Android — 23 August 2012

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Last weekend, cloud gaming startup OnLive shut down the company, gave away its assets and laid off all its staff, only to immediately build a new firm and hire a number of them back. Now, we’re learning why: The San Jose Mercury News reports that OnLive owed between $ 30 million and $ 40 million in debt at the time. That’s from the lips of Joel Weinberg, CEO of Insolvency Services Group, who has been revealed as the mysterious assignee in the insolvency transaction. “It was a company that was in dire straits. It only had days to live in terms of cash flow and the like,” Weinberg told the Mercury News. “Something had to be done immediately or there would have been a hard shutdown, which would have been a disaster,” he told the publication.

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