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Online Learning News and Research
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Friday, November 16, 2001
http://chronicle.com/free/2001/11/2001111601t.htm netLibrary Files for Bankruptcy Protection, and OCLC Offers to Buy Its Assets By JEFFREY R. YOUNG 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. The fate of the company's collection of more than 33,000 full-text books is now in the hands of a U.S. bankruptcy court, which will decide whether OCLC can purchase the virtual tomes, says Jay Jordan, president and CEO of OCLC....
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