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Top Ten Security Stories of 2004: Page 3 of 12

Since then, Ernst & Young stepped down as CoSine’s auditor and the company laid off most of its employees (see CoSine: E&Y Says Bye-Bye and CoSine Cuts to the Bone). That done, CoSine announced that it that it had signed an agreement for the early termination of the lease on its Redwood City, Calif., headquarters.

But it is not all doom and gloom. CoSine ended its third quarter with $33.6 million in cash, and some industry observers feel that the company is still a viable acquisition target.

However, it’s still not clear whether CoSine is going to end up in the hands of asset strippers or whether another vendor will jump in to pick up their customer contacts and intellectual property. Rival Quarry Technologies Inc., for example, has already checked them out.

CoSine did not return NDCF’s calls this week, so it looks as if we will have to wait until next year to find out what is really going on.

8. Hey Big Spender – Cisco's Security Spree Continues