Napster was officially shut down on May 14th 2002, when the company filed for Bankruptcy. (King, May 15, 2002) Napster had become quite popular and had many companies and media giants funding them and backing them up, but with all the lawsuits the RIAA had slapped on Napster, they backed out due to the financial losses, and left Napster and its creators in the middle of a river, without a paddle, with the only option to jump ship. “Today's filing marks a new beginning for Napster. It is clear that the demand for an Internet-based music file sharing community that benefits artists and consumers is as strong as ever,” said Napster CEO Konrad Hilbers. “The chapter 11 process will allow the company to move forward with a talented team and continue on the path toward launch, while pursuing a plan to make payments to our creditors.” (Collins, June 3, 2002)