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OnLive sold for $4.8M this year, a fraction of its debt

A new report from San Jose Mercury News indicates that OnLive sold for $4.8 million in mid-August.

Venture capitalist Gary Lauder paid the amount for the company before liquidation could happen. But this covered only a small percentage of OnLive's outstanding debts, which totaled at least $18.7 million before the sale.

According to Joel Weinberg, the chief executive officer of Insolvency Services Group, who handled the insolvency process for OnLive as its "assignee," the $4.8 million was the best the company could hope for.

To compare, Sony paid $380 million for the fellow cloud-based gaming service Gakai earlier this year.

Follow @wita on Twitter.

[Gamesutra]

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Stephanie Carmichael Twitter: @wita
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