bankruptcy

Aereo settles with broadcasters for $950,000

Aereo settles with broadcasters for $950,000

Aereo will have to pay $950,000 to broadcasters in Chapter 11 proceedings. Though significant, the dollar amount is actually les than one percent of what Aereo was originally ordered to pay, and resolves any and all disputes between the Internet TV startup and legacy operators. The settlement comes as Aereo deals with Chapter 11 bankruptcy after a Supreme Court decision shut the service off for good. Aereo also sold its assets off to Tivo for a paltry $2 million; a fire sale too good to pass up.

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Board member spills the beans: Bitcoin Foundation is bankrupt”

Board member spills the beans: Bitcoin Foundation is bankrupt”

If you thought that the drama surrounding the hot and yet controversial cryptocurrency is over, think again. As one of his first acts as a newly elected Bitcoin Foundation board member, Olivier Janssens revealed the rather dismal financial situation the foundation is in, which has been kept secret from is members. While it doesn't technically affect Bitcoin itself, being the primary public face of the currency, it could still cause loss of confidence in the entire system. Especially when the previous founders of the foundation have all but disappeared or are equally mired in controversy.

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RadioShack’s ‘store within a store’ concept detailed

RadioShack’s ‘store within a store’ concept detailed

With yesterday’s news that RadioShack was filing for bankruptcy, we also learned there would be a ‘store within a store’ concept that would allow RadioShack to live on, at least in name. The media at large assumed RadioShack would exist within Sprint stores, as the carrier was in talks to snap up roughly 1,800 RadioShack stores. Now we’re getting details from Sprint themselves, and we learn the ‘store within a store’ thing isn’t what we thought. It’s actually the complete opposite.

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RadioShack files for bankruptcy, will carry on inside stores sold to Sprint

RadioShack files for bankruptcy, will carry on inside stores sold to Sprint

As expected, RadioShack has filed for Chapter 11 bankruptcy protection. The company previously said the’d not be able to finance their operations “beyond the very near term”, which was a harbinger for today’s announcement. In the filing, RadioShack also reports they’ll sell up to 2,400 stores to General Wireless Inc., an affiliate of Standard General L.P.. RadioShack, which currently operates roughly 4,000 retail locations, will shutter the remaining stores. In a deal with Sprint, General Wireless will keep RadioShack alive via a “store within a store” concept.

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Amazon may get retail stores via Radio Shack bankruptcy

Amazon may get retail stores via Radio Shack bankruptcy

At this point, we understand RadioShack is throttling down for a massive shift. There’s too much evidence that Radio Shack as we know it has to go away, making room for something else. It could be a partnership with a carrier like Sprint, wherein RadioShack would essentially become the gadgets section of the store while Sprint employees hocked handsets. Another more compelling answer comes in the form of Amazon, who are reportedly interested in acquiring RadioShack locations for use as lockers or easy ship/receive way-stations.

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RadioShack headed for bankruptcy, sources claim

RadioShack headed for bankruptcy, sources claim

RadioShack isn’t doing so well. The now-niche electronics company is reportedly on its way to bankruptcy hearings, and may look to sell of some of their remaining locations. The bankruptcy hearing could com as early as next month, those familiar with the matter say. A second source is cited as saying RadioShack has already reached out to lenders who can “help fund its operation” during the bankruptcy process. Even with help through the restructuring period, things don’t look good for RadioShack.

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Aereo files for bankruptcy, and starts saying goodbye

Aereo files for bankruptcy, and starts saying goodbye

Whether we like it or not, Aereo is in serious trouble. Though glimmers of hope sparkle through now and then, Aereo is still prohibited from doing business. Today, the company has announced they’ve filed for Chapter 11 bankruptcy protection, which is a step to reorganize and restructure. This type of bankruptcy is meant for companies just like Aereo; those who can’t repay creditors or pay down debt. With all Aereo has gone through, it’s a sad day, but may not signal the end just yet.

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GTAT: Apple strong-armed us into deal that bankrupted company

GTAT: Apple strong-armed us into deal that bankrupted company

By now, you’re probably aware that Apple’s Sapphire provider GT Advanced went belly-up a few weeks ago. If you’re not, we encourage you to click links in this article and in our timeline below, as the meltdown is both contextual and interesting. After previously noting the deal they struck with Apple was unfair, GT Advanced is now detailing their feelings. In retrospect, GT Advanced says they’re not sure Apple’s original offer was ever really honest, and insists they were insulted through the process.

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GT COO details “oppressive” Apple deal

GT COO details “oppressive” Apple deal

Now that GT Advanced is in bankruptcy proceedings, and free of their contract with Apple, they can start fresh. Though they still must pay Apple back about $430 million from the loans they received in advance of the Sapphire facility opening, GT can move on. Or, they can openly discuss just how “oppressive” their deal with Apple was. Their COO is doing just that, and in a sworn affidavit, he outlines in detail how their agreement with Apple could have helped them go belly-up any time.

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GTAT outlines settlement with Apple

GTAT outlines settlement with Apple

Sapphire glass; you want it, Apple wants it, but their partner couldn’t deliver. In the long, slow burn that is GT Advanced, there are very few winners. Hundreds out of work, GTAT is now in bankruptcy court, and Apple is left searching for another Sapphire partner, which probably delays the material seeing your phone (and could delay the Apple Watch). Apple and GTAT have settled their business relationship, which is now available for all to view. Save for one small redaction, we get a bit of insight about GTAT biting off more than it could chew.

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Apple looking to keep Sapphire hopes alive

Apple looking to keep Sapphire hopes alive

The Apple and GT Advanced partnership might be dead, but the Sapphire plant in Arizona could still live on. Apple is reportedly seeking a way to keep the plant alive, possibly even producing Sapphire glass as planned. Though GT won’t be involved, Apple is reportedly looking into how they can reap benefits from their sizable investment. GT, which owns the equipment and is selling it off to pay Apple back the $439 million paid via a loan in their partnership agreement.

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Apple, GT Advanced officially part ways

Apple, GT Advanced officially part ways

After a protracted relationship that churned out no physical product from their famed Arizona facility, GT Advanced and Apple have parted ways. The separation is said to be amicable, and comes on the heels of GT’s bankruptcy and subsequent bashing of their deal with Apple. Calling the arrangement “oppressive”, GT failed to meet thresholds for getting the facility up and running, which led Apple to hold back payments in their $500 million deal. Now, GT Advanced will need to sell off equipment to pay Apple.

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