Advent Dies Again
Court filings show that this month Austin-based Advent, one-time maker of IP access platforms for cable providers, has converted its Chapter 11 bankruptcy status to a Chapter 7 bankruptcy.
In medical terms, they went from the intensive care unit to the morgue. (I watched Grey's Anatomy last night, so I'm qualified to use medical terms.)
The company had raised more than $24 million in equity and $22 million in convertible debt. Its investors included Motorola Inc. (NYSE: MOT) and Reliant Energy. Its customers included Time Warner Cable Inc. (NYSE: TWC) and Mitsubishi Corp., and, at its peak, it employed about 100 people.
The company had a patent granted as recently as January. It sold its intellectual property (well, it's product line, anyway) a while ago, but the new owner was not disclosed in court papers.
— Phil Harvey, Managing Editor, Light Reading