Ezenia lists assets, debts in Chapter 11 filings



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Ezenia, the Nashua software company that filed for Chapter 11 bankruptcy protection at the end of September, is claiming assets of $2.5 million and debts of close to $900,000, according to subsequent filings.But on closer examination, the largest asset -- $2.1 million worth - is considered intangible: prepaid licensing to Microsoft.The other major assets include $172,000 in a couple of bank accounts (down from the $650,000 at the end of June, according to the company's last quarterly statement), and $180,000 in accounts receivable, from one company: World Wide Technology Inc.The filing doesn't mention the company's largest potential asset - net operating losses of $72 million, that should translate into a $25 million tax benefit. But that is only true if there is no significant change of ownership, which this bankruptcy filing was supposed to prevent.Meanwhile, Ezenia's priority debts - about half a million -- include severance owed to former executives of the company, two of whom were in litigation with the firm before they left.The company says it owes former CEO Khoa Nguyen some $308,000 in accrued service and $80,000 to Peter Jenke, the former chief operating officer.Nguyen, the company's largest individual shareholder, claims in a lawsuit filed in June that Ezenia actually owes him $1.15 million, evoking change in control clauses in his contract because he was allegedly squeezed out.The other severance claims include that of Tom McCann former chief financial officer ($46,000) and Keith Baron, vice president of customer assistance ($67,000). -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags