Entellium files for bankruptcy |
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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.
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