The news is out. OnLive, Inc. is no more, having actually cut the bulk of its workforce loose and utilized an Assignment for the Perk of Creditors (ABC) to absolve itself of gigantic debts had by the expansion of its services without an equivalent increase in its client base. However exactly what is this choice to filing for bankruptcy, and why did OnLive choose this certain legal reset button to start over? We spoke with a specialist on the matter, Martin Pichinson, co-founder and taking care of member of Sherwood Partners (which does two or three ABCs in an offered week), to help inform us on this little-known tool made use of by companies irrevocably in the red.
Filed under: GamingOnLive’s option to bankruptcy: simply what is an Assignment for the Benefit of Creditors? initially appeared on Engadget on Sat, 18 Aug 2012 13:00:00 EDT. Please see our terms for use of feeds. Permalink|| E-mail this|Remarks