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Case Study – Axon Photonics, Inc. (semiconductor)

Case Study – Axon Photonics, Inc. (semiconductor)

The Board of Directors of Axon, confronted with a number of lawsuits and major issues between the board and management, elected to file Chapter 7 bankruptcy. Axon operated several semiconductor foundries in which millions of dollars had been invested.

Armanino was hired to assist insolvency counsel in the preparation of bankruptcy petition documents and be the company representative to the appointed bankruptcy trustee once the Chapter 7 petition was approved.

The Armanino team supervised the creation of the documents needed for the bankruptcy filing, inspected company facilities, obtained keys and other assets of the company, and with the assistance of Murray and Murray Law, filed the bankruptcy petition. This was a difficult engagement due to very poorly maintained accounting records.