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I think it is generally agreed that Irex went bankrupt because their management took a chance, borrowed money to get into the US market with a new device, then failed to get into that market on time to pay back the loans.
If, instead of dumping their original product ( along with customer and third-party goodwill ), Irex had evolved it, we could now be celebrating the release of the Iliad Mark 7, running the best software around, supplied by an active open source community, the envy of Kindle and Nook readers everywhere.
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