Bidding in the auction for the remaining assets of the bankrupt file-swapping service Napster has closed and the process of sorting through offers has begun.
Rick Chance, managing director of investment banking at Trenwith Securities, the company conducting the auction for Napster, said: "There were over two dozen inquires from around the world with two additional bids put forward in the court hearing on Friday.
"There are less than 12 formal bids, and we are now determining which one of those bids has the highest probability of closing. Our goal is to present that bid to the bankruptcy court in Delaware on September 27."
Chance declines to name the companies bidding for the remaining assets of Napster, though one bidder, Private Media Group, an adult entertainment media company based in Barcelona, Spain, last week made public its offer of 1 million shares of common stock in exchange for the Napster trademark and Napster.com domain name.
Earlier this month, Judge Peter Walsh of the US Bankruptcy Court for the District of Delaware, in Wilmington, Delaware, blocked the sale of Napster's assets to media giant Bertelsmann, due in part to objections from record labels and music publishers.