#Roxio toast 17 crashes on boot software

The major music labels, which blame online piracy for a dramatic drop in CD sales, took Napster to court for copyright infringement, essentially shutting it down in July 2001. While the music industry has succeeded in idling Napster, several similar services have emerged in its wake and are attracting millions of Internet users to the practice of downloading recordings, video games and movies for free. With the exception of Private's $2.4 million all-stock bid, none of the offers, nor the identities of the bidders, have been made public. Trenwith Securities originally asked that offers for Napster's technology begin at $6 million. Some experts believe that Roxio's purchase price was relatively cheap for a service that, in its heyday, attracted tens of millions of young music fans, a group highly desirable to record labels looking to cultivate a loyal following. Trenwith reached a sale agreement with Roxio after conducting numerous rounds of negotiations with multiple parties.Д¬hance said the court-appointed trustee will now form a plan for distribution of funds to pay the company's creditors. More than a dozen bidders, including Barcelona-based adult entertainment company Private Media Group, had emerged as possible buyers.ДЄdditionally, there are several objections outstanding against the Roxio bid, including two by technology suppliers and by former Napster chairman John Fanning, who believed he owned some of the technology, said people familiar with the proceedings. company said it will be announcing its plan for the development of Napster in the coming months. Roxio, which bid about $5.3 million in cash and stock to buy the Napster technology portfolio, brand name, trademarks, will not assume any of the Napster's pending liabilities.

#Roxio toast 17 crashes on boot software

LOS ANGELES, (Reuters) - Renegade song-swap service Napster found a new home on Wednesday after a bankruptcy court approved the sale of revolutionary and legally-challenged company to software maker Roxio Inc.ДЄfter a lengthy proceeding during which several objections were heard, the bankruptcy court in Delaware, which has been overseeing the sale of Napster assets since the service filed for Chapter 11 protection earlier this year, approved the sale, said Rick Chance, managing director for Trenwith Securities, the U.S. Bankruptcy court approves deal after hearing several objections during lengthy proceeding.