News Wrap: LetsbuyIt, Network Associates, BT, Xbox

The management board of troubled internet retailer LetsBuyIt.com resigned last night and left the company in the hands of administrators and its founder.

Mounting debts have forced the Netherlands-based co-operative buying website to suspend orders on its 14 European sites while funding is sought.

John Palmer, founder and member of the supervisory board, has been appointed temporary chief executive. LetsBuyIt.com shares have lost around 54 per cent of their value since the beginning of the week.

Network Associates fills chief executive slot

Security software vendor Network Associates has appointed George Samenuk as chief executive replacing Bill Larson who resigned unexpectedly last week.

Samenuk is a 22-year IBM veteran who most recently served as president and chief executive of industrial goods exchange Tradeout.com.

BT seeks cash from property assets

BT plans to raise much needed cash by divesting 7500 properties, 70 per cent of which are operational buildings which the company will continue to use and retain the freehold of.

The telco expects the sale of the properties, which have a total floor space of six million square metres, to make a "significant contribution" to reducing the company's debt.

Microsoft Xbox pictures escape

Microsoft is fuming after pictures of its eagerly anticipated Xbox games console were posted on gaming websites without permission.

Chairman Bill Gates is expected to show off the console at the Consumer Electronics Show in Las Vegas on Sunday, and Microsoft had intended to keep the pictures under wraps until then.

However, gaming site Planetgeforce (www.planetgeforce.com) posted pictures of the black box with an X and a green light on top, crediting another site, Voodoo Extreme, with obtaining the pictures from magazine Electronic Gaming Monthly.