Confirming yesterday's reports that the company was headed directly to bankruptcy, Veoh founder Dmitry Shapiro has said that the company would be liquidating and filing Chapter 7 bankruptcy.
Says Shapiro, speaking about the lawsuit Universal Music Group filed against them in 2008: "The distraction of the legal battles, and the challenges of the broader macro-economic climate have led to our Chapter 7 bankruptcy."
Chapter 7, unlike Chapter 11 usually means the company is shutdown for good, rather than reorganized. The liquidation confirms that.
Private investors had invested $70 million in the streaming site.
Chapter 7, unlike Chapter 11 usually means the company is shutdown for good, rather than reorganized. The liquidation confirms that.
Private investors had invested $70 million in the streaming site.
