Notes From the Net
Jan 1, 2003 12:00 PM, COMPILED BY SARAH BENZULY
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“I will survive” seems to be the running mantra (or joke, depending on which side of the legal battle you are on) for Napster, which was saved when a Delaware bankruptcy judge approved a $200,000 emergency loan from Napco Acquisition. Napster hopes that the injection of funds will keep the company afloat until the U.S. Bankruptcy Court approves an acquisition offer from Roxio. The CD-burning company announced that it would shell out $5.3 million to acquire Napster's intellectual property and technology patent portfolio; the company said that it would not assume any of Napster's debt, the subject of which is still in litigation. As of press time, auctioneer DoveBid will host a Webcast of Napster's remaining fixed assets.
Did you get my memo? The RIAA, MPAA and songwriters' associations have sent a letter to the heads of Fortune 1000 companies, cautioning them that the file-trading activities of their employees could put them at legal risk. Taking advantage of fast Internet connections and a wealth of space offered on corporate Intranets, more and more employees are finding, distributing and storing illegal entertainment (both music and movie) files, according to the letter. Earlier, these groups sent a similar letter to university officials, warning them of a growing file-sharing use on their networks.
Send your “Current” news to Sarah Benzuly at sbenzuly@primediabusiness.com.
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