Lawton Bloom
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Aereo's video streaming fairy tale ends at Chapter 11
When a company files for Chapter 11 bankruptcy, it means that it's mere moments away from being torn to pieces by its creditors. That particular regulation also provides room for a turnaround, but given that the Supreme Court has essentially made its business model illegal, it's not looking good for Aereo. In a letter posted to the TV-streaming service's website, CEO Chet Kanojia tells former users that the challenges the company faced were "too difficult to overcome." In what can only be described as a farewell note, the CEO adds that he's hired restructuring expert Lawton Bloom, presumably to help sell off everything that isn't nailed down to pay off debt. So, farewell then Aereo, you tried to make watching TV easier and for that, you'll always have a place in our hearts. [Image Credit: Bebeto Matthews / AP Photo]
