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OnLive Was OnDead Last Summer: $18 Million In Debt, Sold For $4.8 Million

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http://techcrunch.com – Another step in the OnLive saga comes to us from the Mercury News where reporter Troy Wolverton writes that investor Gary Lauder paid $4.8 million for the company assets and that OnLive was $18 million in debt after raising $40 million from AT&T and others. The news appeared in a letter from Joel Weinberger, CEO of Insolvency Services Group. OnLive sold itself to itself in a clever financial maneuver last August and is now a new company using the OnLive brand and IP – and customer list. As of today the organization is still offering gaming service. Wolverton notes that this deal was (IT news)