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OnLive Layoffs Follow-up

Joystiq has a rundown of what went down during a final meeting with the staff of OnLive before they were all fired, clarifying the report that the entire staff was being let go as part of some sort of reorganization. The company has undergone an Assignment for the Benefit of Creditors, or ABC (a form of bankruptcy), and will continue under the ownership of a venture capitalist. Word is only "the essential" portion of the company's 150-200 staff will be rehired going forward as the new owner attempts to bring the cloud gaming service into profitability.

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53. Re: OnLive Layoffs Follow-up Aug 20, 2012, 00:31 HorrorScope
 
wtf_man wrote on Aug 19, 2012, 12:29:
It's real simple... they were up to their necks in debt... they did what they had to do to save the company, by forming another one. Most of the employees will be hired back.

Yeah that is a real crap deal and to note all those hire backs, all lost their stock options in the last company and are not being honored in the new one. It's a crappy tactic. Someone is out cash because of this tactic.
 
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