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Quantex bankruptcy infoAug 12 '00 Write an essay on this topic.Most of you here have by now read my opinions and warnings about Quantex Microsystems over the past several months as well as my precautionary admonishments about the numerous problems one encounters when buying a Quantex. I began this crusade against Quantex because the system they sold me was a complete lemon, they refused to repair it under their warranty, they were the rudest most outrageous people I have ever dealt with in my entire life, and they still continue to rip off innocent, unsuspecting consumers to this day. My sole motivation behind bringing about public awareness about Quantex has been only to keep other people from being ripped off like I and so many others have been. Quantex doesn't like me warning the public about them though. They (or someone claiming to be from Quantex) have threatened to sue both me and epinions to shut me up so that you won't know how bad they REALLY are. Just read through some of the comments following my opinions and see for yourself... Today I learned that the New Jersey state Attorney General's office is investigating Quantex (FINALLY!) and may be seeking the public's comments on Quantex's... ummm... "business practices". Perhaps justice may end up prevailing after all. Yesterday, the parent company of Quantex, Fountain Technologies, which also owns Cybermax, Inteva, Pionex, and Quantex, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy court in Manhattan. This can be verified by going to: http://ecf.nysb.uscourts.gov/cgi-bin/iquery.pl?510876139526367-L_362_0-0-22029 It's not well known that all these companies are all under the same parent company. As a matter of fact, Fountain guards that information quite carefully. All four companies are privately held corporations, but they're all run by Fountain Technologies. Trying to research any information on this company and it's corporations is virtually impossible. It's very private and they seem to have a strict policy of not communicating with either their employees nor their customers about this. Fountain also markets thousands of Pionex systems through QVC, SAM'S Club, R.C. Willey, VCStores, and Wal-Mart stores. Quantex Microsystems (www.quantex.com) CyberMax Computers (www.cybermaxpc.com) Inteva Computers (www.inteva.com) Pionex Computers (www.pionex.com) Fountain Technologies, Inc. 50 Randolph Road Somerset, NJ 08873 800-888-3425 Tax id: 13-3262428 (also listed at 3 Riverview Drive, Somerset, New Jersey 08873) At the time of this writing (8-11-00) I have no information as to what the future of Quantex and these other companies will be. I do not know now do I wish to speculate as to whether this will turn out to be a liquidation or simply a reorganization. However, the Quantex website is still up and appears to be operational. I made a call earlier to Quantex's Technical Support department and the recording told me to "call back during normal business hours", so obviously their 24/7 Tech Support is no more, even though their advertisements in the current issues of the PC mags still say it is offered 24/7. If you already own a system manufactured by one of these companies, I unfortunately cannot tell you anything in terms of your warranty. You may want to contact the manufacturer yourself though and ask what, if anything, has changed in light of the bankruptcy filing. If you are in the market for a new computer, you should probably check out www.QuantexSucks.org before making your purchase. I will also try to keep the site updated as to any developing news regarding the bankruptcy filing. The CEO of Fountain Technologies is M.T. Chang. I have his email addresses, direct phone line, and home address (all legally obtained via the web), however I do not want to give them out here due to the possibility that it might lead some to harass him (even though I'm sure some would argue that he probably deserves it). Again, my only motivation for my public warnings about this company have been done solely to warn other people about and keep them from being ripped off like I and so many others have been. The following is a news report which was forwarded to me. Following that is the official bankruptcy filing. -- 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 pace with 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 Notice of Bankruptcy Case Filing 00-13695-brl Office: Manhattan Filed: 08/10/2000 Fountain Technologies, Inc. Judge: Burton R. Lifland Case type: bk Chapter: 11 (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 8:04 PM. Fountain Technologies, Inc. 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 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 Entered. filed by Abraham Backenroth of Backenroth & Grossman, LLP on behalf of Fountain Technologies, Inc.. Chapter 11 Plan due by 12/8/2000, Disclosure Statement due by 12/8/2000, Incomplete Filings 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) =======================================  |
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