Syntax-Brillian examiner's services suspended

By Caroline Salls

Pittsburgh, Dec. 8 - The services of Syntax-Brillian Corp.'s examiner were suspended Monday by judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware, effective Oct. 22.

According to the filing, the court has conducted several status hearings to hear oral presentations on examiner James S. Feltman's investigations and recommendations.

Monday's ruling requires Feltman to turn over all of the information he has gathered in his investigation to the company and its official committee of unsecured creditors and to consult with the company and its designees about his investigation.

As previously reported, Feltman was appointed in August following a request by U.S. trustee Roberta A. DeAngelis.

According to the U.S. Trustee's motion, the company's assets declined by $375 million between Sept. 30, 2007 and July 8, 2008, "and the entire $323.2 million of stockholder equity in SBC has evaporated."

In addition, DeAngelis said the company's asset sale was likely to result in little or no distribution for general unsecured creditors and no distribution at all for Syntax-Brillian's stockholders.

Since the examiner was appointed, the company announced that its proposed asset buyer had failed to comply with court orders forcing it to close the sale, leaving Syntax-Brillian to evaluate its liquidating alternatives.

Syntax-Brillian is a Tempe, Ariz.-based designer, developer and distributor of LCD HDTVs, digital cameras and microdisplay entertainment products. The company filed for bankruptcy on July 8. Its Chapter 11 case number is 08-11407.

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