The ABCprocess begins when a debtor company signs a contract assigning its assets to a third-party assignee (like Sherwood), which acts as a fiduciary for the company's creditors.
When we asked Pichinson if it was common for a company to have a buyer lined up before beginning the ABCprocess, he responded that it's not out of the ordinary.
It appears that OnLive's already well into the ABCprocess, and if that's the case, all that's left is for its assignee to verify the company's creditors' claims and dole out the cash accordingly.
We've heard from some of the people present for the meeting where the new plan was revealed today, confirming the company is going through a process known as Assignment for the Benefit of Creditors (ABC).