A representative of Overpeer got up before a silicon valley angel investor group last night and started begging for $3 million to keep their spoofing and interdiction operation going.
Overpeer say they have a contract with one of the big five labels – we think they mean Universal – and are providing spoofed versions of as many as 20,000 different titles (which is probably an exaggerated number.)
Overpeer were incubated by SK Industries, one of the largest conglomerates in Korea, a firm with vast energy, telecomm and IT holdings and nearly-unlimited resources.
So why are they showing up at angel investor dinners? The Overpeer representative said they just want to open up this incredible opportunity to other investors. Our guess (and this is sheer speculation) is that SK cut off funding.
The chairman of the SK Group recently signalled his intention to close all non-viable businesses by 2005, we figure he’s not wasting any time with his “stern measures” and told Overpeer to sink or swim on their own.
The full story, with additional invective and color commentary, is over here.
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