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

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An involuntary petition was filed June 2againsg , a voice over Internet provider, in the . The company had alreadyh said in 2008 that it eliminateed most of its workforce and suspended all telecommunications It is also facing a filed by thein U.S. District Courtt in Miami, alleging former executives misled investors about the financial health ofthe company. Now, some creditore are appealing to a bankruptcy judge to help them recoverf judgmentsagainst VoIP. The petitioninyg creditors areof Carlsbad, Calif., with a claim of Garyn Angel, with a claim of $391,000; and Carrie with a claim of $152,172, according to the petition.
“The filing of the involuntarg [bankruptcy] is not directly relates to theSEC action, although I’m sure they will eventuallyg overlap,” said bankruptcy attorney Craig Pugatch, of , who representx Noctua Fund, but said he does not represent the Angels. “A group of creditors have been attemptinb tocollect assets. They believe assets are The SEC complaint, filed in alleges that, between November 2004 and May 2005, executives recordedf $1.4 million in fictitious revenu e from purported sales of computer hardwars and formanagement services. It further alleges the inflateed revenue raisedthe company’s overall revenue figures by 43 percent for the year endesd Dec.
31, 2004. The SEC also said management knew VoIP wasstrugglinfg financially, that the company’s actual revenues were substantially less than its projectiones and that an executive sold more than 4 milliob shares of the company’s stock to realize more than $4.4 milliohn in profit without properly recording the The SEC had asked the court to disgorge all of the profitss the former executives made as a result of theird actions, pay a civil penaltg and permanently bar them from actingb as an officer or director of a publicly held “We think the type of inaccurate publif information being put out was a pervasive Pugatch said.
“We also believe insiders and lenders were notactingh properly.” Attempts to reach VoIP were not The company’s phone numbet in Fort Lauderdale had been