

Maybe it was a sign that the dude who turned me onto Napster back in its heyday was the laziest guy in the office. But it wasn’t long before his suggestion went viral in the building, and Napster launched the P2P era. Since then, it’s been sued, overtaken and batted around by the likes of Lars Ulrich.

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Its stock? How does a 95 percent nosedive in the last six years grab you?

So whither Napster, now that it has become the laughingstock of downloading? According to Bloomberg, it’s become a possible takeover target for hedge funds in search of failing businesses whose cash on hand exceeds the value of their shares. Currently, Napster has stashed nearly $70 million in cash and investments, while its stock valuation limps along at around $50 million. One possible buyer would be JDS Capital Management, according to one of Bloomberg’s sources, since the elusive hedge fund also currently owns eMusic and Dreamworks’ publishing arm.

"At today’s valuation, Napster has the dubious distinction of being worth more dead than alive,” dissident shareholders complained in a proxy statement in June.

Which leaves the question: Can anyone raise Napster from the dead? Here’s a better question: Why would they want to? The future belongs to torrents. Napster’s P2P ship sailed long before Metallica burned its sails. Everything that remains can’t help but seem like sound and cash, signifying nothing.

