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SpiralFrog Goes Under

Posted by Sheila Franklin Categories: Corporate News, Internet, Music

RIPQuietly, SpiralFrog stopped croaking last Thursday. The company had been in trouble last year and issued secured notes to borrow about $9 million. Launched in August 2006, the site offered free downloads and featured advertising to pay for the privilege. It launched with Universal and took almost 2 years to add EMI. While the weak economy and having CEO changes may be part of the reason for the demise, it probably didn’t help that the files were DRM-protected.

Read More | cnet

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Palm Sells Shares to Survive

Palm PreHow do you keep your company going in this evil recession? If you are Palm, you sell about 18 million shares of its stock. The proceeds will pay off $49 million in debts to Elevations Partners and the rest will go back to Palm, so that they can stay alive until the Pre is available in Q2. If you are considering the purchase of one, this might be a way to help the California company and get your own share of the phone.

Read More | MobileBurn

More Companies Predicted to Go Under This Year

Krispy KremeMoody’s Investors Service says that there may be 25 large company bankruptcies this year. Ratings from them and other sources came up with a list of those that are feeling the pinch. Sirius, Chrysler, Six Flags, Blockbuster, Rite Aid, and our beloved Krispy Kreme are all at risk of going under. Most of the companies have limited cash, large debts with huge interest payments and little chance of refinancing. While some of this may be inevitable, we suggest you go out and buy American. Treat your family or office to a dozen donuts or a trip to the amusement park.

Read More | Microblog Buzz

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