'THERE IS NO PLAN B': By Killing Aereo, The Supreme Court Nukes $97 Million Of Investors' Money

In a 6-3 decision, Supreme Court judges ruled that the company's operation is illegal.

The decision will effectively end Aereo. CEO Chet Kanojia has previously said that there is "no plan B":

We believe in our merit and we do think it's the right thing. Progress is important. The mission of this company was to try to create an open platform, to try to wedge the system open a little bit. And if we don't succeed in that despite our best efforts, good law on our side, and the merits of our case, it will be a tragedy but it is what it is.

The lack of a "plan B" stems from the company's perception that it wasn't totally offering something new, but instead offering an internet-connected way of doing something that's been legal for a long time: watching broadcast television.

Aereo's investors have poured $97 million dollars into the company since its inception in February 2012. We don't know how much Aereo has spent. But, whatever the amount, it seems like it's gone.