The news is out. OnLive, Inc. is no more, having cut the bulk of its workforce loose and used an Assignment for the Benefit of Creditors (ABC) to absolve itself of massive debts incurred by the expansion of its services without a corresponding increase in its customer base. But what is this alternative to filing for bankruptcy, and why did OnLive choose this particular legal reset button to start over.
Engadget , OnLive's alternative to bankruptcy: just what is an Assignment for the Benefit of Creditors?, OnLive's alternative to bankruptcy: just what is an Assignment for the Benefit of Creditors?
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