OnLive Asset Sale Brings Only $4.8 Million

Oct 10 2012, 10:54am CDT | by , in News | Gaming

OnLive Asset Sale Brings Only $4.8 Million
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Someone got a pretty good deal

It hasn't been very long since cloud-based videogame company OnLive went belly up. The company owned patents and intellectual property believed to be worth $18.7 million. As it turns out Lauder Partners was able to buy those assets for less than half the expected amount.

Lauder Partners spent only $4.8 million to purchase OnLive assets. Confirmation came from Insolvency Services Group CEO Joel Wineburg. He said, "Had the sale to the buyer not taken place, the assignee would have been left with inadequate capital to fund the significant costs to preserve and market OnLive's patents and other intellectual property, thus greatly reducing expected recoveries essentially to those of a forced piecemeal auction."

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