The first big crash in the e-business world has claimed another victim.
Hip-hop site Hookt.com is the latest casualty in the Internet cash grab game. The company was forced to file Chapter 11 bankruptcy yesterday in the wake of some outstanding lawsuits brought on the company by two of its former web designers.
Peter Griffith and Chas Walker, co-founders of Hookt, said in a joint statement, “This was a tough call but the right one in light of the current and pending unfounded litigation and today’s difficult operating environment. We intend to use the auspices of the Bankruptcy Court to maximize recoveries to all stakeholders.”
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The site will continue to operate, but will now have to look to other business options, which will likely either lead to the site’s sale or ultimately, to the site folding.
