Napster: Dead But Not Dead Dead?

From ABI World site:

A bankruptcy judge on Monday continued a hearing to convert Napster Inc.'s case to a chapter 7 bankruptcy after the company's committee of unsecured creditors said it would try to get shareholders to appoint a board and a chief executive to run the company, Dow Jones reported. Chief Judge Peter J. Walsh of the U.S. Bankruptcy Court in Wilmington said that if a board and a CEO are appointed, he will consider giving the committee more time to execute an asset sale while Napster remains in chapter 11 bankruptcy. "I think it may be worth some effort to salvage this case before a possible conversion to chapter 7," Judge Walsh said. "But it can only be done with appropriate corporate governance." If a board of directors and CEO aren't appointed, Walsh said he will convert the case to chapter 7 on Friday.

So the "ded Kitty" may be stirring. Just pray it isn't in the Pet Sematary.

For moreon Napster, see here, here, here, and here.

Article Author: Eric Olsen

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