Syntax–Brillian Corporation: Difference between revisions
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'''Syntax-Brillian Corporation''' was a corporation formed on November 30, 2005, by the merger of Syntax (seller of widescreen [[HDTV]]-ready [[LCD]] [[televisions]]) with '''Brillian Corporation''' (seller of Brillian brand televisions). The company sold HDTVs under the brand name of Ölevia and its stock was previously listed on the [[Nasdaq]] Stock Market under the [[ticker symbol]] BRLC. It was based in [[Tempe, Arizona]]. In 2009, it resolved a bankruptcy proceeding by selling all its assets to [[Emerson Radio|Emerson Radio Corp.]] |
'''Syntax-Brillian Corporation''' was a corporation formed on November 30, 2005, by the merger of Syntax (seller of widescreen [[HDTV]]-ready [[LCD]] [[televisions]]) with '''Brillian Corporation''' (seller of Brillian brand televisions). The company sold HDTVs under the brand name of Ölevia and its stock was previously listed on the [[Nasdaq]] Stock Market under the [[ticker symbol]] BRLC. It was based in [[Tempe, Arizona]]. In 2009, it resolved a bankruptcy proceeding by selling all its assets to [[Emerson Radio|Emerson Radio Corp.]] |
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==Investigations, allegations of fraud, and lawsuits== |
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The bankruptcy court appointed an examiner, James Feltman, who concluded in the fall of 2008 that "Syntax-Brillian was improperly managed to benefit Kolin, not shareholders." A federal bankruptcy fraud task force consisting of the Justice Department, the Internal Revenue Service, and the Postal Inspection Service began probing Syntax-Brillian for alleged fraud in early 2009. Concurrently, Olevia International Group, LLC allegedly defaulted on the agreement to purchase the assets of Syntax-Brillian. Four separate lawsuits were filed in the United States, "alleging that former executives of the company made false financial statements and that they knowingly participated in the fraudulent transfer of money to Taiwan Kolin Co., their Asian parts supplier." |
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<ref>[http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=BRLCQ:US&sid=aZNpGAvgPFD0 U.S. Authorities Probe Syntax-Brillian for Missing Millions bloomberg.com March 3 2009]</ref> One shareholder who participated as a [[Pro se legal representation in the United States|pro se]] litigant in the bankruptcy proceedings wrote a book about the scandal entitled ''The Sheep and The Guardians: Diary of a SEC Sanctioned Swindle''.<ref>[http://www.amazon.com/dp/1426910312 The Sheep and the Guardians: Diary of a SEC Sanctioned Swindle]</ref> |
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==Vivitar== |
==Vivitar== |
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Revision as of 01:56, 28 January 2010
| Industry | Consumer electronics |
|---|---|
| Founded | April 2004 |
| Defunct | August 2009 |
| Fate | Bankruptcy and sale to Emerson Radio |
| Headquarters |  Tempe, AZ, USA |
| Products | LCD Televisions |
Syntax-Brillian Corporation was a corporation formed on November 30, 2005, by the merger of Syntax (seller of widescreen HDTV-ready LCD televisions) with Brillian Corporation (seller of Brillian brand televisions). The company sold HDTVs under the brand name of Ölevia and its stock was previously listed on the Nasdaq Stock Market under the ticker symbol BRLC. It was based in Tempe, Arizona. In 2009, it resolved a bankruptcy proceeding by selling all its assets to Emerson Radio Corp.
Vivitar
On November 21, 2006 the company acquired for $26 million in stock privately held Vivitar Corporation, a seller of digital cameras and camcorders, which it operated as a wholly owned subsidiary. Subsequent to its bankruptcy filing, the company sold the Vivitar brand name and intellectual property to privately held Sakar International, Inc. The sale did not include Vivitar's equipment, facilities or accounts receivable and terms were not disclosed.[1] The deal to acquire Vivitar was subsequently named "Turnaround Atlas Awards' Special Situations M&A Deal of the Year"[2].