> Quibi’s signature “Turnstyle” technology, which allowed content to flow from portrait view to landscape and back again seamlessly on your phone, is tied up in a patent lawsuit with a deep-pocketed hedge fund.

Seems like this minimizes the seriousness a bit. The deep pocketed hedge fund is Elliott Management and they are basically gunning for the whole company. They're working with the original patent holder and bankrolling the law suit process.

Elliott (Paul Singer) are not stupid and they don't play nice. If they are stepping into bankroll this lawsuit then they obviously see something and the lawsuit should be considered an existential threat to Quibi. Singer strikes fear into sovereign nations so a couple media execs are going to be small potatoes.