info-mac@uw-beaver (01/30/85)
From: sdcsvax!bob@nosc.arpa (Robert Hofkin) References: <607@uw-beaver> > From: Mark H. Nodine <mnodine@BBNH.ARPA> > > I have heard [that Volition Systems] ... > have, in fact, filed for reorganization under Chapter 11. > I would emphasize that this means REORGANIZATION not BANKRUPTCY. The reason > for this filing, as I understand it, is a problem which they have had > between the two founders of the company, one of whom left with many of the > assets of the company. Chapter 11 always means reorganization due to bankruptcy. Let's not quibble -- it's seldom a good sign. Some companies recover, some don't. The way *I* heard it, there are more than two VS cofounders, but there are two factions: the folks who had been operating the company until August, and the majority stockholders (who had left for greener pastures some time earlier). The majority stockholders elected to seize operating control on rather short notice, and in a way certain to infuriate the people who had been doing the work most recently. The operating staff quit en masse, taking the equipment and software (in lieu of back salary) until ordered by the court to return it, which they did promptly. Current financial woes technically are based on inability of either regime to pay back salaries. Certainly the situation was not helped by the sudden takeover and attendant loss of knowledgeable development/support staff. [All of the above is my biased opinion, and may or may not reflect your biased opinion, or reality.] --Bob Hofkin ...!sdcsvax!bob -OR- bob @ UCSD