Napster files for bankruptcy

June 3, 2002 6:44 AM

Napster files for bankruptcy - The pioneer finally gives up the ghost. *sob*
posted by wibbler (6 comments total)

Whoohoo! Anne Winblatt finally loses her shorts.
posted by shagoth at 7:01 AM on June 3, 2002

Many a venture capalist, including Anne Winblad (one-time girlfriend of Bill Gates), have lost their asses and I'm sure this isn't her first loss. I appreciate Napster for being the trail blazer in file sharing.
posted by MaddCutty at 7:31 AM on June 3, 2002

Who would have thunk a company that charges for things you can get for free goes bankrupt?
posted by Mark at 7:50 AM on June 3, 2002

Well, Napster isn't dead just yet... They're just declaring bankruptcy to avoid paying off debts under the Bertlesmann purchase agreement. This allows BMG to acquire what few assets Napster owns without acquiring their debts.

The big question: What assets does Bertlesmann care about? The new pay-per-download client? Their tainted brand recognition? The non-existent user base? Shawn Fanning's adorable smile?
posted by waxpancake at 8:43 AM on June 3, 2002

Why pay for Shawn Fanning's smile whey you can just download it for free?
posted by jazon at 10:04 AM on June 3, 2002

posted by insomnia_lj at 5:12 PM on June 3, 2002