Monday, August 20, 2012

OnLive explains layoffs, promises uninterrupted service | Internet & Media - CNET News

Strange days indeed; also see HTC loses $40m in OnLive 'restructuring' (ZDNet)
"OnLive said its board of directors decided to restructure the company under an "assignment for the benefit of creditors," an alternative to bankruptcy that expedites the closure of the troubled company. The company's assets, including its technology and intellectual property, were transferred to the new company in what it called "a heartbreaking transition for everyone involved."
However, under this type of transaction, no shares or employees are allowed transfer. As a result, the Palo Alto, Calif.-based said it was necessary to dismiss its entire staff but that it is in the process of rehiring many of them."
OnLive explains layoffs, promises uninterrupted service | Internet & Media - CNET News
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