LimeWire Is Officially F*ked. Long Live LimeWire

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What happens when high-flying P2Ps finally get fried?

The real fun begins!

But for now, there’s nothing amusing for founder Mark Gorton, CEO George Searle, and the other remaining crew members.  This pirate ship is sinking fast, and even the rats are scrambling.  The LimeWire Store is getting phased out, and ahead of the weekend, the Wall Street Journal sniffed a similar fate for the long-planned, legitimate relaunch.

That was subsequently confirmed to Digital Music News by the company.  But it’s actually worse than that.  “Given our current situation, plans to bring our separate, legal music service to market have been canceled,” the company offered.  “The beginning of 2011 will mark the closing of LimeWire’s New York office and cessation of business by LimeWire.”

But there’s no such statement coming from the LimeWire Pirate Edition, and this is a brand name worth watching.  For starters, LimeWire has been a dominant player in file-trading for years, and perhaps some investors will eventually make a distressed play.  On top of that, the legit remake is apparently close to being finished – but without any plans for release – according to sources inside the company.

So, think this story is over?  Long live LimeWire.