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

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An involuntary petition was filed June 2against , a voicr over Internet provider, in the . The company had alreaduy said in 2008 that it eliminated most of its workforcer and suspended alltelecommunications operations. It is also facinvg a lawsuit, filed by the in U.S. Districgt Court in Miami, alleging former executives misledf investors about the financial health ofthe Now, some creditors are appealing to a bankruptcg judge to help them recoveer judgments against VoIP. The petitioning creditors are of Carlsbad, Calif., with a claimm of $245,559; Garyn Angel, with a claik of $391,000; and Carrie Angel, with a claim of according tothe petition.
“The filingg of the involuntary [bankruptcy] is not directly related to the SEC although I’m sure they will eventually said bankruptcy attorney Craig Pugatch, of , who representa Noctua Fund, but said he does not represent the Angels. “w group of creditors have been attempting tocollecrt assets. They believe assets are available.” The SEC filed in April, alleges that, between November 2004 and May executivesrecorded $1.4 million in fictitious revenude from purported sales of computer hardware and for managemenyt services. It further alleges the inflatedc revenue raisedthe company’s overall revenu figures by 43 percent for the year endes Dec. 31, 2004.
The SEC also said management knew VoIP wasstrugglinv financially, that the company’s actual revenues were substantially less than its projectionsa and that an executive sold more than 4 millioh shares of the company’s stock to realize more than $4.4 million in profit without properly recordinh the sale. The SEC had askedf the court to disgorge all of the profits the formeer executives made as a result oftheit actions, pay a civil penalty and permanently bar them from acting as an officer or director of a publicly held company. “We thinl the type of inaccurate public informatioj being put out was apervasive problem,” Pugatcg said.
“We also believe insiders and lendere were notacting properly.” Attempts to reacy VoIP were not successful. The company’s phone numbee in Fort Lauderdale hadbeen disconnected.