Marlborough Tech Firm Bankruptcy Filing Reveals Debts
The liquidation of ThinkEngine Networks Inc., a Marlborough-based maker of Internet conferencing, media and VOIP (Voice Over Internet Protocol) servers, continues in U.S. District Court in Worcester.
The company, which filed for bankruptcy liquidation on Jan. 14, has listed $115,986.77 in assets and $1,490,232.51 in liabilities.
Michael Pappone, ThinkEngine’s lawyer, did not respond to requests for comment. Pappone is a lawyer with the Boston law firm Goodwin Proctor.
Credits And Debits
The filing lists Vencore Solutions LLC of Lake Oswego, Ore., as its only secured creditor, which it owes more than $1 million.
The company also owes another $1.5 million in unsecured bills to a wide variety of creditors, including the state Department of Revenue, the cities of Marlborough and Danbury, Conn., where it also has operations.
The company also owes a total of $373,660 to two of its executives: $279,000 to CEO Michael Mitchell and $94,295 to CFO John E. Steinkrauss, according to court documents.
It also owes $546,782 to the Pension Guaranty Corp., which is the federal agency that keeps pension monies created by the Employee Retirement Income Security Act of 1974. The agency is charged with protecting the pensions of nearly 44 million U.S. workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans.
Credit Defaults
The state Department of Revenue is owed $135,387, the city of Marlborough is owed $14,304.62 in taxes and Danbury, Conn., is owed $7,100, according to court documents.
ThinkEngine also owes two former executives for pension plans that pay them until their death. Gerard Insolia is owed $1,953.38 a month up to $70,323 and Harold Mayer is owed $2,293.24 a month until his death up to $55,038, according to court documents.
Also outstanding is $10,332.25 in fees due on an Audi that the company leased, and then turned in on Dec. 31, according to court documents.
Other creditors include a wide variety of Internet and other communications companies including a communications test design company in New Jersey.
The company filed for bankruptcy on Jan. 14. The company was delisted from the AMEX stock exchange in March.
In October it posted a $1.8 million loss, the last quarter for which it publicly announced its quarterly earnings. It also lost money for at least two previous years: $7.4 million in 2007 and $5.6 million net loss in 2006.
There will be an unsecured creditors meeting at the U.S. Trustee’s office at the federal courthouse in Worcester at 11:30 a.m. on Feb. 17.
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