Failed Webcaster Pseudo.com could be poised to rise from the ashes of its bankruptcy.
New York production studio INTV purchased the assets of Pseudo.com in bankruptcy court for $2 million. That includes Pseudo.com's intellectual property, its production studios, and its leases for lower Broadway office space. And INTV revealed plans to revive Pseudo.com with some of its former executives and start streaming content by the spring.
A Federal Bankruptcy Court in New York issued a final order permitting the transaction on Friday. Founded in 1994 by Web entrepreneur Josh Harris, Pseudo was the first attempt at a Web TV network. Pseudo entered Chapter 11 protection in September 2000 after failing to secure continued financing.
Pseudo.com seemed unable to grow more than a niche Web audience for its eclectic mix of offbeat humor and talk, and the news shows it produced in its final stage of solvency last year. - Richard Tedesco