Most of the Technology Business news I have been writing about and posting lately has been bad news, but I guess that is just an indication of the economic times we are living in right now, unfortunately. Hopefully things will take a turn for the better soon but for now, more bad news:
Skyward Mobile, a Wakefield, Massachusetts startup company founded by CEO Jeremy De Bonet, has filed for Chapter 7 bankruptcy protection in Boston. According to media reports, Bonet, the former chief of technology officer for MobiTV, had previously been sued by them for allegedly taking trade secrets with him when he left the company in 2006. Skyward Mobile built application software applications for cell phones.
Chapter 7 bankruptcy filings usually require the liquidation of assets by businesses filing chapter 7. Skyward Mobile Inc. listed assets of $6,593 and liabilities of $3.6 million. Included in the bankruptcy claim were unpaid salaries for their top executives. According to the filing, De Bonet was owed $583,000. The company Vice President of Engineering, Misha Bolotski, was also owed $337,000. Misha Bolotski was a former executive for Microdisplay Corp, a California company that closed its doors also in 2007.
Another principle of the company was Chief Technology Officer Michael Wessler, a former Sun Microsystems employee. Wessler was owed $510,000. He had also formerly been a personal computer advisor for Al Gore when he was the Vice President under the Clinton administration.
Reportedly, listed in the Chapter 7 bankruptcy filing was an obligation to MobiTV for a “settlement claim” for $400,000. Other significant obligations were also listed in the filing. More related stories can be found over at the Washington Bankruptcy Lawyer Blog.
Jesse Redlener, an attorney in Andover, Massachusetts, is the lawyer handling the bankruptcy proceedings for Skyward Mobile.