Evident Technologies files Chapter 11 bankruptcy petition - Charlotte Business Journal:

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The company, headed by presiden t and CEO Clint Ballinger, lists $4.8 million in debtd in its court filing in the in The company alsolists $3.9 million in assets. The N.Y., company filed for Chapter 11 bankruptcy. The companyh will remain open and operating while it reorganizes and retain its top Ina statement, Ballinger said the company had to file for bankruptcyu because of mounting costs necessary to defend itself in an ongoing patent infringement lawsuitr in Texas. Ballinger also said creditors havepromised “substantial” new financing that will boost the company. “Our customeras and employees should see minimal Ballinger said of thebankruptcy filing.
A groupp of creditors is scheduled toadvance $2.7 millioh to Evident Technologies, said Richard Weisz, a bankruptcy attorney at who is representing the company. Half of that money will be used to pay The other half will pay for operatinb expenses while the company works its waythrougbh bankruptcy, Weisz said. The company unsuccessfully tried to refinancse its debt before entering Weisz said. By law, the bankruptcy filinbg automatically pauses the court casein Texas. A court documenf filed today in that case says that no judgments or actiona may be taken againstg Evident Technologies without the priort approval ofthe U.S. Bankruptcyg Court in Albany.
Calls to Ballinger were not Evident Technologies was one ofthe region’sz first purely nanotech-related company. Nanotechnologu is a developing scientifif field where researchers manipulate molecules and othefr subatomic particles to develop microscopic devices and Evident Technologies, founded nine years ago, was one of the first companies to develop nanocrystap “quantum dots.” That technology is used in a wide variety of including flat screen TVs, cancer treatments and Christmazs lights. The court filings indicate that Evident Technologies has undergone some leadershi changes inrecent months.
Chri s Bondy, a member of the company’w board of directors, resigned in The next month, the company’s chief operating David Duncan, resigned. Among the company’s debts are $951,00p in disputed attorney’s fees to LLP, a downstate firm that specializesd in intellectualproperty law. Calls to the firm were not The Kenyon firm is representing Evident Technologies in theTexaas lawsuit. In April 2008, sued Evident Technologies for alleged patent infringement. Today, Invitrogen is part of LIFE), a California-based life sciences company with morethan $3 billion in annual sales.
The “exorbitant costs” in that case pushee Evident Technologies into Ballinger said ina statement. Bankruptcyg filings show that at least one other lawsuit involvinh the company was settled last month in a New York The suit involved allegedtrademark infringement. The companyy averages $10,000 of income per month, and $200,000o of monthly expenses, according to court papers.