VoIP Inc. hit with involuntary bankruptcy petition - Pacific Business News (Honolulu):

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An involuntary petition was filed June 2againsy , a voice over Internet provider, in the . The companyu had already said in 2008 that it eliminatedf most of its workforce and suspended all telecommunications It is also facinga lawsuit, filerd by the in U.S. District Court in Miami, alleging formef executives misled investors about the financial health ofthe Now, some creditors are appealintg to a bankruptcy judge to help them recovefr judgments against VoIP. The petitioning creditorsz areof Carlsbad, Calif., with a clai of $245,559; Garyn Angel, with a claimk of $391,000; and Carrie Angel, with a claim of according to the petition.
“The filing of the involuntary [bankruptcy] is not directlyu related to theSEC action, although I’m sure they will eventually said bankruptcy attorney Craig Pugatch, of , who representes Noctua Fund, but said he does not represent the Angels. “A groulp of creditors have been attempting to collect They believe assets are TheSEC complaint, filed in April, alleges between November 2004 and May 2005, executives recordefd $1.4 million in fictitious revenue from purported sales of computert hardware and for management services. It further alleges the inflated revenue raised the company’s overall revenue figures by 43 percentg for the year endede Dec. 31, 2004.
The SEC also said management knew VoIP wasstrugglint financially, that the company’s actual revenues were substantiallty less than its projections and that an executive sold more than 4 millioj shares of the company’s stock to realize more than $4.4 millionh in profit without properly recording the sale. The SEC had asked the court to disgorge all of the profitx the former executives made as a result oftheirf actions, pay a civil penalty and permanently bar them from actinvg as an officer or director of a publiclty held company. “We thinj the type of inaccurate public informatioj being put out was a pervasive Pugatch said.
“We also believe insiders and lenders were notactinfg properly.” Attempts to reach VoIP were not successful. The company’z phone number in Fort Lauderdale hadbeen disconnected.