iRex Technologies files for Chapter 11 - Page 10

Dr. Drib · 06-18-2010, 08:55 AM

ALL MEMBERS:

This is not a comparison Thread, and a request to get back on topic is now officially and formally introduced.

Stay on topic, please.

Don
(Moderator)

Zetmolm · 06-19-2010, 07:23 PM

The latest news (in Dutch) is here

Summary in English:
The insolvency practitioner intends to request financial support from BOM, a regional government-owned investment company.
The debts of Irex amount to EUR 10 mln; they owe Deutsche Bank EUR 3 mln.
One of BOM's conditions is that they won't put in any money unless also Deutsche Bank participates.
Several parties have shown an interest in the company's intellectual property, but they are not going to sell it unless Irex goes bankrupt.

yacoob · 06-20-2010, 04:14 AM

This was informative, thanks for both links and summary.

TGS · 06-20-2010, 05:51 AM

Quote:

Originally Posted by Zetmolm

The latest news (in Dutch) is here
Several parties have shown an interest in the company's intellectual property, but they are not going to sell it unless Irex goes bankrupt.

Presumably this means that potential buyers will simply be able to buy assets without taking on liabilities - such as warranties.

hapipiko · 06-30-2010, 09:26 AM

and its done: they are bankrupt
http://www.fd.nl/artikel/16806747/ne...aders-failliet

netseeker · 06-30-2010, 09:33 AM

Quote:

Originally Posted by hapipiko

and its done: they are bankrupt
http://www.fd.nl/artikel/16806747/ne...aders-failliet

Bad news. Not really a surprise but still bad news.

Zetmolm · 06-30-2010, 09:41 AM

Here's the summary of the FD article in English:

On Tuesday the 29th iRex was declared bankrupt by a Dutch judge. Debts amount to EUR 10 mln. To survive, iRex would have needed an amount of EUR 1.5 to 2 mln in the short term. However, shareholders and Deutsche Bank were unwilling to fund the company further. Final talks last Monday night did not bring a solution.
The funding request to the regional investment firm was denied at the end of last week.

Still, the official receiver is quite optimistic about the future. He expects some sort of re-start. Several parties are interested in the intellectual property and the expertise of the 30 employees. "I am fully confident that the enterprise will continue. Nothing is lost yet," he said.

TGS · 06-30-2010, 10:07 AM

Does that mean that they have, as of yesterday, ceased to trade? Presumably all staff have been laid off - commiserations to the IREX guys who were always so helpful on here (even if the company's own support structure wasn't the greatest).

fjtorres · 06-30-2010, 11:06 AM

It sounds like they're headed for the equivalent of Chapter 7 liquidation.
If somebody scarfs up the IP *and* the staff fast enough, a new iRex might emerge.

penartur · 06-30-2010, 04:15 PM

However, on June 30th, RC3 versions of DR1000 and DR800 new firmware were released...

Zetmolm · 06-30-2010, 04:23 PM

Yes, looks like they decided they might as well release the latest build before they close the door behind them.

Shaggy · 07-01-2010, 01:50 PM

Quote:

Originally Posted by penartur

However, on June 30th, RC3 versions of DR1000 and DR800 new firmware were released...

Along with the latest SDK and source code.

hapipiko · 08-05-2010, 08:36 AM

Well, iRex made a new start with IRX Yesterday.

Quote:

De productlijn van de DR800 zal worden overgenomen door het nieuwe IRX Innovations en worden voortgezet. Dit betekent dat ze voor dit apparaat ook nog service zullen en kunnen verlenen.

De productlijnen van de andere producten zullen niet overgenomen worden en hardware-technische ondersteuning zal dan niet meer geboden worden. Mochten de problemen softwarematig van aard zijn, dan kan er wellicht nog wel geholpen worden.

Only DR800 will be continued, other devices NOT. For Software there should be more possible.
More news to follow.

luqmaninbmore · 08-05-2010, 10:27 AM

So iRex performed some legal trickery and is now able to walk away from all of its warranties (except for the small number of DR800s that were actually sold). Oh yeah, that's a company I would like to do business with.

penartur · 08-05-2010, 10:41 AM

Quote:

Originally Posted by luqmaninbmore

So iRex performed some legal trickery and is now able to walk away from all of its warranties (except for the small number of DR800s that were actually sold). Oh yeah, that's a company I would like to do business with.

Irex ran out of funds and bankrupted because of a huge debts.
It seems that some other company paid irex's bills and purchased irex, just for intellectual property and maybe some devices in the future. This new company is intended to work only with business customers.
Why would they provide support for an irex customers?

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06-18-2010, 08:55 AM	#136
Dr. Drib Grand Sorcerer Posts: 44,743 Karma: 55645321 Join Date: Jan 2007 Location: Peru Device: Kindle: Oasis 3, Voyage WiFi; Kobo: Libra 2, Aura One	ALL MEMBERS: This is not a comparison Thread, and a request to get back on topic is now officially and formally introduced. Stay on topic, please. Don (Moderator)

06-19-2010, 07:23 PM	#137
Zetmolm Guru Posts: 612 Karma: 2031728 Join Date: Jan 2010 Device: PocketBook Touch (622), PocketBook Touch Lux 2, Pocketbook Touch HD 3	The latest news (in Dutch) is here Summary in English: The insolvency practitioner intends to request financial support from BOM, a regional government-owned investment company. The debts of Irex amount to EUR 10 mln; they owe Deutsche Bank EUR 3 mln. One of BOM's conditions is that they won't put in any money unless also Deutsche Bank participates. Several parties have shown an interest in the company's intellectual property, but they are not going to sell it unless Irex goes bankrupt.

06-20-2010, 04:14 AM	#138
yacoob Zealot Posts: 120 Karma: 1326 Join Date: Feb 2009 Device: none	This was informative, thanks for both links and summary.

06-30-2010, 09:26 AM	#140
hapipiko hapipiko Posts: 35 Karma: 170000 Join Date: May 2008 Device: first iLiad V2 (now retired) Kobo touch, samsung galaxy tab	and its done: they are bankrupt http://www.fd.nl/artikel/16806747/ne...aders-failliet

06-30-2010, 09:41 AM	#142
Zetmolm Guru Posts: 612 Karma: 2031728 Join Date: Jan 2010 Device: PocketBook Touch (622), PocketBook Touch Lux 2, Pocketbook Touch HD 3	Here's the summary of the FD article in English: On Tuesday the 29th iRex was declared bankrupt by a Dutch judge. Debts amount to EUR 10 mln. To survive, iRex would have needed an amount of EUR 1.5 to 2 mln in the short term. However, shareholders and Deutsche Bank were unwilling to fund the company further. Final talks last Monday night did not bring a solution. The funding request to the regional investment firm was denied at the end of last week. Still, the official receiver is quite optimistic about the future. He expects some sort of re-start. Several parties are interested in the intellectual property and the expertise of the 30 employees. "I am fully confident that the enterprise will continue. Nothing is lost yet," he said.

06-30-2010, 10:07 AM	#143
TGS Country Member Posts: 9,058 Karma: 7676767 Join Date: Feb 2010 Location: Denmark Device: Liseuse: Irex DR800. PRS 505 in the house, and the missus has an iPad.	Does that mean that they have, as of yesterday, ceased to trade? Presumably all staff have been laid off - commiserations to the IREX guys who were always so helpful on here (even if the company's own support structure wasn't the greatest).

06-30-2010, 11:06 AM	#144
fjtorres Grand Sorcerer Posts: 11,732 Karma: 128354696 Join Date: May 2009 Location: 26 kly from Sgr A* Device: T100TA,PW2,PRS-T1,KT,FireHD 8.9,K2, PB360,BeBook One,Axim51v,TC1000	It sounds like they're headed for the equivalent of Chapter 7 liquidation. If somebody scarfs up the IP and the staff fast enough, a new iRex might emerge.

06-30-2010, 04:15 PM	#145
penartur Groupie Posts: 168 Karma: 7182 Join Date: Mar 2010 Location: Russia, Moscow Device: PRS500 (great UX and BQ), DR800SG (great screen and features)	However, on June 30th, RC3 versions of DR1000 and DR800 new firmware were released...

06-30-2010, 04:23 PM	#146
Zetmolm Guru Posts: 612 Karma: 2031728 Join Date: Jan 2010 Device: PocketBook Touch (622), PocketBook Touch Lux 2, Pocketbook Touch HD 3	Yes, looks like they decided they might as well release the latest build before they close the door behind them.

08-05-2010, 10:27 AM	#149
luqmaninbmore Da'i Posts: 1,144 Karma: 1217499 Join Date: Oct 2008 Location: Baltimore Device: Toshiba Thrive, Kobo Touch, Kindle 1, Aluratek Libre, T-Mobile Comet	So iRex performed some legal trickery and is now able to walk away from all of its warranties (except for the small number of DR800s that were actually sold). Oh yeah, that's a company I would like to do business with.

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