29, 1996, just a few weeks after AOL had issued its F96 financial statements and E&Y had certified its assets, earnings and shareholders' equity, as well as the appropriateness of AOL's accounting practices, AOL revealed that it was taking huge write-offs of $460 million, including: (i) a $385 million write-off of all previously deferred or (capitalized) subscriber acquisition costs, and would end its practice of not expensing such costs; and (ii) a $75 million "restructuring" write- off which, inter alia, would completely eliminate AOL's investment in GNN and its
WebBrowser, which had failed as an Internet access product, resulting in the firing of over 300 employees.
