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Redwood Capital Completes Assignment for the Benefit of Creditors Process on Behalf of Betawave Corporation (OTC:BWAV)
LOS ANGELES | April 1, 2011 - Redwood Capital ("Redwood") announces the completion of the General Assignment for the Benefit of Creditors liquidation process as the assignee on behalf of Betawave Corporation (OTC:BWAV) ("Betawave" or the "Company"). Managing Partner Nathan Johnson provided guidance in retrieving the greatest possible value from the Company's assets, including its intellectual property, accounts receivable, and equipment, to maximize returns for both secured and unsecured creditors. Due in large part to Redwood's expertise and execution, the Company's primary creditor, Silicon Valley Bank, was able to recoup 100 percent of its debt principal.
About Betawave Corporation
Betawave Corporation is an online media company that partners with premium web publishers to create unique and scalable online consumer advertising experiences for brand marketers seeking to reach the mom, women, and youth demographics. The Company established a network of publishers that operate leading websites focused on gaming, social media, lifestyle, and parenting.
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