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Saturday, September 28, 2002
Napster judge agrees to appoint trustee
WILMINGTON, Del. -- A judge agreed to the appointment of a trustee in Napster Inc.'s bankruptcy case, after a motion to convert the defunct Internet music-swapping site's case to a Chapter 7 liquidation was withdrawn.
The U.S. Trustee, a Justice Department official who assists in bankruptcy cases, withdrew a request to convert the case. Napster also withdrew its motion to appoint Chief Financial Officer Carolyn Jensen as an officer to manage the sale of its assets.
U.S. Bankruptcy Judge Peter Walsh scheduled a hearing next week after the unsecured creditors' committee said it received a letter of intent to purchase some of the company's assets for cash and equity.
Walsh had twice delayed ruling on the status of the company's bankruptcy case so that shareholders could elect a board.
The company's unsecured creditors' committee had opposed the conversion to Chapter 7, saying it would lower the value of the assets and prevent them from pursuing claims against Bertelsmann AG. Bertelsmann's offer to buy Napster was rejected by Walsh.
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