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OnLive appears to be done….but isn't (updated)

Posted by: Dan at 8/17/2012 5:43 PM
In a whirlwind day that started with a Mashable report and apparently ended with mass layoffs, OnLive has ceased to exist.  The promising cloud based gaming service, which had such a strong E3 showing and had pledged support to the Ouya, has apparently let go of all employees and will be filing for bankruptcy according to a Polygon report from this afternoon.  There is always the possibility that this is a calculated move or the company will be getting bought out, but at this point, it appears to be final action.

Updated (Chuck) - It looks like OnLive the company has been sold to another entity and shuttered.  While this isn't a common practice it has happened before (this is similar to how GM re-structured itself a few years ago). It effectively allows the company to get out from debt and obligations and start over while preserving operations and infrastructure.  While the motivations for doing so are unclear at this time it does appear that OnLive customers will be unaffected by the move and it does look like some of the existing OnLive employees will be moved over to the new company.