Napster's sale is very close

Napster's unsecured creditors' attorney said today that the group has analyzed the bids they have received for Napster's assets and have signed an agreement with one of the companies. They hope to finish the deal as early as on next week.

Attorney, Rick Antonoff, also expects that U.S. bankruptcy court will rule on Monday that Napster can keep its Chapter 11 bankruptcy status and avoids Chapter 7 liquidation, which would mean splitting up the company's assets and auction them to highest paying parties.

Source: News.com

Written by: Petteri Pyyny @ 27 Sep 2002 14:10

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4 comments

A_Klingon

I confess that I haven't delved very deeply into this, *but*.....

Exactly what "assets" are we talking about here? Outside of the 'Napster' name itself, and perhaps some decent file-sharing software that they originally wrote, what "assets" are they referring to?

What 'assets' are worth a $2.4 million bid (???)

-- Klingy --

28.9.2002 13:39 #1

dRD

I would say that the trademark and domain name are worth of 99% of the assets.

Petteri Pyyny
Webmaster
http://AfterDawn.com/

28.9.2002 14:41 #2

MrFat

(sniff) I kind of miss the little "Napster", but what the heck can you do with a 2.4 million dollar name(or rights)? Tell you what, you can buy my name of a bargain basement price of....let's see...a...$950,000.63!! WOW! you can't beat that?......can you??? (sniff)

30.9.2002 21:36 #3

A_Klingon

I miss 'em too, Mr. Fat. I downloaded 108 Albums and over 300 Singles from them, AND, *AND*, I had many one-to-one personal chats with the fine folks I was downloading from. Frig. (sniff) They (Nappy) were great while they lasted, huh? (sniff) [[wiping eyes]].

And it was *terrific* being able to peruse (examine) my fine colleagues' hard drive directories too! (For scooping up whole albums). I had many a late-nite chat with gents as far away as South America!!!

-- Klingy --

1.10.2002 23:24 #4

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