Aereo Files for Chapter 11 Bankruptcy(▼)(▲)
November 24, 2014
Aereo has filed for Chapter 11 bankruptcy protection after months of grasping at straws in attempts to stay afloat following its loss to cable giants in the Supreme Court this June. Aereo says that the proceedings will allow it "to maximize the value of its business and assets without the extensive cost and distraction of defending drawn-out litigation in several courts." Aereo doesn't state whether it hopes to emerge from the proceedings, but it doesn't seem like there are many places it can go from here.
Big Cable wins again, and as usual, the people lose.