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OnLive Purchased for $4.8 Million

by on October 11, 2012
 

It has been revealed that Lauder Partners, LLC, the company that purchased OnLive, got the company for $4.8 million.

A letter to creditors of OnLive was recently obtained by Polygon, revealing that information.

To put this into perspective, Sony purchased competitor Gaikai for $380 million.

“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,” says Insolvency Services Group CEO Joel Weinberg in the letter to OnLive’s creditors.

The letter added that creditors will get $0..26 for every dollar owed.

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