Pegasus Wireless re-files for bankruptcy protection

Palm Beach technology company Pegasus Wireless Corp. has re-filed for Chapter 11 bankruptcy, a few weeks after its previous bankruptcy was dismissed by U.S. Bankruptcy Judge Erik Kimball.

Pegasus, which now trades on the pink sheets, was involved in the design, manufacture, and marketing of wireless hardware and software for networking and Internet access. At one time it was listed on NASDAQ.

The company originally filed for Chapter 11 in January. That filing was dismissed on Oct. 15 after the U.S. bankruptcy trustee filed a motion saying Pegasus failed to show up for the meeting of creditors.

Judge Kimball originally barred Pegasus from re-filing for six months, but later shortened that to 39 days.
The new bankruptcy filing states the company has $17.5 million in assets and $3.9 million in debts.

The largest creditor listed is company CEO Jasper Knabb of Palm Beach with a $2.55 million claim. There are several disputed claims in the bankruptcy, including a $600,000 claim by D&D Aviation LLC of Salt Lake City.

The recent filing is signed by CFO Stephen Durland. The filing attorney is Kevin Gleason of Hollywood. Gleason could not immediately be reached for comment.

Source: SFBJ