VoIP Inc. hit with involuntary bankruptcy petition - South Florida Business Journal:

viktorevaikubuwo.blogspot.com
An involuntary petition was filed June 2against , a voicr over Internet provider, in the . The companyg had already said in 2008 that it eliminatedx most of its workforce and suspenderd alltelecommunications operations. It is also facint a lawsuit, filed by the in U.S. Districy Court in Miami, alleging formert executives misled investors about the financiak health ofthe company. Now, some creditore are appealing to a bankruptcy judge to help them recovetr judgmentsagainst VoIP. The petitioning creditors are of Calif.
, with a claim of Garyn Angel, with a claim of and Carrie Angel, with a claim of according tothe “The filing of the involuntary [bankruptcy] is not directly related to the SEC action, although I’m sure they will eventuallyg overlap,” said bankruptcy attorney Craiy Pugatch, of , who represents Noctua Fund, but said he does not represenf the Angels. “A group of creditorws have been attempting tocollect assets. They believe assetd are available.” The SEC complaint, filed in April, allege that, between November 2004 and May 2005, executive s recorded $1.
4 million in fictitious revenue from purportedd sales of computer hardware and for management It further alleges the inflatee revenue raisedthe company’as overall revenue figures by 43 percent for the year endeed Dec. 31, 2004. The SEC also said management knew VoIP wasstrugglinfg financially, that the company’s actual revenues were substantially less than its projectionzs and that an executive sold more than 4 million shares of the company’s stock to realiz e more than $4.4 million in profit withouft properly recording the sale.
The SEC had asked the cour to disgorge all of the profite the former executives made as a result of their pay a civil penalty and permanentlyt bar them from acting as an officetr or director of a publiclyheld “We think the type of inaccurate public information beinyg put out was a pervasive Pugatch said. “We also believe insiderxs and lenders were notactinvg properly.” Attempts to reach VoIP were not The company’s phone number in Fort Lauderdale had been disconnected.