File sharing company Madster (formally known as Aimster) has filled for bankruptcy. It had long been speculated that this was going to happen. Madster/Above Peers is facing a lawsuit by the RIAA and MPAA and a separate one from AOL. Madster was due to face a preliminary injunction this month in Chicago. According to their lawyer the affect of the bankruptcy will not have a major bearing on the cases but it will result in an automatic stay of any cases he is involved in.
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