Never mind the iTunes, here's Snocap
Shawn Fanning looked into the eyes of his trusted friends and asked where he had gone wrong. The date was June 4, 2002, and the previous day, the 21-year-old and his music industry-shaking company, Napster, had filed for Chapter 11 bankruptcy, buckling under the weight of nearly three years of litigation. Forced to vacate the company offices elsewhere in the city, he had called his four closest Napster associates to meet in a borrowed San Francisco conference room.
"The mood was definitely somber," recalls Ali Aydar, Napster's senior director of technology and the first employee Fanning hired. "When a company files for bankruptcy, you don't have anything left. I can speak for Shawn and myself and say we had a couple hundred dollars."
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Full Stories List for December 14th, 2006 issue #0550
CULTURE- BUZZBOX- 25 years: Celebrating Laura Mulligan Thomas
CULTURE- BUZZBOX- Song sharers: Making music a community service
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