Wednesday, December 26, 2007

California lawsuit holds key to SiriComm bankruptcy

A lawsuit filed in U. S. District Court for the Southern District of California reveals the massive debt that led Joplin-based SiriComm to file for Chapter 11 bankruptcy Friday. In court documents filed Nov. 19, officials from ViaSat, a Los Angeles company, said SiriComm owned the company $1,114,246.48, plus 9.5 percent interest per annum. After giving SiriComm numerous opportunities to pay off the debt, while continuing to work with the networking company, ViaSat terminated service on Nov. 16, the court documents indicate.
The company asked for $1,153,305.10 in damages.
Though the lawsuit was voluntarily dismissed the following day, the huge debt was one of those listed in SiriComm's bankruptcy filing.

SiriComm reported $3,991,222 in assets and $3,912,400.16 in debts. Among those listed as unsecured creditors in court documents are ViaSat, Los Angeles, Calif. $1,850,041.32, Henry P. Hoffman, 3820 Old Orchard Road, Joplin, $187,872,60; and Idling Solutions, Plano, Texas, $168,432.

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