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Guest Message by DevFuse

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Napster Files for Chapter 11


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3 replies to this topic

#1 OFFLINE   John Corn

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Posted 03 June 2002 - 09:33 AM

Guess this is no surprise.

Napster Inc. filed for Chapter 11 bankruptcy Monday, seeking court protection from creditors as music industry heavyweight Bertelsmann AG follows through on a plan to take over what's left of the Internet music-swapping service.

Bertelsmann said May 17 it would buy Napster for $8 million — slightly more than half what it had previously offered to purchase the company — to pay Napster's creditors as part of a financial reorganization that included plans to file for bankruptcy.

As of April 30, Napster had about $7.9 million in assets and about $101 million in liabilities, according to the filings made in Wilmington, Del.

Calls to a Napster spokeswoman were not immediately returned Monday.

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#2 OFFLINE   Steve Mehs

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Posted 03 June 2002 - 10:06 AM

The one I feel real sorry for is Sean Fanning, the college kid who created Napster. He created one hell of a program that will be legenday!
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#3 OFFLINE   Kevin

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Posted 03 June 2002 - 07:10 PM

Too bad. I guess this was bound to happen sometime or another. At least there's still other Napster-like clones like Kazaa, WinMX, and Morpheus.

#4 OFFLINE   Steve Mehs

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Posted 03 June 2002 - 07:16 PM

After Napster was initally shut down I used a utility called Napigator, which would use the Napster software application to connect to other servers, besides those of Napster Inc. However most of the servers it could connect to were either Music City or people who set up their own MP3 servers. But with the birth of Morpheus, Napigator could no longer communicate with Music City and then when both Napster and Napigator left this hardrive.
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