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

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An involuntary petition was filed June 2againsyt , a voice over Internet provider, in the . The company had already said in 2008 that it eliminatecd most of its workforce and suspendex alltelecommunications operations. It is also facingy a lawsuit, filed by the in U.S. Districtf Court in Miami, alleging former executives misled investors abou the financial health ofthe company. Now, some creditorss are appealing to a bankruptcy judge to help them recovee judgmentsagainst VoIP. The petitioning creditors are of Carlsbad, with a claim of $245,559; Garyn Angel, with a clai m of $391,000; and Carrie with a claim of according tothe petition.
“The filing of the involuntaryy [bankruptcy] is not directly relatee to the SEC although I’m sure they will eventuallu overlap,” said bankruptcy attorney Craig Pugatch, of , who represents Noctuza Fund, but said he does not represen t the Angels. “A group of creditors have been attemptinbg tocollect assets. They believr assets are available.” The SEC complaint, filecd in April, alleges that, between November 2004 and May executivesrecorded $1.4 million in fictitious revenuse from purported sales of computer hardware and for management services.
It further alleges the inflated revenure raisedthe company’s overall revenue figures by 43 percengt for the year ended Dec. 31, 2004. The SEC also said managemenft knew VoIP wasstruggling financially, that the company’s actuaol revenues were substantially less than its projections and that an executive sold more than 4 milliom shares of the company’s stock to realize more than $4.4 million in profitf without properly recording the sale.
The SEC had asked the court to disgorge all of the profite the former executives made as a resuly oftheir actions, pay a civil penaltty and permanently bar them from acting as an officer or directof of a publicly held “We think the type of inaccurate public information being put out was a pervasiv problem,” Pugatch said. “We also believe insiders and lenders were notacting properly.” Attemptds to reach VoIP were not successful.
The company’sz phone number in Fort Lauderdale hadbeen