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Federal agencies investigate Syntax-Brillian

3 comments by Andrew Johnson - Mar. 4, 2009 12:00 AM
The Arizona Republic

Several federal agencies are investigating the activities of Syntax-Brillian Corp., the former Tempe-based firm known for its Olevia television brand through partnerships with sports broadcasters and arena operators.

Bloomberg reported Tuesday that the Justice Department, Internal Revenue Service and Postal Inspection Service formed a bankruptcy fraud task force to look into the firm's dealings with a vendor in Taiwan, citing unnamed sources.

Several agencies said they could neither confirm nor deny an investigation when contacted by The Arizona Republic. Attorneys for the company, former executives and certain creditors did not return calls for comment.

Syntax-Brillian filed for bankruptcy protection under Chapter 11 in Wilmington, Del., in July. The publicly traded company had faced numerous accounting issues in the preceding months. Several executives and directors left the company, which had not filed its required quarterly financial reports in almost a year.

The bankruptcy surprised many investors, who had relied on optimistic sales outlooks provided by the company.

http://www.azcentral.com/business/articles/2009/03/04/200903...

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Rich
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Wow, I didn't even realize I still subscribed to this board. I kept it in my boards list for similar reasons some people watch the result of a car accident. I hope everybody saw the writing on the wall and got out in time.

Mark
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Heh heh -- nope. Rode this sucker right into the ground.

Fortunately, or maybe 'Foolishly', I had cashed out half of my stake on one of the upswings and was playing with Other People's Money, for the rest of the ride.

An unpleasant, but very valuable lesson about getting out at the first whiff of trouble, purchased at a very fortunate $0.00 price tag.

Gentle training for an overly optimistic beginner such as I am.
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I missed the last 99.9% of the drop (from $1.00 to $.001).

That drop from $10 to $1.00? Not so smart.

Paul
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