Entellium files for bankruptcy |
Register here for our next TechFlash Live networking event, March 23, featuring an expert panel discussing the future of online advertising.
Entellium files for bankruptcy
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 BIOGRAPHYRecent Sponsor Posts
Seattle University Software Engineering
Chinwe Okeke (MSE’08) pursued her graduate degree while working as a developer and technical analyst for the Boeing Company. She picked the SU-MSE program for small class sizes and real world learning opportunities offered through the academic service-learning and capstone projects.
The MSE program at Seattle University is geared for working professionals with classes offered in the evenings. The program builds upon the computing experience of its students and offers courses in a variety of technical and management areas of software engineering, with an emphasis on teamwork and a disciplined approach to problem solving.
Marchex is one of Seattle’s largest ad technology companies with 300+ employees providing call and click based performance marketing products, and managing over $100m in ad budget for tens of thousands of advertisers. Our customers range from local businesses to the Fortune 500.
Our talented and creative product engineering group is hiring.
If you are an innovative software design engineer interested in solving difficult problems at scale, across a wide array of technologies from Lucene to Hadoop to Asterisk and SIP then we’d love to hear from you!
Apply now.
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
Job Listings
- LEAD SDET, Mobile Device Strategy and Commercialization - 705105
- Microsoft Corporation
- Sr. SDE - 712257
- Microsoft Corporation
- Principal SDE - Software Development Engineer - External - 704722
- Microsoft Corporation
- Software Development Engineer - Display Advertising
- Business Services Company
- Principal IT / OPS Program Mgr - 711209
- Microsoft Corporation
