Webvan makes $3m in a day

NEWS Bankrupt internet grocery business Webvan did brisk business in an auction of its old equipment, raising $3m. Bargain hunters and dot-com boom nostalgia enthusiasts snapped up t-shirts, computers, office cubicles, an electric generator and even two vans, in an auction which took place not on the web but at Webvan's distribution centre in suburban Atlanta. According to the Associated Press, one mother spent $3,750 on a freezer made up as a Webvan truck to comfort her two-year old son who had become a Webvan fan while helping the company's deliverymen unload. Webvan filed for bankruptcy protection last month, having burned through a reported $830m in two years. As one of the most high-profile ecommerce flops, Webvan is rapidly acquiring cult status. Webvan share certificates and other memorabilia have been attracting high prices at internet auctions.