The End Of Bolt.com
Bolt.com, an online video sharing site, has posted a notice on its front page saying that as of August 14, 2007, it has ceased all video sharing operations. The general assignment, or ‘assignment for the benefit of creditors’, executed by parent companies Net Revolution, Inc. and Bolt, Inc. means that, due to bankruptcy, Bolt.com’s assets will now be quickly sold off and the proceeds from liquidation paid to creditors.
Possibly related to this new development is the fact that in March of this year, Universal Music reached a settlement with Bolt.com — a copyright infringement suit — under the terms that Bolt.com would pay it (for damages) a huge portion of what it makes of its sale to another company GoFish, receive a “small licensing fee” and “a share of associated advertising revenue”, according to an FT.com report.
This si the message that is shown on the front page:
Please be advised that the operations of Bolt, Inc. and Bolt.com have ceased. Net Revolution, Inc. and Bolt, Inc. have executed an Assignment for the Benefit of Creditors effective as of August 14, 2007. Please direct any creditor related questions or comments to the Assignee’s office to the attention of:
Development Specialists, Inc.
345 California Street
Suite 1150
San Francisco, California 94104-2664Att: George E. Shoup, III
Email: gshoup@dsi.biz
The Notice of Assignment will be mailed to all known creditors in the near future. If you are interested in acquiring this site or other assets of Bolt or Net Revolution please contact, gshoup@dsi.biz.
There are so many video sharing sites that breech copyright out there that this might become a regular occurance!
I wish I had tried Bolt before it died. I had only seen the logo, but never been to the site. It must not have been very good.
same with me! IT sounded a realyl good idea. I tired to go on the chached version on Google but it’s too up to date