Entellium files for bankruptcy

Puget Sound Business Journal

Today On Techflash

Tech Events

March 2010

View All Events

Wednesday March 17, 2010

8:30 AM PDT

What's New in SharePoint 2010?

Thursday March 18, 2010

7:30 AM PDT

Social Media as Leadership Tool

Friday March 19, 2010

5:00 PM PDT

Startup Weekend IV

Sunday March 21, 2010

12:00 PM PDT

Software User Assistance Conference

Tuesday March 23, 2010

9:00 AM PDT

Certified Scrum Product Owner Training

MOST VIEWED
MOST EMAILED

Mass High Tech

BANKRUPTCY

Entellium files for bankruptcy

John Cook on Tuesday, December 2, 2008, 11:11am PST

Comments

| Permalink

Entellium | Fraud | Ignition Partners | Seattle | Venture capital

Entellium, whose top two executives were charged with wire fraud in early October, today filed for Chapter 11 bankruptcy protection as it looks to sell its assets. The filing was anticipated at the embattled Seattle Internet company in advance of a possible sale to Intuit, which has agreed to pay $7.6 million for the assets.

The bankruptcy filing [PDF: 30 pages] lists assets of $37.7 million and total liabilities of $12.7 million.

"We are doing our best to get the best value we can out of the assets," said Gayle Bush, the attorney representing Entellium Corp. in the bankruptcy filing. And while Intuit has made a formal bid and has loaned money to the company to keep it going, Bush said he welcomes offers from other potential bidders.

Bush said that employees will have the right to file claims in the case and could be paid if there is enough cash generated by the sale. It was his belief that Intuit's current offer would generate enough cash in order to pay wage claims.

The bankruptcy filing says the company owns 22 domain names -- including RaveCRM.net and ThinkOutsideTheBrowser.com -- as well as half a dozen trademarks -- including "You Can Be That Good."

In an interview earlier today, Entellium's Charles Miller declined to comment on the possibility of a bankruptcy filing. He could not immediately be reached for comment.

About John Cook

John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.

READ FULL BIOGRAPHY

206-876-5441

@johnhcook

Recent Sponsor Posts

Technology Tax Planning – Did You Take The Deduction?

Technology companies require professional advisors who can assist in all aspects of the business. The BDO Technology Practice provides a full range of services tailored to help address the changing needs of domestic and international companies. In addition to core audit and tax services, BDO professionals can assist technology companies with:

· Revenue recognition

· Business combination accounting

· R&D tax credits

· Compensation and benefits

· Business valuations

Backed by 38 national offices and an international network in 110 countries, we have the domestic and global footprint to serve growing technology companies. Contact sphilpott@bdo.com (audit partner), mreeves@bdo.com (audit partner), psmith@bdo.com (tax partner), tzambito@bdovaluation.us.com (valuation), tfiscus@bdo.com, Director, 206.624.2020

MORE INFORMATION

Attention Web Developers

Join the Microsoft WebsiteSpark program and get software, support and visibility – at no upfront cost. You’ll benefit from fast and easy access to current Microsoft development tools, platform technology and server products including Visual Studio, Expression Studio, Silverlight, Windows Web Server 2008 and SQL Server 2008 Web.

Seattle-based Adhost is a WebsiteSpark hosting partner providing dedicated servers with free Windows Web Server 2008 and SQL Server 2008 licensing for three years to Web developers enrolled in WebsiteSpark. Servers are located in our secure data center with SAS 70 Type II certification, 24x7 technical support and 24x7 client access.

Join today.

MORE INFORMATION