The Chronicle of Higher Education\’s unofficial liason to the library world, Jeff Young, provides a helpful summary of the netLibrary saga so far:
The struggling e-book provider netLibrary filed for Chapter 11 bankruptcy protection on Wednesday, and the nonprofit library organization OCLC immediately announced that it had offered to purchase all of the company\’s assets.
The company\’s fiscal implosion came just five days after one of its investors had filed a lawsuit in federal court alleging that netLibrary had overstated its earnings to attract venture capital . . .
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