Paul Allen's Digeo files for Ch. 11 |
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Paul Allen's Digeo files for Ch. 11
Digeo, the Paul Allen-backed company which developed the Moxi digital video recording device, has filed for Chapter 11 bankruptcy. The filing comes just over a month after Digeo sold off some of its assets to ARRIS Group in a deal valued at $20 million.
The filing lists the debtor as 9 OM Interactive LLC -- formerly Digeo Interactive -- and lists Microsoft co-founder Paul Allen's Vulcan Ventures as the address.
"This is not about Mr. Allen and these are not his personal debts," said Vulcan spokesman David Postman. "This is a corporate bankruptcy to begin the orderly process of winding down the company."
Postman noted that Vulcan was the largest shareholder and senior secured lender to Digeo, and the Chapter 11 filing is "the prudent approach to formally liquidating the business."
The bankruptcy was first reported by The Seattle Times. There's not much left of the company. According to the bankruptcy filing, 9 OM Interactive listed fewer than 50 creditors and estimated assets at less than $50,000.
Liabilities were listed in the range of $10 million to $50 million. Among the top creditors holding unsecured claims are Datec Inc. of Seattle with a claim of $48,206; Sonic Solutions of Santa Clara, Calif. with a claim of $28,200 and Rovi Corp. of San Francisco with a claim of $22,916. [Full filing here, PDF]
Meanwhile, ARRIS is pushing ahead with new features for the Moxi HD DVR with plans for a formal product announcement next week.
At the time of the announced asset purchase, ARRIS said it planned to keep about 75 of Digeo's employees in Kirkland. Nonetheless, the Digeo bankruptcy and asset sale marks the end to an ambitious project led by Allen. The company -- which at one point employed more than 275 people -- reportedly raised close to $110 million.
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