Online Music Storage Firm MP3tunes Files For Bankruptcy

fishmike writes "Online music storage firm MP3tunes, Inc filed for bankruptcy in a U.S. court, following its prolonged run-in with music publishing giant EMI Group over copyright issues, court filings showed. MP3tunes is a so-called cloud music service that lets users store music in online 'lockers.' Amazon.com Inc, Apple Inc and Google Inc have similar cloud services."

Now I understand

[Mathinker]

EMI probably knew that this was the probable outcome --- which explains why they repeatedly tried to add Michael Robertson as a personal defendent. Looks to me that Big Media has had it in for him ever since he proved, with the original mp3.com website, that good music could be generated and distributed without them.

I hope he and his family manage to come out financially unscathed. The original mp3.com site rocked.

Re:Not a lot of assets

[Wireless Joe]

FTA: MP3tunes had filed for bankruptcy under Chapter 7 code, which envisages liquidation of a company's operation. In the court filing, the company had listed out assets of about $7,800 and liabilities of $2.1 million. Good luck with that...

They should just sell some of the trillions of dollars worth of song files they're holding on to. According to statutory damages, each song is worth about $150K; they could erase their entire debt by selling just 14 tracks.