Bidders Vie for Napster Remains

The most recent bidding in the auction for the remaining assets of the bankrupt file-swapping service Napster closed late Tuesday and the process of sorting through those offers has begun.

"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," says Rick Chance, managing director of Investment Banking at Trenwith Securities.

Earlier this month, Judge Peter Walsh of the U.S. 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.

Along with its brand, Napster's remaining assets also include its technology for file sharing and DRM, or digital rights management.

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