Articles about Bankruptcy

Prepare for an acquisition whirlwind? Private equity owners sweep up Nexsan

Comment Nexsan, newly sold by Imation to private equity house Spear Point Capital Management, is now run by that firm's co-founder and managing partner, Ron Bienvenu. Bienvenu was appointed executive vice chairman in January, when Imation sold storage array business Nexsan to New Orleans-based Spear Point's vehicle NXSN. At that time …
Chris Mellor, 15 Feb 2017

Take cover! Storage news barrage incoming

Incoming! Boom, boom and boom again – storage news announcements hit the wires in a relentless barrage. Here's a few we've received showing developments in data protection, cloud storage, hyper-converged storage, the dregs of flash memory and more. Acronis Backup 12 now includes backup for Office 365 and VMware vSphere 6.5. …
Chris Mellor, 10 Feb 2017
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Revealed: Soros Group behind mystery unit that gobbled Violin Memory

A Soros hedge fund vehicle made the winning bid at Violin Memory's January 23 auction. The winner, as we reported on Monday, was VM Bidco. Today, we can say that this organization was set up by the Soros Group, part of Soros Fund Management, and it fought off VMA LLC, ESW Capital and others. It won the three-day-long auction …
Chris Mellor, 01 Feb 2017
Gavel

So the co. that won the bid for VM is called (drumroll): VM Bidco...

One "VM Bidco" has been revealed as the successful bidder for Violin Memory at its auction. Violin's Chapter 11 bankruptcy filings have now revealed two failed attempts, spaced a year apart, to sell the firm. US federal court filings for the bankruptcy proceedings list document 172 which states: The highest and best value for …
Chris Mellor, 30 Jan 2017
Money down the drain

Avaya's bankruptcy protection is a 'good thing,' says Europe North veep

Ronald Rubens, Europe North veep at telecommunications biz Avaya, is busy doing some serious damage limitation, after the US Avaya parent company filed for bankruptcy protection earlier this week. When Rubens and Gary Barnett, senior VP and general manager of engagement solutions at the biz, spoke to El Reg last week, it was …
Kat Hall, 30 Jan 2017
Titanic, image via shutterstock

Time to face the music, Violin Memory: Upstart's asset auction is over

Violin Memory's assets were scheduled to be put up for auction on Monday in New York. So far, no successful bids have been announced, although a buyer could be revealed by the end of the month. Violin filed for Chapter 11 bankruptcy in December after failing to find a new owner to take it under its wing. Since October 2015, …
Chris Mellor, 26 Jan 2017

Trumping free trade: Say 'King of Bankruptcy' Ross does end up in charge of US commerce

Storage Blockhead Say hello to Wilbur Ross, "King of Bankruptcy" and the likely next US Secretary of State for Commerce – the man charged with implementing President Trump's promise to bring home the jobs stolen by cheap labour countries using free trade policies. Suppose he has his minions look over the storage industry, what will they see? …
Chris Mellor, 23 Jan 2017
Money down the drain

Avaya files for bankruptcy

Avaya has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code, which allows organisations to re-organise their affairs in part by temporarily relieving them of obligations to creditors. The company's canned statement positions the decision to seek Chapter 11's protections as a necessary refresh of …
Simon Sharwood, 20 Jan 2017

Drone biz Lily Robotics takes $34m in pre-orders, ships nothing, shuts down, gets sued by San Francisco DA

Lily Robotics says its decision on Thursday to shut down and return pre-order payments for a never-delivered drone, which came on the same day that San Francisco District Attorney George Gascón charged the company with false advertising and misleading business practices, was purely coincidental. "We had been in the process of …
Thomas Claburn, 13 Jan 2017

This'll be the next thing Trump crows about: Apple assembling servers on American soil

Apple boss Tim Cook and US president-elect Donald Trump aren’t exactly best buds. However, the iPhone maker could soon land the honor of a congratulatory tweet from the jumped-up telly celeb – after it revealed it is expanding its manufacturing in America. Two years ago, Apple announced it would build a $2bn data center in …
Iain Thomson, 10 Jan 2017
Some of the Super Pressure Balloon. M. McCarthy, submitted to the ABC

2016 – the year 3D XPoint came down to earth from Planet Hype

Storage Review in 2016 Storage in 2016 saw its on-premises SAN/filer array heartland assaulted by the public cloud on the one hand, and hyper-converged and software-defined storage on the other. The now-classic dual-controller disk array went hybrid to keep storing primary data, but all-flash arrays are taking on that role and so the hybrids went …
Chris Mellor, 05 Jan 2017

Kids, look at the Deep Learnings! (We’re just going to slurp your data)

Comment Just weeks after Evernote announced that it is migrating users’ data from its own servers to Google’s servers, the company has now casually dropped a privacy bombshell. In order for some (unspecified) occult AI magic to work in the future, your data will be merged with other data. Oh. And Evernote staff can read all your notes …
Andrew Orlowski, 15 Dec 2016
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Violin Memory shares collapse as it files for chapter 11

+Comment Violin Memory has bowed to the inevitable and made a Chapter 11 filing. A chapter 11 bankruptcy filing doesn't always signal it's over, but it might mean the early flash pioneer is getting there. Violin Memory's tortured struggle to stay in business now depends upon it streamlining its business further and pursuing a sale. …
Chris Mellor, 15 Dec 2016
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UK.gov has outsourced tech policy to Ofcom because it is clueless – SNP techie

The UK government has effectively outsourced its policy-making to Blighty's comms watchdog Ofcom because MPs are clueless about telecoms and technology. That's according to Calum Kerr, the Scottish National Party's spokesperson for digital stuff. Speaking to The Register, Kerr also accused the government, BT and Ofcom of …
Kat Hall, 12 Dec 2016
Peter Capaldi in bbc2 political satire The Thick of It. Copyright BBC

Gov's industrial strategy: 'Look, we've changed the words above our door'

Analysis We know the government is serious about an industrial strategy because it renamed the Department for Business, Innovation and Skills to the Department for Business, Energy and Industrial Strategy. Unfortunately, five months on that's still just about all we know. More details are expected in the Autumn Statement today. …
Kat Hall, 23 Nov 2016

Gawker settles with Hogan

The long-running legal fight between the now-defunct Gawker Media and Terry Gene Bollea, aka Hulk Hogan, has been settled at last. The organization has agreed to pay Bollea $31m to settle all claims relating to the publication of a tape of the former professional wrestler having sex with a friend's wife. In May, a court …
Iain Thomson, 02 Nov 2016
Kodak film selection

Kodak teases smartphone

Recovered-from-bankruptcy camera concern Kodak has teased a new smartphone. The company popped out the Tweet below last week and in an interview with the Australian Broadcasting Corporation chief executive Jeff Clarke mentioned "a completely different approach" to the smartphone, adding that "The camera will be exceptional as …
Simon Sharwood, 12 Oct 2016
Zilog's IXRD1004 High Power Two-Phase Digital Power Factor Correction (PFC) reference design

Zilog reveals very, very distant heir to the Z80 empire

Mostly-forgotten silicon-maker Zilog is alive and has just released a new product that shares a little DNA with the Z80 CPU that powered many of the earliest mass-market microcomputers. The Z80 famously powered Sinclair's iconic ZX 80, ZX 81 and Spectrum computers. The CPU also made it into the Radio Shack TRS-80, the Osborne …
Simon Sharwood, 07 Oct 2016

Narcissist Heidi Powell wants her dot-com and she wants it now, now, NOW!

Heidi Powell wants her namesake dot-com and she's suing to get it. Heidi who? Heidi Powell of course, the legendary fitness coach from Flagstaff, Arizona. What do you mean you've never heard of her? The Heidi Powell. Perhaps this will help: we're not talking about 60-year-old marketing consultant Heidi Powell who registered …
Kieren McCarthy, 27 Sep 2016

Korean cargo line bailout saves Christmas for tech companies

Bankers have loaned US$100m to Korean shipping line Hanjin, likley saving Christmas for tech companies, distributors and retailers. Hanjin's finances ran aground in late August, when it filed for bankruptcy. That filing meant that the company's 97 container ships and the half a million or so containers they carried entered …
Simon Sharwood, 23 Sep 2016

You're guilty but broke, judge tells Wash.io – the 'Uber of laundry'

A judge in San Francisco has rejected a settlement between startup poster child Wash.io and angry former employees – because the company can't afford it. Despite having received $16m in funding and at one point being valued at $60m, the so-called "Uber of laundry" is unable to pay the $450,000 it agreed to after being sued by …
Kieren McCarthy, 07 Sep 2016

Gawker.com to shut down

In the aftermath of losing a $140m privacy lawsuit to Hulk Hogan after publishing a private sex tape of the wrestler, Gawker Media is being sold off – well, nearly all of it. The vast majority of Gawker Media – including websites like Gizmodo and Lifehacker – has been gobbled up by Spanish-language telly giant Univision for $ …
Chris Williams, 19 Aug 2016
SGI in Jurassic Park

OMG: HPE gobbles SGI for HPC. WTF?

Hewlett Packard Enterprise has bought venerable computing firm SGI – formerly Silicon Graphics – for $275m. Over the past few years, SGI has concentrated on the big-iron end of the server market and high-performance computing. It's this technology that HPE wants to bolster its hardware lineup. "At HPE, we are focused on …
Iain Thomson, 11 Aug 2016
Tape over mouth, image via Shutterstock

Rackspace CEO: Yes, Brexit has hit us, yes we sold our Cloud Sites biz

Rackspace execs confirmed the sale of its Cloud Sites hosting sub to Liquid Web but ignored the white elephant in the room that Apollo Global is reportedly in talks to slurp the entire organisation. The private equity house might well end up taking Rackspace private again in a deal valued at up to $4bn, buying the company time …
Paul Kunert, 09 Aug 2016

Bitcoin bank brazenly borked

The Bitfinex cryptocurrencies exchange has gone offline after the virtual currency market admitted to a major breach. "We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the Hong Kong-based Bitfinex said late Tuesday. While nothing is being said …
Shaun Nichols, 03 Aug 2016
A bad day for Prenda Law

Prenda Law's copyright-trolling shakedown scam slammed AGAIN

A Ninth Circuit US Court of Appeals judge has tossed an appeal by the masterminds behind the notorious Prenda Law copyright trolling activity. The appeals court agrees with other courts that Prenda operated a “national trolling scheme” that engaged in “abusive litigation” in trying to sting people for copyright violations. …

Hulk Hogan's sex tape, a Silicon Valley billionaire, and a $10m revenge plot to destroy Gawker

Analysis It's long been feared that satire may be dead. But the proof seems to have arrived in reports that Silicon Valley billionaire Peter Thiel is secretly funding a Hulk Hogan sex-tape legal case against media outlet Gawker as part of a 10-year revenge fantasy for outing him as gay. The Hogan case was already a weird one: he was …
Kieren McCarthy, 25 May 2016

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken!

The operators of the Kraken alt-coin exchange will distribute $91m in Bitcoins to people left out of pocket by the 2014 MtGox collapse. Kraken, appointed to oversee what remains of the MtGox estate, says it has reviewed thousands of claims by MtGox's customers, who want their BTC back. Kraken will now hand out millions of …
Shaun Nichols, 25 May 2016
Sorry we're closed

Australia's Dick finally drops off

Imagine a parallel universe in which Steve Jobs or Clive Sinclair decided the best way to bring their products to the world was a chain of retail stores, complete with a Colonel-Sanders like icon of their very own faces to helm the brand. That's more or less what happened in Australia, where in the early 1970s a chap named …
Simon Sharwood, 17 Apr 2016
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Holding out for a Jobs: Tim Cook still auditioning for position of Apple god

Apple at 40 Apple is 40 years old. The leader was Steve Jobs, but he's gone and many still don't understand his core idea. The idea was Apple's control over "the user experience". That control is at risk today, and the company's future hangs in the balance as a result under the new leader. How people use things was Jobs' lifelong …
I would vote republican but I crave brains by https://www.flickr.com/photos/clarkmackey/  cc 2.0 attribution generic https://creativecommons.org/licenses/by/2.0/

Zombie SCO rises from the grave again

The Santa Cruz Organisation (SCO) just doesn't know when it's dead: the bankruptcy trustee of the company that thinks it owns Linux is having another try at milking IBM for money. Back in February it looked like this long-running case, which hinges on whether IBM lifted some SCO code and popped it into its own operating …
Simon Sharwood, 30 Mar 2016
Klondike 11.4 on MacOS

This chap's maintained an Apple game for 32 years – from Mac to iOS

In an era where new games are sometimes considered "dated" 12 months after their debut, one man has spent 32 years keeping a single title active. Michael Casteel has been building and maintaining his version of Klondike longer than many of his fellow App Store developers have been alive. The Mac version of the card game traces …
Shaun Nichols, 23 Mar 2016
Fiber optics

Verizon <3 XO xoxo: $1.8bn network gobbled

Verizon has agreed to purchase the fiber network branch of XO Communications for $1.8bn. The deal, which is set to be finalized early next year, will give Verizon control over XO's fiber and ethernet divisions, with an additional option to purchase XO's wireless spectrum holdings when Verizon's current lease with that business …
Shaun Nichols, 23 Feb 2016

Splitlock founder still confident of beating the government in court

Following our discussion of the footballer Jason Akermanis-fronted startup Splitlock, founder Allan Endresz has made contact with The Register to offer some of the technical details of the technology – as well as to provide his perspective on the company's corporate history. Since it's the technology that will play a huge role …
Scooter, photo Christian Mueller Shutterstock.com

Mobile: DevOps for IT shops. Minus the upheaval

For those languishing in the doldrums of traditional IT, DevOps-style development offers hope. Or would, if you weren’t too scared to try it. After all, as I’ve recently noted, there are all sorts of reasons to run screaming from DevOps. Your company is regulated! Your CIO is a jerk! Only startups can operate like that! None …
Matt Asay, 12 Feb 2016

SCO slapped in latest round of eternal 'Who owns UNIX?' lawsuit

The SCO Group has suffered another reversal in its long-running attempt to squeeze some cash out of IBM for allegedly pinching its code and tossing it into Linux and maybe AIX too. The case has run since 2003, when SCO was called Caldera, and has survived SCO's bankruptcy and all manner of legal shenanigans. SCO keeps finding …
Simon Sharwood, 08 Feb 2016
Starry Station router

Aereo TV boss is back ... pitching gigabit internet and a $350 Wi-Fi router

The man who started the ill-fated Aereo TV service is back, and this time he wants to start an ISP. Chet Kanojia said that his Starry Internet service would allow home users to access gigabit internet service by installing wireless broadband antennas in their home routers. Promising to use short-wave radio frequencies to …
Shaun Nichols, 27 Jan 2016
Road closed

dotCloud dotGone: Ex-Docker PaaS passes away amid bankruptcy

Platform-as-a-service upstart dotCloud will shut down next month after its parent Cloud Control filed for bankruptcy. Just a few hours ago, an email was sent to dotCloud users warning them that the service will end on February 29, along with a link to instructions on how to migrate their data. For those wondering if the …
Chris Williams, 22 Jan 2016
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Former prez of Misco parent Systemax declared bankrupt

To say 2015 wasn’t exactly a vintage year for former Systemax EMEA president Perminder Singh Dale – AKA Pim Dale – is an understatement. He lost his job in the summer and by Christmas the man was bankrupt. According to the London Gazette, a bankruptcy petition was filed against Dale on 7 October by London Law Funding (LLF) Ltd …
Paul Kunert, 12 Jan 2016
Apple Beats headphones

Pandora pleased with 15% rate hike for streaming music

Pandora is pleased with a 15 per cent increase in the royalty rate it will have to pay to stream music, with its CEO calling the hike "a rate we can work with." Starting January 1, the internet radio service will have to pay 17 cents per 100 songs listened to on its ad-supported service, and 22 cents for its paid-for service. …
Kieren McCarthy, 17 Dec 2015
Toilet roll printed with fake US $100 bills

Smut-seeding Prenda Law ringleader must sell home to pay $2.5m debt

One of the key players in Prenda Law, a troll group that seeded smutty films onto file-sharing networks and then harassed the downloaders for payment, has been told he must sell his home and possessions to cover his creditors' bills. In 2013, the civil courts found that Paul Hansmeier and two associates had set up Prenda Law …
Iain Thomson, 05 Dec 2015
Broken record

Rdio's collapse another nail in the coffin of the 'digital economy'

Analysis The “digital music economy” now resembles three bald men fighting over the same hairbrush. It’s hard to think of a better emblem for where the current “plantation era” of internet exploitation has led us than digital music. And it’s hard to imagine a more perfectly shitty outcome for creators, and ultimately for consumers who …
Andrew Orlowski, 20 Nov 2015

Acer chief exec Stan Shih: Exiting the PC market? Not us!

IDC analyst Tom Mainelli put the cat among the pigeons with his prediction last week that two of the top 10 PC vendors – but not the top four – will shutter their operations within the next two years. His prognosis stung Asustek CEO Jerry Shen yesterday to proclaim his company’s allegiance to the PC market. Today, Acer …
Drew Cullen, 12 Nov 2015
CES 2015 crowds brace for bluster

TPP: 'Scary' US-Pacific trade deal published – you're going to freak out when you read it

Analysis The text of the Trans-Pacific Partnership (TPP) has finally been revealed, after seven years of negotiations and following formal approval last month. The text was first published by the government of New Zealand, but was swiftly followed by the United States government, which has uploaded it across a number of websites and in …
Kieren McCarthy, 06 Nov 2015
Airplane! Source: Paramount Home Entertainment

Biz founded by Chris 'I hack airplanes' Roberts files for bankruptcy

One World Labs, the infosec biz founded by Chris Roberts – the security expert famous for allegedly making an airplane move sideways mid-flight without leaving his passenger seat – has filed for bankruptcy protection. The Wall Street Journal reports One World Labs filed for bankruptcy last week, with debts roughly mounting to …
John Leyden, 09 Oct 2015
Police direct a cabbie at the Uber protest in London

Only a CNUT would hold back the waves of the sharing economy

Something for the Weekend, Sir? The Turtle-Necked Twats are having their bluff called at last. Taxi-hailing app developer Uber has been invited to rejoin the real world and the TNTs are in uproar. London’s transport authority, TfL, has launched a public consultation into private-hire taxi services in England’s capital. As usual, Uber’s TNTs are convinced …
Alistair Dabbs, 03 Oct 2015

SaaS biz 'made up 99% of sales and defrauded investors of millions'

If you bought internet services from Illinois-based ContinuityX Services, the US Securities and Exchange Commission would like a word, since you may be part of a very, very small group – far smaller than the company itself represented. "We allege that Godwin and Roth cheated investors out of millions of dollars, depicting …
Iain Thomson, 30 Sep 2015
Amazon Kindle Touch e-book reader

Well, what d'you know: Raising e-book prices doesn't raise sales

Worstall on Wednesday One of the things those within economics think that the subject gets generally correct is microeonomics, which itself is generally a discussion of the price system. There are those who insist that this is all well, true, insisting that since we're not all rational agents, don't have perfect knowledge, then that standard …
Tim Worstall, 09 Sep 2015

Biz that OK'd Edward Snowden for security clearance is fined $30m for obvious reasons

The US Department of Justice (DoJ) will pocket $30m (£19.14m) from the company tasked with screening, among others, whistleblower Edward Snowden. The DoJ announced on Wednesday that US Investigations Services (USIS) will give up a $30m (£19.14m) payment in exchange for settling charges that it violated the US False Claims Act …
Shaun Nichols, 20 Aug 2015
HMRC photo, Gov.uk

Contractors who used Employee Beneficiary Trusts are in HMRC's sights

The British Government closed a window of opportunity for tax-efficient folk about a year ago that was beneficial to, and widely used by, contractors: the Employee Beneficiary Trust. Only now, though, has HMRC begun chasing those who had employed this shelter. A demand for money on income generated five years ago dropped …
Team Register, 30 Jul 2015