Scour Files for Chapter 11 Bankruptcy Protection
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 Scour Files for Chapter 11 Bankruptcy Protection
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| #1
Sean Fenlon Administrator Posts: 206 |
posted 10-12-2000 10:31 PM
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In a very unexpected move, Scour has filed for chapter 11 bankruptcy today. Scour Files for Chapter 11 Protection
The move was made while Scour is under intense pressure by the recording and motion picture industries because of their Scour Exchange file-sharing client. Scour is currently embroiled in a battle against the two over copyright issues related to the client which recently prompted the Michael Ovitz backed company to lay off 52 of it’s staff members. By filing this petition, Scour hopes to ensure that they will be able to continue operation of all currently offered services in face of the burdensome litigation. Furthermore, it will allow them to continue to evaluate various strategic business alliances and alternatives throughout. Dan Rodrigues, president of Scour, emphasizes that throughout the Chapter 11 process all of the Scour products will remain available. "We took this step in order to preserve Scour's future. The Chapter 11 process will also provide our management and board of directors with adequate time to review and develop recapitalization and restructuring alternatives to strengthen and improve Scour's business position," he said. "Our millions of loyal users worldwide can rest assured that we will continue to offer all our services." This is an initial report with more to follow as more details emerge.
[This message has been edited by Sean Fenlon (edited 10-12-2000).] IP: Logged |
| #2
KennyLee Guru Posts: 1124 |
posted 10-13-2000 02:18 PM
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Well, what else can you do when faced with massive legal action? So, I'd say this all has to do with that. *on other news, did you give Ben a day off or a lay off, Sean? ------------------ IP: Logged |
| #3
ben_fenlon Administrator Posts: 316 |
posted 10-13-2000 03:30 PM
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quote: very funny ------------------ IP: Logged |
| #4
KennyLee Guru Posts: 1124 |
posted 10-13-2000 04:44 PM
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Hey, ben. Just checkin'. You know times are tough if the CEO lays off his brother. ------------------ IP: Logged |
| #5
weAponX Guru Posts: 2119 |
posted 10-14-2000 11:36 AM
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What happened to Syed? ------------------ IP: Logged |
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