August 17th, 2012, 10:50 PM
OnLive switches hands from 10AM today to 4PM.
Entire staff was laid off @ OnLive today.
At 10AM today Friday 8/17/12 they had a meeting that they had pursued ABC, or Assignment for the Benefit of Creditors which is a faster alternative to bankruptcy. This had to of been filed Monday or earlier.
Layoffs did not include stock options, or a severance pay for the current employees. OnLive has since said in their official statement they plan to hire most of these people back, even though they left with boxes.
Reports vary from 50% laid off, to 80%, to everyone.
Reporters were able to talk to a few OnLive employees who said they are no longer employed, and pictures were taken of them walking out with boxes from their offices.
But, please, check other sources now as we still don't know all the details.
Apparently they were churning 5 Million a month with at average 1,800 users. Yikes.
OnLive has since been "acquired" by a newly formed company. No word yet on who that is, but I think it is one of the original VC's funding partners possibly going after GaiKai (recently acquired by Sony) on IP grounds to their (OnLive) patents.
August 17th, 2012, 11:02 PM
Here is the official OnLive statement for brevity:
"We can now confirm that the assets of OnLive, Inc. have been acquired into a newly-formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive's apps and devices, as well as game, productivity and enterprise partnerships. The new company is hiring a large percentage of OnLive, Inc.'s staff across all departments and plans to continue to hire substantially more people, including additional OnLive employees. All previously announced products and services, including those in the works, will continue and there is no expected interruption of any OnLive services."
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