Tech Bankruptcy: A Second Life Shutdown?

October 14, 2007

A Second Life Shutdown?

A few months ago, I blogged about Second Life - the online world with a real economy. One player in that economy is AxisVR, LLC, which operates a couple of on-line office buildings and two very large conference centers - one in the middle of a space station. Very cool stuff. I recently got a hold of the following e-mail that AxisVR sent out to members of its in-world "group:"

"Greetings All,

Unfortunately, the rent has fallen behind quite a bit, and I will be dissolving this group and reclaiming the land shortly. I'll wait a few hours to give everyone a chance to take any objects they do not want returned. (No copy object that are owned by the group do get permanently lost when items are returned so please take anything you do not want to lose).

Regretfully,"

Sort of like the standard message to employees - we are about to hand the keys over to the landlord so make sure you clear out your personal belongings. Is the business folding? Are they just taking down some of the virtual buildings? Is the real estate on the auction block? I don't know the answers, but I might post again if I find out.

Labels: axisvr, second life

¶ 9:04 PM

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A blog discussing the impact of technology on bankruptcy law and practice.

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: Name: Warren Agin; Location: Boston, Massachusetts, United States

Warren E. Agin is a partner in Swiggart & Agin, LLC, a boutique law firm in Boston, Massachusetts focusing on the needs of technology companies. Mr. Agin heads its bankruptcy department. The author of the book Bankruptcy and Secured Lending in Cyberspace (3rd Ed. West 2005), Mr. Agin also chaired the ABA's E-commerce and Insolvency Subcommittee from 1999 to 2005, co-chaired the Boston Bar Association's Internet and Computer Law Committee (2003-2005), and served on the American Bar Association's Standing Committee on Technology and Information Services (2008-2011). Mr. Agin currently co-chairs the Editorial Board of Business Law Today. A contributing editor to Norton Bankruptcy Law and Practice, 3d, and co-author of its chapter on intellectual property for the past fifteen years, he is author of numerous legal articles and addresses on topics of technology, internet and bankruptcy law.

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