As with most start-up technology businesses, Napster's technology is of little value without the talented team that created it, so it is an occasion of loss on many levels.
Today's filing marks a new beginning for Napster. It is clear that the demand for an Internet-based music file sharing community that benefits artists and consumers is as strong as ever, ... The chapter 11 process will allow the company to move forward with a talented team and continue on the path toward launch, while pursuing a plan to make payments to our creditors.
Napster is disappointed with the bankruptcy court's decision not to approve the sale of the company's assets to Bertelsmann.
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