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    HomeIn MediaGadget NewsOnLive is No More

    OnLive is No More

     

    The news on the gaming company, OnLive, has sprung.  OnLive, Inc. is no more, having cut the bulk of its workforce loose and used an Assignment for the Benefit of Creditors (ABC) to absolve itself of massive debts incurred by the expansion of its services without a corresponding increase in its customer base.

    This alternative to filing for bankruptcy, ABC, is a preferred method for debtor companies backed by venture capital to satisfy creditors, because it allows such firms to preserve their assets while staying viable long enough to find a buyer for those assets.  OnLive has already assigned its assets, and the assignee has already sold them. The Venture Capitalist buyer plans to remake OnLive’s assets (including the retained employees) into a lean, profitable new start-up.   The whole ABC process takes about seven months to completely wind up its business, and the remains of OnLive  will be no more.

    David Novak
    David Novakhttps://www.gadgetgram.com
    For the last 20 years, David Novak has appeared in newspapers, magazines, radio, and TV around the world, reviewing the latest in consumer technology. His byline has appeared in Popular Science, PC Magazine, USA Today, The Wall Street Journal, Electronic House Magazine, GQ, Men’s Journal, National Geographic, Newsweek, Popular Mechanics, Forbes Technology, Readers Digest, Cosmopolitan Magazine, Glamour Magazine, T3 Technology Magazine, Stuff Magazine, Maxim Magazine, Wired Magazine, Laptop Magazine, Indianapolis Monthly, Indiana Business Journal, Better Homes and Garden, CNET, Engadget, InfoWorld, Information Week, Yahoo Technology and Mobile Magazine. He has also made radio appearances on the The Mark Levin Radio Show, The Laura Ingraham Talk Show, Bob & Tom Show, and the Paul Harvey RadioShow. He’s also made TV appearances on The Today Show and The CBS Morning Show. His nationally syndicated newspaper column called the GadgetGUY, appears in over 100 newspapers around the world each week, where Novak enjoys over 3 million in readership. David is also a contributing writer fro Men’s Journal, GQ, Popular Mechanics, T3 Magazine and Electronic House here in the U.S.

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