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Steve Perlman to remain CEO of newly minted OnLive

Cloud gaming company was estimated between $30 - $40 million in debt.

It's been confirmed that Steve Perlman will continue to be CEO at OnLive following the company's financial crisis and acquisition by affiliate of investment firm Lauder Partners.

"Steve continues as CEO and is currently concentrating on the transition; once this is complete, he'll be very focused on our next product releases and the vision," read a statement from OnLive PR to OnliveFans.

"There will be changes to the organization both with old and new OnLive staff that will be bringing new features and games to the service. There will be more announcements - both large and small, such as the arrival of the Vizio CoStar and the Ouya Kicktarter project, and stay tuned for major announcements coming soon."

Just prior to the buyout, OnLive was estimated to be between $30 - $40 million in debt, according to CEO of Insolvency Services Group Joel Weinberg, in an interview with the San Jose Mercury News.

Evidently the situation was so severe that the company only had a few days to live at its current rate. "It was a company that was in dire straits. It only had days to live in terms of cash flow and the like," said Weinberg, the signee in the insolvency transaction. "Something had to be done immediately or there would have been a hard shutdown, which would have been a disaster."

While Weinberg couldn't say how much Lauder purchased OnLive for, he estimated that after liquidating its non-operating assets it could pay back creditors five - ten cents on each dollar owed.