Music Startup Beyond Oblivion Files For Bankruptcy

Law360, New York (January 25, 2012, 10:07 PM EST) -- Beyond Oblivion Inc., a digital music startup backed by media mogul Rupert Murdoch's News Corp., filed for Chapter 11 protection in New York bankruptcy court on Tuesday.

Beyond Oblivion, founded in 2007, planned to launch a cloud-based digital music marketplace called Boinc that would allow users to play songs off of multiple devices. Instead of collecting a subscription fee or charging for each song download, Boinc users would pay a flat fee.

The company's business model was dependent on “obtaining debt and equity financing to finance...
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