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Bankruptcy judge blocks the sale of Napster

Written by Petteri Pyyny @ 03 Sep 2002 3:50

Bankruptcy judge, Peter J Walsh, blocked the sale of Napster's assets to its biggest investor, German media giant Bertelsmann, citing the conflicting interests of Napster's CEO, Konrad Hilbers. Hilbers was appointed to Napster's CEO by Bertelsmann.
Hilbers is a long time Bertelsmann veteran and according to the judge, his interests in Bertelsmann would have effected his and company board's decision to sell the remaining assets of Napster to Bertelsmann. Now it seems that Napster's next step is to file Chapter 7 liquidation, which effectively will take the company to the rest.

Source: Associated Press

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