Hicks Muse struggled in the years immediately following the bursting of the internet and telecom bubbles was often cited with Forstmann Little as the highest profile private equity casualties, having invested heavily in technology and telecommunications companies. The firm's reputation and market position were both damaged by the loss of over $1 billion from minority investments in six telecommunications and 13 Internet companies at the peak of the 1990s stock market bubble as well as several traditional buyouts that ended in bankruptcy (e.g., Regal Cinemas, Viasystems Group, International Wire.