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Tar Heel Pundits
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Wednesday, September 04, 2002

Napster is dead

A bankruptcy judge ruled yesterday that Napster is not allowed to sell its assets to Bertelsmann, a German media giant. Napster was looking to Bertelsmann as the candidate to revive it and restart it as a pay service that would reimburse recording companies when their songs were exchanged. However, Judge Peter J. Walsh ruled that the proposed sale was not made in good faith because Konrad Hilbers, the CEO of Napster, had "divided loyalty." The ruling means that the company will be liquidated. Due to the ruling, Hilbers laid off his staff and resigned his position, leaving only two people to oversee the bankruptcy.

posted by John Branch @ 8:03 AM

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