Up and down.... life. Good wishes to the stuff out of work.
oc register needed
see it post in FW,
quota....
"
SANTA ANA ¡V CenDyne Inc. was forced to shut down Monday after a state judge ruled that it had to repay a Taiwanese creditor more than $20 million.
CenDyne, one of the biggest brands in computer DVD drives, already was reeling from mounting losses and top-level resignations.
For the first six months this year, CenDyne lost $17.5 million, which spurred the lawsuit from Test Rite International, the Taiwanese investor that provided CenDyne with inventory and services. Test Rite seized control of the company two weeks ago.
On Thursday, California Superior Court Judge Robert H. Gallivan ordered CenDyne to pay its creditors and appointed Robb Evans & Associates as receiver.
"We're trying to liquidate the assets of the company for the benefit of the creditors," said Brick Kane, chief operating officer at Robb Evans.
"
.......
McCalla and Miles are also CEO and CFO at the U.S. division of Test Rite. Test Rite, which provides packaging, design and logistics to retailers, invested $4.5 million in CenDyne last summer, gaining 42 percent of the company, said Test Rite.
Test Rite, based locally in Ontario, took control of the privately held CenDyne after founders Ed Meadows, Mo Vahdati and Dean Vahdati, abruptly resigned.
Test Rite's lawsuit alleged that the trio made false statements "with the intent to defraud and deceive" Test Rite in order to attract investment.
Test Rite said it had discovered in November that CenDyne had doled out $2.4 million in "secret" consumer rebates and price guarantees to retailers, which caused CenDyne to restate its financial reports.
Another $2.8 million in rebates was discovered in July, the lawsuit says.
The lawsuit alleged that CenDyne owed Test Rite $22.7 million for the purchase of goods, rebate liabilities and short-term liabilities.
"
so Test Rite will pay for the rebate?
surprisely i only has $20 cendyne rebate outstanding. Where are all the "secret" rebate goes.
oc register needed
see it post in FW,
quota....
"
SANTA ANA ¡V CenDyne Inc. was forced to shut down Monday after a state judge ruled that it had to repay a Taiwanese creditor more than $20 million.
CenDyne, one of the biggest brands in computer DVD drives, already was reeling from mounting losses and top-level resignations.
For the first six months this year, CenDyne lost $17.5 million, which spurred the lawsuit from Test Rite International, the Taiwanese investor that provided CenDyne with inventory and services. Test Rite seized control of the company two weeks ago.
On Thursday, California Superior Court Judge Robert H. Gallivan ordered CenDyne to pay its creditors and appointed Robb Evans & Associates as receiver.
"We're trying to liquidate the assets of the company for the benefit of the creditors," said Brick Kane, chief operating officer at Robb Evans.
"
.......
McCalla and Miles are also CEO and CFO at the U.S. division of Test Rite. Test Rite, which provides packaging, design and logistics to retailers, invested $4.5 million in CenDyne last summer, gaining 42 percent of the company, said Test Rite.
Test Rite, based locally in Ontario, took control of the privately held CenDyne after founders Ed Meadows, Mo Vahdati and Dean Vahdati, abruptly resigned.
Test Rite's lawsuit alleged that the trio made false statements "with the intent to defraud and deceive" Test Rite in order to attract investment.
Test Rite said it had discovered in November that CenDyne had doled out $2.4 million in "secret" consumer rebates and price guarantees to retailers, which caused CenDyne to restate its financial reports.
Another $2.8 million in rebates was discovered in July, the lawsuit says.
The lawsuit alleged that CenDyne owed Test Rite $22.7 million for the purchase of goods, rebate liabilities and short-term liabilities.
"
so Test Rite will pay for the rebate?
surprisely i only has $20 cendyne rebate outstanding. Where are all the "secret" rebate goes.