Reignmaker Smashed by Standford

Stanford International Bank is the other Madoff. While Madoff burned people to the tune of $50B in his Ponzi Scheme, Stanford wiped out $8B in its investors money. In its wake, it has erased the credit line of Reignmaker Communications. It is reported that Reignmaker laid off 19 of 25 employees. It looks like this Broadsoft based VoIP provider will be closing.

Reignmaker is an Atlanta based ITSP that purchased a CLEC with a Broadsoft switch. It back-ended into Tampa-based CommX, a wholesale Broadsoft ITSP. A good dose of its employees came from Cbeyond, down the street.