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Tuesday, January 06, 2004 - Page updated at 12:00 A.M.
Bellevue tech firm catering to Wi-Fi will liquidate assets
By Tricia Duryee
NextComm, a Bellevue company attempting to cater to the wireless Internet market, closed its doors and will liquidate its assets.
The company, which was developing circuits for Wireless Local Area Networks (WLAN) and security technology for Wi-Fi, filed for Chapter 7 bankruptcy Friday in U.S. Bankruptcy Court in Seattle.
"It's just a typical startup story," said company attorney Cynthia Kuno of Crocker Kuno Ostrovsky in Seattle.
"They had very good technology and ran out of money before they could take it to market."
NextComm, founded in 1999, owes more than $4 million in unsecured claims and has $123,600 in assets, mostly tied up in prepaid rent, deposits and miscellaneous computer equipment.
The two claims given top priority are from the state Department of Revenue, which is owed $117,998, and from employees, who are owed $79,123 in wages.
Kuno did not know the size of NextComm's work force, but the bankruptcy filing lists 26 people owed from $600 to $14,000 each. President and Chief Executive Chih-Fei Wang is owed $14,884, the papers say.
The list of creditors not given priority is topped by investors who issued the company bridge loans, which converted to debt. Included is Brilliant World Limited of Taiwan, $1.5 million; Sino-American Silicon of Taiwan, $1 million; and George Chow of Taiwan, $500,000.
Tricia Duryee: 206-464-3283 or email@example.com
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