Cogent acquired the majority of the U.S. operations of PSINet, Inc., the first commercial Internet service company ever established. On March 27th, 2002 the U.S. Bankruptcy Court for the Southern District of New York approved Cogent's acquisition, clearing the way for Cogent to finalize documentation related to the closing. In this acquisition, Cogent acquires PSINet assets - including PSINet's customer base, backbone network and associated equipment and rights to intellectual property - for only $10 million.