Arena.pl to continue Tel-Energo fight despite receivership

The board of Internet portal Arena.pl has decided to place the company in th e hands of the receivers, citing the lack of funds for further operations. I n a statement, the Arena.pl board wrote, "Due to problems with changing the company's business profile, its shareholders are no longer interested in con tinuing to finance the portal." The announcement comes less than four months after shareholders promised they would keep the firm running at least until the end of November. The necessary funds were promised by TDA Capital, co-ow ner of Central Europa.com, which holds a 99% stake in Arena.pl. The money wa s to be used in part to finance Arena.pl's legal battle with its former part ner Tel-Energo. In June, Tel-Energo announced it was ending its co-operation with Arena.pl on their E-connections telecoms enterprise. Arena.pl claims th e withdrawal led ultimately to the failure of its share offering. According to a company spokesperson, its current problems do not mean Arena.pl's legal battle with Tel-Energo is over. (Rzeczpospolita, p. B4; Zycie, p. 10) J.K.