireless.

[Forbes]