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News OnLive closes, re-opens to avoid debts

Discussion in 'Article Discussion' started by Gareth Halfacree, 20 Aug 2012.

  1. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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  2. steveo_mcg

    steveo_mcg New Member

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    That is really dodgy, If I were stupid enough to have bought into On-Live I would be spitting. I wonder if the founders of the company have lost much money in this venture...
     
  3. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    According to OnLive-2's official press release: "Like all shareholders, neither Steve [Perlman, OnLive's founder] nor any of his companies received any stock in the new company or compensation in this transaction at all. Steve is receiving no compensation whatsoever and most execs are receiving reduced compensation to allow the company to hire as many employees as possible within the current budget."
     
  4. ev1lm1nd666

    ev1lm1nd666 New Member

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    Is it just me or does that sound a lot like legalised theft?
     
  5. faugusztin

    faugusztin I *am* the guy with two left hands

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    Yes it is exactly that, but i am not sure it is entirely legal. Phoenix company part of it is fine, but the rest of it - not so sure.

    But this kind of behavior is exactly something they can't afford - no one will deal with them seriously now.
     
  6. azrael-

    azrael- I'm special...

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    OnLive just needs to die. Quicky and without any chance of being "reborn". I've never been fond of OnLive or the concept that makes it tick, but this is really low.
     
  7. steveo_mcg

    steveo_mcg New Member

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    Not quite so bad, although I'd wager all my OnLive1 shares that Steve Pearlman didn't pay out a shiny penny for any of his company shares.

    Still as faugusztin points out they're as good as dead now any way, who would seriously invest money in the new-co. I'd be disinclined to even work for them unless I was paid upfront.
     
  8. wuyanxu

    wuyanxu still wants Homeworld 3

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    reopen a company to avoid paying debt?

    no wonder the economy is in such a state!
     
  9. Phil Rhodes

    Phil Rhodes Hypernobber

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    Am I the only person who suspects that "reduced compensation" means a slightly less generous spec of company Jag will be seen in the car park?

    This is incredibly common in the film and TV industry, as well as things like live events and music concerts. I'm self-employed and I've both lost money personally, and had clients of mine literally bankrupted by this sort of behaviour.

    Don't believe for a second that the only people who lost out were a few share-holding pension schemes. It would be reasonable to suspect they screwed individuals just like me - and I suspect like some of the people who write for this site, who also seem to be freelancers - out of thousands.

    The only people who win in these situations are the jaguar-driving *******s in the pink shirts and the nice offices who run the company. It's despicable. I'm astonished there isn't some sort of legislation preventing it from happening, but as it's a manoeuvre typically used by rich people to stuff less rich people, I can't see a Tory government giving a damn.
     
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  10. greypilgers

    greypilgers New Member

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    Wouldn't it be nice if I were able to, on the unfortunate happenstance of simply running out of money and not being able to pay my promised debts, transfer my assets to someone else who could sell them back to me under a different name for pennies, and so avoid all my debt?

    If companies and ideas have to Phoenix, then fine, but the a$$holes that steered the company to bankruptcy in the first place should be prevented from having anything to do with it.
     
  11. SighMoan

    SighMoan Member

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    What a scam. I hope they have all the money they will ever need as i can see getting investors in future to be a somewhat difficult proposition.
     
  12. yuusou

    yuusou Well-Known Member

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    They're driving Jags cause the compensation wasn't enough for an Austin.
     
  13. Shirty

    Shirty Time travelling rogue Super Moderator

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    It's a shame, because with the right infrastructure and pricing system this service would work unbelievably well.

    South Korea enjoy average speeds of 17.5Mbit/s whilst we languish at a laughable 2.3, and I enjoy even lower speeds thanks top a technologically handicapped rural exchange. If they could get enough customers on board then the pricing would become less of an issue, but they're a decade or so ahead of themselves in the UK and US.
     
  14. sotu1

    sotu1 Ex-Modder

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    Christ, and you guys thought EA was bad....
     
  15. Necrow

    Necrow New Member

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    No one will ever invest another single penny with this company, the word dodgy is not dodgy enough to describe this wangling
     
  16. DragunovHUN

    DragunovHUN I want to change my name but I also don't

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    Well, that's all of us never touching onlive again. Not that a lot of us used it in the first place.
     
  17. PingCrosby

    PingCrosby New Member

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    Its no wonder kids are actually born cynical these days rather than sliding gently into it with age and wisdom
     
  18. Krikkit

    Krikkit All glory to the hypnotoad! Super Moderator

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    Why do they all drive Jags? Plenty of other executive car marques out there. :p

    They're *******s, but only because the rules allow them to be so transparently. Surely that means there's something wrong with the system as well?
     
  19. Byron C

    Byron C *psst!* This guy is a loser!

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    Precisely. As bad as they are for doing it, they're exploiting a loophole available to them. They may have effectively stopped any chance of future investement ever again, but they can get away with it debt-free.

    Don't hate the player, hate the game.
     
  20. faugusztin

    faugusztin I *am* the guy with two left hands

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    http://www.engadget.com/2012/08/20/htc-lose-its-40-million-investment-onlive/
    I am pretty sure they will make the life of OnLive guys miserable.
     

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