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Liquid Audio CEO resigns

Gerald Kearby, CEO and co-founder of Liquid Audio, has resigned from the online music company following the collapse of a planned merger. In addition, senior vice president of business development Robert Flynn, also a co-founder, has resigned. The struggling company has already sold much of its music delivery technology to Microsoft, and was betting on the merger with Alliance Entertainment to stay alive. However, a group of shareholders opposed to the merger successfully voted Kearby off Liquid Audio's board of directors, and persuaded the company to abandon the deal.

Kearby will be replaced by director Raymond Doig. The company says it continues to explore all strategic options for its future. The dissident investors have pushed the company to shut down and distribute its remaining assets among shareholders.