iRex Technologies files for Chapter 11 - Page 2

Shaggy · 06-09-2010, 09:42 PM

Quote:

Originally Posted by oncdoc

any close out sales?

Just a clarification, but the type of bankruptcy they've filed for basically means that they are trying to reorganize their financial commitments in order to pay off their debt. It doesn't necessarily mean the end of the company yet. Some companies can recover from Chapter 11, others can not. It depends on how well they can survive this particular phase, and what their financial portfolio looks like.

Close out (liquidation of the company) is a possibility at this point, but it has not happened yet. If we next see them file for Chapter 7, then you can start to write them off.

HansTWN · 06-09-2010, 10:57 PM

Most probably someone else will buy them.

J. Strnad · 06-10-2010, 12:16 AM

These look like beautiful reading devices, but I have to say that at $500 for the lowest priced readers, I can't see the marketability.

But then, I'm not as well-heeled as a lot of people so my perspective probably doesn't amount to a lot.

Mike_73 · 06-10-2010, 12:49 AM

Well, after all I'm glad I didn't go for it. But paying 200€ more here in Europe without wireless in comparison to the US model wasn't in for me. At least I never understood how a better equipped model can be shipped to the US and then be sold for less than they sell it here.
If they would have sold a little cheaper, I think they would have a had a lot more potential buyers.

Dellaster · 06-10-2010, 01:20 AM

Quote:

Originally Posted by J. Strnad

These look like beautiful reading devices, but I have to say that at $500 for the lowest priced readers, I can't see the marketability.

But then, I'm not as well-heeled as a lot of people so my perspective probably doesn't amount to a lot.

In the US the DR800SG went for $399 at Best Buy. But I take your point. These weren't bargain devices.

HansTWN · 06-10-2010, 01:39 AM

Quote:

Originally Posted by J. Strnad

These look like beautiful reading devices, but I have to say that at $500 for the lowest priced readers, I can't see the marketability.

But then, I'm not as well-heeled as a lot of people so my perspective probably doesn't amount to a lot.

They make great devices, but yes, they should have bought a copy of "marketing for dummies". The ridiculous price for the European 800S is one example, the fact that they never lowered the price for the 1000S, never introduced WiFi for the DR reader series are more of the same. Not delivering firmware that enables use of the 3G modem via 3rd party SIMs. The list is endless.

Flexibility never was a strong suit of companies that are run by engineers. I ran into many similar cases. Engineers tend to think that their products are so good that customers will pay any price -- it is just that sales and marketing people are too stupid to explain that to the buyers.

Andanzas · 06-10-2010, 01:50 AM

Anybody else wondering when Plastic Logic will be joining them?

BlackVoid · 06-10-2010, 03:23 AM

Its a a shame, but their products were really overpriced badly. Hard to gain market share when your product is 50% more expensive than the competition.

Geppetto · 06-10-2010, 03:33 AM

Quote:

Originally Posted by Shaggy

Just a clarification, but the type of bankruptcy they've filed for basically means that they are trying to reorganize their financial commitments in order to pay off their debt. It doesn't necessarily mean the end of the company yet. Some companies can recover from Chapter 11, others can not. It depends on how well they can survive this particular phase, and what their financial portfolio looks like.

Close out (liquidation of the company) is a possibility at this point, but it has not happened yet. If we next see them file for Chapter 7, then you can start to write them off.

Let's also say that Chapter 11 and Chapter 7 do not exist in European laws: EU laws on bancruptcy are different from US

owl123 · 06-10-2010, 03:50 AM

Quote:

Originally Posted by BlackVoid

Its a a shame, but their products were really overpriced badly. Hard to gain market share when your product is 50% more expensive than the competition.

If your marketing is good enough the price isn't the issue most of the time.

David Munch · 06-10-2010, 04:01 AM

Sad, I was thinking of getting a DR800.. Oh well, back to Adam and iPad again.

astra · 06-10-2010, 04:14 AM

TBH, I predicted it 2 years ago. Their prices are way over the top.

netseeker · 06-10-2010, 05:15 AM

Quote:

Originally Posted by kjk

Is Chapter 11 the same thing in the Netherlands as it is in the States? Chapter 11 means you have time to re-organize/re-group (i.e. protection from creditors) while Chapter 7 is basically last one to leave, turn off the lights? Or did they file for Chapter 11 protection here in the States?

iRex is going into a managed procedure for declaring bankruptcy. This is partly similiar to chapter 11. There exist basically four options:

They will survive as a reorganized company and repay their debts (=debt settlement agreement and recapitalization of the company)
They will only survive as long as it takes to repay their debts (=judicial debt settlement followed by a slow liquidation of the business as long as it takes to satisfy creditors)
They will "turn off the lights" (nothing left to satisfy creditors, no further business possible)
The company or at least some parts of it will be bought by another company or an investment group

Option 1 and 2 could take up to 3 years. The process will be controlled by a insolvency practitioner and a judge.

Sischa · 06-10-2010, 06:19 AM

- Worst costumer service experience EVER
- oberprized products at least in the past
- a company always jumping on thier next bandwagon to easily leaving existing costumers behind as soon as they announce their next project wich happened shot by shot

Summing that up I am not really suprised about their situation, and i won't be suprised if that kind of management won't be able to survice their insolvency.
What i am suprised of is the fact that they made it over the years until today.

I have seen their treatment to customers and i knew they will fail at some time.

Solicitous · 06-10-2010, 06:41 AM

Quote:

Originally Posted by astra

TBH, I predicted it 2 years ago. Their prices are way over the top.

Actually their prices I feel would have been quite justified provided they turned out firmware updates/fixes and software improvements at a reasonable pace. From my readings here on the forum things seemed rather slow. Fairly hard for a company to charge a premium for a product with poor support.

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06-09-2010, 10:57 PM	#17
HansTWN Wizard Posts: 4,538 Karma: 264065402 Join Date: Jun 2009 Location: Taiwan Device: HP Touchpad, Sony Duo 13, Lumia 920, Kobo Aura HD	Most probably someone else will buy them.

06-10-2010, 12:16 AM	#18
J. Strnad Guru Posts: 915 Karma: 3537194 Join Date: Feb 2009 Device: Kobo, Kindle 3, Paperwhite	These look like beautiful reading devices, but I have to say that at $500 for the lowest priced readers, I can't see the marketability. But then, I'm not as well-heeled as a lot of people so my perspective probably doesn't amount to a lot.

06-10-2010, 12:49 AM	#19
Mike_73 Guru Posts: 750 Karma: 1323 Join Date: Dec 2009 Device: PRS-505, PRS-600, iPad 16GB Wifi, Kindle Voyage, Nexus 6, Razr HD	Well, after all I'm glad I didn't go for it. But paying 200€ more here in Europe without wireless in comparison to the US model wasn't in for me. At least I never understood how a better equipped model can be shipped to the US and then be sold for less than they sell it here. If they would have sold a little cheaper, I think they would have a had a lot more potential buyers.

06-10-2010, 01:50 AM	#22
Andanzas Out of print Posts: 487 Karma: 1549538 Join Date: Jun 2007 Location: Madrid, Spain Device: Sony PRS-500 (recycled), Pocketbook Inkpad X Pro	Anybody else wondering when Plastic Logic will be joining them?

06-10-2010, 03:23 AM	#23
BlackVoid Evangelist Posts: 415 Karma: 510423 Join Date: Nov 2006 Device: Sony PRS-505	Its a a shame, but their products were really overpriced badly. Hard to gain market share when your product is 50% more expensive than the competition.

06-10-2010, 04:01 AM	#26
David Munch Scholar Posts: 1,012 Karma: 3999312 Join Date: Aug 2008 Location: Denmark Device: Kobo Libra H2O + iPad Air 4	Sad, I was thinking of getting a DR800.. Oh well, back to Adam and iPad again.

06-10-2010, 04:14 AM	#27
astra The Introvert Posts: 8,307 Karma: 1000077497 Join Date: Jan 2007 Location: United Kingdom Device: Sony Reader PRS-650 & 505 & 500	TBH, I predicted it 2 years ago. Their prices are way over the top.

06-10-2010, 06:19 AM	#29
Sischa Evangelist Posts: 428 Karma: 2370 Join Date: Jun 2006 Location: Germany Device: Nokia 770, Ilead, Cybook G3, Kindle DX, Kindle 2, iPad, Kindle 3, PW	- Worst costumer service experience EVER - oberprized products at least in the past - a company always jumping on thier next bandwagon to easily leaving existing costumers behind as soon as they announce their next project wich happened shot by shot Summing that up I am not really suprised about their situation, and i won't be suprised if that kind of management won't be able to survice their insolvency. What i am suprised of is the fact that they made it over the years until today. I have seen their treatment to customers and i knew they will fail at some time.