TMCnet Executive Editor Robert Liu covers the latest in the Zultys Technologies saga.
The high points:
- Zultys founder Iain Milnes has filed for Chapter 11.
- A Bankruptcy judge has ordered an auction Wednesday, October 11, to conduct a sale of the company’s assets.
- Milnes is currently trying to assemble a management-led buyout team and is still in the process of securing financing.
…and the beat goes on…
So there is an auction to sell off Zultys' assets. Anyone got any evidnece of this or is it more ravings from the founder? Googling Zultys auction finds nothing. This auction is also BEFORE the deadline for creditors filing claims. Sniff.