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February 17, 2006

$4 million to zero in 22 months

Posted by Kim Peterson at 1:01 PM

Seattle-based Loudeye released more details today about the closure if its underperforming Overpeer unit. Loudeye bought Overpeer, a New York City company known for flooding peer-to-peer networks with bogus files, for $4 million in stock in 2004.

It shut down the money-losing unit in December and paid $375,000 in severance and to break Overpeer's lease agreement. Loudeye also had to give Overpeer's former landlord about $80,000 worth of furniture.

Loudeye said today that Overpeer's technology, customer relationships, employee non-compete agreements, goodwill and trademarks have "no continuing value."

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