OnLive had $30m in debts
Insolvency firm reveals scale of OnLive money troubles
Before its closure and subsequent rebirth this week cloud gaming service OnLive was facing debts of between $30 and $40 million.
That's according to the Mercury News and Joel Weinberg, CEO of Insolvency Services Group, who is closely involved in the company's insolvency process.
"It was a company that was in dire straits. It only had days to live in terms of cash flow and the like," he said.
"Something had to be done immediately or there would have been a hard shutdown, which would have been a disaster."
He adds that creditors can expect to receive 5 to 10 cents on each dollar OnLive owed.
OnLive was acquired by its one time investor Lauder Partners, which has hired around 50 per cent of the employees who lost their jobs when the original company closed.
If gaikai was sold for 300m I presume for its technology and patents why didn't someone else like Microsoft come in for onLive who I thought had even more rather than selling them back for around 3m to some of the original owners.
Did the administrators do their job properly I wonder.
Posted:9 months ago