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  • Report:  #2912

Complaint Review: Fountain Technologies Inc. AKA Quantex - Somerset New Jersey

Reported By:
- Tempe, Arizona,
Submitted:
Sun, August 13, 2000
Updated:

Fountain Technologies Inc. AKA Quantex
50 Randolph Road Somerset, New Jersey, U.S.A.
Phone:
212-593-1100
Web:
N/A
Categories:
Electronic Manufacturers
Tell us has your experience with this business or person been good? What's this?

Subj: ~~ URGENT ~~

Date: 8/11/00 11:39:11 PM US Mountain Standard Time

From: [email protected] (Preston Ward)

To: [email protected]

Ed,

Can you put a short blurb up on your main page about Quantex? They have just filed for bankruptcy - you can verify this at:

http://ecf.nysb.uscourts.gov/cgi-bin/iquery.pl?510876139526367-L_362_0-0-22029

Fountain Technologies also owns Cybermax, Pionex, Inteva, Quantex ,and some others I can't think of at the moment. I have put up everything I know about it currently at my quantexsucks.org site.

Quantex (and the other companies too I suspect, in addition to the VCStore line that they market on television) is STILL SELLING TO CONSUMERS!!!

I just checked and Quantex's web site is still up and operational.

People are still being ripped off and they don't even know the parent company has gone bankrupt!

Thanks,

Preston

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::

United States Bankruptcy Court

Southern District of New York

Notice of Bankruptcy Case Filing

A bankruptcy case concerning the debtor(s) listed below was filed under Chapter 11 of the United States Bankruptcy Code on 08/10/2000 at 8:04 PM.

Fountain Technologies, Inc. AKA Quantex

50 Randolph Road

Somerset, NJ 08873

Tax id: 13-3262428

The case was filed by the debtor's attorney:

Abraham Backenroth

Backenroth & Grossman, LLP

885 Second Avenue

New York, NY 10017

(212) 593-1100

The case was assigned case number 00-13695 to Judge Burton R. Lifland.

The filing of a bankruptcy case automatically stays certain actions against the debtor and the debtor's property. If you attempt to collect a debt or take other action in violation of the Bankruptcy Code, you may be penalized.

If you would like to view the bankruptcy petition and other documents filed by the debtor, they are available at our Internet home page http://ecf.nysb.uscourts.gov/index.html or at the Clerk's Office One Bowling Green, Room 511, New York, New York 10004.

You may be a creditor of the debtor. If so, you will receive an additional notice from the court setting forth important deadlines.

Kathleen Farrell , Acting Clerk of Court

Clerk, U.S. Bankruptcy Court

-- Fountain Technologies/Ch 11 -2 Lists Assets Of $18.2M --

FFBN SOURCE Bankruptcy

ISSUER FOUNTAIN TECHNOLOGIES INC.

SYMBOL X.TEM

WASHINGTON (FFBN)--Fountain Technologies Inc. filed a Chapter 11

petition in the U.S. Bankruptcy Court in Manhattan Thursday.

President M.T. Chang listed the company's assets as $18.2 million

and liabilities as $80 million in a sworn statement accompanying the petition.

He also noted that all of Fountain's liabilities are unsecured.

Chang said the company's accounting procedures "failed to keep pacewith the debtor's growing needs. Consequently, as of about 1999, the debtor was unaware that it was actually losing money," and mounting pressures from creditors and vendors prompted the filing.

The company, based in Somerset, N.J., and formed in 1984,

manufactures standard and high-end IBM-compatible personal computers.

Fountain has hired Abraham Backenroth of Backenroth Frankel & Krinsky LLP, New York as its bankruptcy counsel.

This is a list of Fountain Technologies' 20 largest unsecured creditors:

Creditor Amount

--------- -------

Intel Americas Inc. $13,209,288

2200 Mission College Blvd.

Santa Clara, CA 95052

Microsoft Corp. $3,973,080

One Microsoft Way

Redmond, WA 98052

AMD $3,678,325

One AMD Place

Sunnyvale, CA 94088-3453

Federal Express $3,065,314

2690 Hus Ct.

Union, NJ 07083

Maxtor Corp. $2,609,326

510 Cottonwood Dr.

Milpitas, CA 95035

Nvidia Corp. $2,099,100

3535 Monroe St.

Santa Clara, CA 95051

Toshiba America Electronic Co. $1,930,100

1060 Rincon Circle

San Jose, CA 95131

3DFX Interactive $1,897,922

4435 Fortran Dr.

San Jose, CA 95134

Bell Microproducts Inc. $935,915

1941 Ringwood Ave.

San Jose, CA 95131

Western Digital Corp. $905,915

8105 Irvine Center Dr.

Irvine, CA 92718

Hyundai Corp. $857,327

300 Sylvan Ave.

Englewood Cliffs, NJ 07632

S3 Incorporated $688,750

2801 Million College Blvd.

Santa Clara, CA 95052-8058

Spectek $511,501

902 East Karcher Rd.

Nampa, ID 83687

Nissei Sangyo America, Ltd. $451,164

765 Ravendale Dr.

Mountain View, CA 94043

Digitan Systems, Inc. $420,771

2363 Bering Drive

San Jose, CA 95131

IBM Corp. $350,000

5600 Cottle Rd.

San Jose, CA 95193

3 Com Corp. $241,516

3800 Golf Road

Rolling Meadows, IL 60008

MCI Worldcom Wireless $240,505

P.O. Box 5211 GPO

New York, NY 10087-5211

Delta Products Corp. $234,300

5101 Davis Dr.

RTP, NC 27709

Altec Lansing $197,612

Rt. 6 and 209

Milford, PA 18337

=========================================

Case No.: 00-13695-brl

Office: Manhattan

Filed 08/10/2000

Fountain Technologies, Inc.

Judge Burton R. Lifland

Case type bk Chapter 11

Notice of Bankruptcy Case Filing

(see http://ecf.nysb.uscourts.gov/cgi-bin/iquery.pl?510876139526367-L_362_0-0-22029)

A bankruptcy case concerning the debtor(s) listed below was filed under Chapter 11 of the United States Bankruptcy Code on 08/10/2000 at 804 PM.

Fountain Technologies, Inc.

50 Randolph Road

Somerset, NJ 08873

Tax id 13-3262428

Judge(s) for 00-13695-brl

Burton R. Lifland

U. S. Custom House

6th Floor, Room 624

1 Bowling Green

New York, NY 10004

212 668-5663

ASSIGNED 08/11/2000

Attorneys for case 00-13695-brl

Abraham Backenroth

Backenroth & Grossman, LLP

885 Second Avenue

New York, NY 10017

(212) 593-1100

Fax (212) 644-0544

representing pty

Fountain Technologies, Inc.

50 Randolph Road

Somerset, NJ 08873

(db)

U.S. Trustee

-----------------------

United States Trustee

Office of United States Trustee

33 Whitehall Street

21st Floor

New York, NY 10004

(212) 510-0500

Filing Date # Docket Text

08/10/2000 1 Voluntary Petition (Chapter 11). Order for Relief ntered. filed by Abraham Backenroth of Backenroth & Grossman, LP on behalf of Fountain Technologies, Inc.. Chapter 11 Plan due by 12/8/2000, Disclosure Statement due by 12/8/2000, Incomplete ilings due by 8/25/2000, List of Creditors Disk due by 8/21/2000, Initial Case Conference due by 9/11/2000, (Attachments # 1 Corporate Resolution# 2 Local Rule Affidavit)(Backenroth, Abraham) (Entered 08/10/2000)

08/11/2000 Receipt of Voluntary Petition Filing Fee (Chapter 11). Receipt Number 108915 (Tetzlaff, Deanna) (Entered 08/11/2000)

=======================================

TO varify this information, please got to

http://ecf.nysb.uscourts.gov/cgi-bin/iquery.pl?510876139526367-L_362_0-0-22029 )



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