Helio goes Virgin Mobile

Remember the Helio spots from two summers ago: Don't call it a phone?
Apparently owners Earthlink and SK Telecom don't want to call it a business model either.

DigitalMediaWire somberly reports
'Virgin Mobile completes the acquisition of Helio for $38 Million.'

Yahoo!Finance adds the fine details:
'In connection with the acquisition, Helio shareholders SK Telecom and EarthLink and have received limited partnership units and shares equivalent to 13 million shares of Virgin Mobile USA Class A common stock, with a value of $38 million based on the average closing price of Virgin Mobile USA's Class A shares, as of two trading days before and two trading days after the date of announcement. In addition, SK Telecom and Virgin Group will each invest $25 million in Virgin Mobile USA for preferred shares.'

Sounds like a decent deal for a company with roughly 170,000 mobile customers?
To put things in perspective: Apple just reported to have sold 120,000 G3 i-phones in Germany alone during the last 6 weeks.

I distinctly recall Earthlink and SK Telecom announcing in 2005 to fund Helio to the tune of $500 Million. Did they just burn through $462 Million in 2 1/2 short years? Where can I sign up...

Crash and burn for the mobile generation? Here's to more innocent times: The 'Frenchie' spot.