muralin
16th June 2004, 13:42
from today's wall st journal:
Fighting a string of lawsuits has put his company out of business, said 321 Studios Inc. president and founder Robert Moore.
The St. Charles, Mo., company sells equipment that allows consumers to make backup copies of digital entertainment products such as videogames, and until recently, DVDs. But companies that sell the movies and games said 321's devices amounted to copyright infringement and sued.
Mr. Moore, who as recently as two weeks ago told the St. Louis Post-Dispatch he would fight on, now says he is preparing to file for bankruptcy-court protection. Any remaining capital would be divided among vendors with invoices outstanding and customers owed rebates, he said, while the remaining two dozen or so employees would wind up company operations. Early this year, the company had close to 400 employees and said it was on track for $100 million in revenue.
Fighting a string of lawsuits has put his company out of business, said 321 Studios Inc. president and founder Robert Moore.
The St. Charles, Mo., company sells equipment that allows consumers to make backup copies of digital entertainment products such as videogames, and until recently, DVDs. But companies that sell the movies and games said 321's devices amounted to copyright infringement and sued.
Mr. Moore, who as recently as two weeks ago told the St. Louis Post-Dispatch he would fight on, now says he is preparing to file for bankruptcy-court protection. Any remaining capital would be divided among vendors with invoices outstanding and customers owed rebates, he said, while the remaining two dozen or so employees would wind up company operations. Early this year, the company had close to 400 employees and said it was on track for $100 million in revenue.