OnLive's debt was $30-40 million, insolvency group reveals

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It's now been revealed that OnLive's debt was somewhere between $30 million and $40 million before last week's collapse and subsequent reincarnation.

Last week, the California-based company's assets were transferred to Insolvency Services Group. Those assets were then sold on to Lauder Partners, LLC on the day OnLive ceased operations. Yesterday, ISG's CEO Joel Weinberg revealed the extent of OnLive's arrears to San Jose Mercury News.

"It was a company that was in dire straits. It only had days to live in terms of cash flow and the like," Weinberg disclosed, "Something had to be done immediately or there would have been a hard shutdown, which would have been a disaster."

The newly acquired company will continue to run under the OnLive name, but it had to lay off at least half of its 200 employees as part of the process. It now also appears likely that investors HTC and British Telecom will write off their investments. Weinberg also revealed that he expects investors to only receive 5 to 10 cents per dollar owed.

Posted:

Source: http://www.joystiq.com/2012/08/23/onlives-debt-was-30-40-million-insolvency-group-reveals/

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"OnLive's debt was $30-40 million, insolvency group reveals" :: Login/Create an Account :: 64 comments

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TywinPosted:

Damn. I figured a new company just starting to sell there products wouldn't have any debt.

Best7Posted:

Lol, sucks to be them.

HaloUKPosted:

That is a big debt they owe.

GoldenDiamondsPosted:

DEEJAYstar46 That's a lot of debt to have. Sucks to be them.


Lol, i wouldnt like to be in debt any amount!

GoldenDiamondsPosted:

OriginalDLC Then how can they afford the commercials ?


im sire they paid for them before they nearly went bankrupt

AcedPosted:

OriginalDLC Then how can they afford the commercials ?


Doesnt mean they dont have money

OriginalDLCPosted:

Then how can they afford the commercials ?

GoldenDiamondsPosted:

They I knew OnLive would fail the first time I saw one of the commercials.


they can afford those commercials? Wow i bet they regret tat now

GoldenDiamondsPosted:

Panty
GoldenDiamonds
Aced
TTGMuted
GFX-
GoldenDiamonds
Mortar OnLive is a platform on the computer which allows you to purchase trials of games and purchase the full game (If a trial was purchased before, then the price of that is knocked off the cost of the full game).

You can also save and load clips that you have saved, and even a rather interesting game viewer sort of system where you are able to watch other people whilst they're playing.

I personally think its better to stick with the main 3, Xbox, PlayStation and Computing, not a fail attempt at binding them all together.


Still sucks though!


Yeah it does......


it wasnt a computer platform it was a console...


It was actually both wasnt it?


i dunna...


Onlive was a computer platform and they had their own consoles.

Anyways someone asked me what's wrong with Steve Perlman after I said he's a horrible CEO but I can't find the comment. After some information from the past onlive employees said that he had major companies interested in OnLive but he pushed them away. For instance Sony was interested in OnLive but Steve turned them down which led them to buy gaikai instead. Along with Valve they where interested in what OnLive offered to people but yet again Steve turned them down. I don't thin the company would be in this much debt if he would just let go of his baby and let another company step forward to help its success.


wow, he is an aweful CEO!

PantyPosted:

GoldenDiamonds
Aced
TTGMuted
GFX-
GoldenDiamonds
Mortar OnLive is a platform on the computer which allows you to purchase trials of games and purchase the full game (If a trial was purchased before, then the price of that is knocked off the cost of the full game).

You can also save and load clips that you have saved, and even a rather interesting game viewer sort of system where you are able to watch other people whilst they're playing.

I personally think its better to stick with the main 3, Xbox, PlayStation and Computing, not a fail attempt at binding them all together.


Still sucks though!


Yeah it does......


it wasnt a computer platform it was a console...


It was actually both wasnt it?


i dunna...


Onlive was a computer platform and they had their own consoles.

Anyways someone asked me what's wrong with Steve Perlman after I said he's a horrible CEO but I can't find the comment. After some information from the past onlive employees said that he had major companies interested in OnLive but he pushed them away. For instance Sony was interested in OnLive but Steve turned them down which led them to buy gaikai instead. Along with Valve they where interested in what OnLive offered to people but yet again Steve turned them down. I don't thin the company would be in this much debt if he would just let go of his baby and let another company step forward to help its success.


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