OnLive has changed a lot since last Friday when the company was “restructured” into a new company according to a recent official announcement. To do so, all the assets of OnLive Inc were sold to the new company. The good news for customers is that Lauder Partners is injecting enough money to allow OnLive to continue its service without any interruption.
After laying off half of its employees, the company says that the new legal entity will re-hire many of them at the same position/salary, although not everyone seems to be coming back. Employees who are not asked to re-join will be given an opportunity to “consult” with the new company.
According to the official statement, this was a necessary step for OnLive although a “heartbreaking” transition. The company has issues a FAQ that addresses many questions people may have. My understanding is that the shares of the former OnLive Inc company did not retain any value during the transition. We’ve pasted the whole statement and Q&A in the full post. (more…)
By Ubergizmo. Related articles: OnLive Game Streaming Company Goes Under, iPhone, iPad and Macs could be banned on Aug 24,
Post a Comment