Honeywell HDTV Licensee “Soyo” Files For Bankruptcy
In an SEC filing this past Monday, Soyo Group Inc., the maker ofÃ‚Â Soyo and Honeywell branded HDTVs (Link) announced that it has sought Chapter 7 bankruptcy protection. The company has ceased all operations and its CFO has resigned according to the notice.
Attempts to contact Soyo by phone were unsuccessful. Honeywell Corp. has yet to respond to an inquiry as to its future HDTV plans or its willingness to cover the Soyo/Honeywell 5 year warranty.Ã‚Â Soyo sold most of its Honeywell HDTVs through Home Shopping Network.Ã‚Â Below is a copy of the SEC 8-K filing.
On April 30, 2009,Ã‚Â Vasquez & Company LLP (“Vasquez”)Ã‚Â resigned as the Company’s auditors.Ã‚Â Vasquez did not issue an audit report for the year ended 2008. During the audit for the year ended 2008,Ã‚Â Vasquez had a disagreementÃ‚Â or difference of opinionÃ‚Â withÃ‚Â employeesÃ‚Â and seniorÃ‚Â managementÃ‚Â of theÃ‚Â CompanyÃ‚Â becauseÃ‚Â they significantlyÃ‚Â expanded the scope of their audit for further investigation going as far back as the year ended 2007 and interim quarterly periods ended in 2007.
InÃ‚Â addition,Ã‚Â VasquezÃ‚Â advised the CompanyÃ‚Â that “our audit report for the year ended 2007 and ourÃ‚Â pre-issuanceÃ‚Â reviewÃ‚Â proceduresÃ‚Â for the interimÃ‚Â quarterly periodsÃ‚Â ended in 2007 andÃ‚Â interimÃ‚Â quarterlyÃ‚Â periodsÃ‚Â ended in 2008 should no longer be relied upon.”
On May 5, 2008, the CompanyÃ‚Â discontinued all operations and filed for Chapter 7 bankruptcyÃ‚Â protection.Ã‚Â The petition was filed in the United StatesÃ‚Â Bankruptcy Court,Ã‚Â CentralÃ‚Â DistrictÃ‚Â ofÃ‚Â California,Ã‚Â Ã‚Â RiversideÃ‚Â Division,Ã‚Â Ã‚Â CaseÃ‚Â number 09-19355-RN.Ã‚Â A Chapter 7 trustee has been appointed by the BankruptcyÃ‚Â Court to administer the Company’s assets and liabilities.
The Company has defaulted on all loans owed to creditors, including loans in the approximateÃ‚Â outstandingÃ‚Â balances of $24,000,000Ã‚Â and $1,500,000 owed to United CommercialÃ‚Â Bank,Ã‚Â theÃ‚Â Company’sÃ‚Â primaryÃ‚Â creditor.Ã‚Â TheÃ‚Â Company has not paid interestÃ‚Â orÃ‚Â principalÃ‚Â on theÃ‚Â loansÃ‚Â sinceÃ‚Â MarchÃ‚Â of 2009.Ã‚Â PursuantÃ‚Â to the Company’sÃ‚Â stipulationÃ‚Â to theÃ‚Â applicationÃ‚Â of UCB in the SuperiorÃ‚Â Court,Ã‚Â San BernardinoÃ‚Â County,Ã‚Â Case number KC055623,Ã‚Â Kenneth Krasne has been appointed as receiver for those assets of the Company that constitute collateral for its loan fromÃ‚Â UCB,Ã‚Â whichÃ‚Â collateralÃ‚Â includesÃ‚Â almostÃ‚Â all of theÃ‚Â Company’sÃ‚Â accounts receivables and inventory, and equipment.
On May 10,Ã‚Â 2009,Ã‚Â theÃ‚Â CompanyÃ‚Â acceptedÃ‚Â theÃ‚Â resignationÃ‚Â of Nancy Chu as the Company’s Chief Financial Officer and a member of the Board of Directors.
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