Strategy in TECH...
In a new round of filings from the designated “Assignee” in the matter of Audio Research Corporation’s filing of an Assignment for the Benefit of Creditors, we actually learn a few new things and get a little more detail on the state of affairs for the beleaguered but popular high-end audio brand. And these new details help to put a finer point on just where things stand at the moment for the company.
Minnesota Bank & Trust (MB&T) of Minnetonka, MN has filed documents with the Fourth Judicial District of the Minnesota District Court notifying the court of the existence of a secured agreement with Audio Research Corporation (ARC) and its principal owner, Trent Suggs. This agreement, the bank wants the court to know, has been subject to “Numerous events of default” which “are continuing.”
With this being the case, the bank is asking the court to issue a judgment for the amount owed, plus accrued interest, plus attorneys’ fees, and other collection costs – an amount in excess of $1.5 million.
Another storied high-end audio brand has seen itself fall into hard times. Audio Research Corporation of Maple Grove, MN has filed paperwork with Minnesota District Court to start a form of the receivership process known as an Assignment for the Benefit of Creditors.’
MQA Limited, the company that invented and markets the Master Quality Authenticated digital music system said to deliver lossless high-res streaming music, has entered “administration” in the U.K. Administration is a form of bankruptcy or protection from creditors similar to Chapter 11 bankruptcy here in the U.S. In the U.K., administration offers an insolvent company time to reorganize, develop a new plan, and – with stakeholder and government approval – an opportunity to exit bankruptcy.
JOLED, a Japanese manufacturer of OLED-based panels and products that was formed by the merger of the OLED divisions of both Panasonic and Sony, filed for bankruptcy protection in the Tokyo District Court on Monday. According to the filing, the company reported that it has debts totaling ¥33.7 billion ($257 million).
WiSA Technologies, Inc. (NASDAQ: WISA) released its fiscal 2022 fourth quarter and full-year results and it was not a pretty picture – leading the company’s auditors to issue a “going concern” warning, questioning its ability to continue. A developer and licensor of spatial, wireless sound technology used in a variety of brands, WiSA largely blamed an overall slackening consumer demand causing a glut of existing CE product inventory as the main source of its problems.
On Tuesday, less than two weeks after the conclusion of a trial in the case of ClearPlay, Inc. vs. Dish Network where a jury found in favor of ClearPlay and ordered Dish Network to pay $470 million for patent infringement – Judge David Nuffer announced a new ruling that throws out the jury verdict and award. This dramatic turnabout was announced during a court status hearing on Tuesday in which the parties participated via Zoom.
Dish Network, LLC must pay nearly $470 million for patent infringement related to its Autohop Hopper technology that a Salt Lake City District Court jury says infringes on patents held by ClearPlay Inc. The case, originally filed as ClearPlay, Inc. vs. Dish Network LLC, Dish Network Corp., EchoStar Corp., and EchoStar Technologies L.L.C. has been a long-running battle as it was originally filed in March 2014.
Snap One Holdings Corp. (NASDAQ: SNPO) released their fiscal 2022 fourth quarter and full-year results after the close of the market on Tuesday and held a conference call for investment analysts shortly afterward with more details. The company produced a prodigious amount of data that they suggest shows success in the face of adversity, and forecast a decline in their performance in fiscal 2023.
They also said the industry slowed down in 2022 and will continue to be slow for the first three quarters of 2023.
Emerald Holding, Inc. (NYSE: EEX) (Emerald), also known as Emerald Expositions (Emerald Expo), reported their fiscal 2022 fourth quarter and full-year results on Tuesday. Their results, with strong revenue and income growth, clearly establish that the organization is rebounding from the years of COVID with exhibitors and attendees coming back to their events in force.
