Money.Net files Chapter 7 bankruptcy amid lawsuit
Despite a series of ambitious content expansion projects and senior hires, the low-cost vendor failed to win over institutional clients.
New York-based Money.Net, the market data workstation once touted as a startup to rival Bloomberg, has filed for Chapter 7 bankruptcy protection, following a judgement in an ongoing lawsuit from investors alleging financial mismanagement, WatersTechnology has learned.
Unless the company can reach a deal with creditors, it is likely to be wound up. Chapter 7 prevents those owed money by a company from collecting or demanding payments owed to them, or initiating lawsuits while the petition is in
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