• Report: #2912

Complaint Review: Fountain Technologies, Inc. AKA Quantex

  • Submitted: Sun, August 13, 2000
  • Updated: Sun, August 13, 2000

  • Reported By:Tempe Arizona
Fountain Technologies, Inc. AKA Quantex
50 Randolph Road Somerset, New Jersey U.S.A.

QUANTEX aka Fountain Technologies, Inc. files for Bankruptcy AKA Cybermax, Pionex, Inteva, Quantex , and VCStore STILL SELLING TO CONSUMERS!!!

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Subj: ~~ URGENT ~~
Date: 8/11/00 11:39:11 PM US Mountain Standard Time
From: QuantexWhistleBlower@4U.net (Preston Ward)
To: info@badbusinessbureau.com


Can you put a short blurb up on your main page about Quantex? They have just filed for bankruptcy - you can verify this at:

Fountain Technologies also owns Cybermax, Pionex, Inteva, Quantex ,and some others I can't think of at the moment. I have put up everything I know about it currently at my quantexsucks.org site.

Quantex (and the other companies too I suspect, in addition to the VCStore line that they market on television) is STILL SELLING TO CONSUMERS!!!

I just checked and Quantex's web site is still up and operational.

People are still being ripped off and they don't even know the parent company has gone bankrupt!


United States Bankruptcy Court
Southern District of New York

Notice of Bankruptcy Case Filing
A bankruptcy case concerning the debtor(s) listed below was filed under Chapter 11 of the United States Bankruptcy Code on 08/10/2000 at 8:04 PM.

Fountain Technologies, Inc. AKA Quantex
50 Randolph Road
Somerset, NJ 08873
Tax id: 13-3262428

The case was filed by the debtor's attorney:
Abraham Backenroth
Backenroth & Grossman, LLP
885 Second Avenue
New York, NY 10017
(212) 593-1100

The case was assigned case number 00-13695 to Judge Burton R. Lifland.

The filing of a bankruptcy case automatically stays certain actions against the debtor and the debtor's property. If you attempt to collect a debt or take other action in violation of the Bankruptcy Code, you may be penalized.

If you would like to view the bankruptcy petition and other documents filed by the debtor, they are available at our Internet home page http://ecf.nysb.uscourts.gov/index.html or at the Clerk's Office One Bowling Green, Room 511, New York, New York 10004.

You may be a creditor of the debtor. If so, you will receive an additional notice from the court setting forth important deadlines.

Kathleen Farrell , Acting Clerk of Court
Clerk, U.S. Bankruptcy Court

-- Fountain Technologies/Ch 11 -2 Lists Assets Of $18.2M --

FFBN SOURCE Bankruptcy



WASHINGTON (FFBN)--Fountain Technologies Inc. filed a Chapter 11
petition in the U.S. Bankruptcy Court in Manhattan Thursday.

President M.T. Chang listed the company's assets as $18.2 million
and liabilities as $80 million in a sworn statement accompanying the petition.

He also noted that all of Fountain's liabilities are unsecured.

Chang said the company's accounting procedures "failed to keep pacewith the debtor's growing needs. Consequently, as of about 1999, the debtor was unaware that it was actually losing money," and mounting pressures from creditors and vendors prompted the filing.

The company, based in Somerset, N.J., and formed in 1984,
manufactures standard and high-end IBM-compatible personal computers.

Fountain has hired Abraham Backenroth of Backenroth Frankel & Krinsky LLP, New York as its bankruptcy counsel.

This is a list of Fountain Technologies' 20 largest unsecured creditors:

Creditor Amount

--------- -------

Intel Americas Inc. $13,209,288
2200 Mission College Blvd.
Santa Clara, CA 95052

Microsoft Corp. $3,973,080
One Microsoft Way
Redmond, WA 98052

AMD $3,678,325
One AMD Place
Sunnyvale, CA 94088-3453

Federal Express $3,065,314
2690 Hus Ct.
Union, NJ 07083

Maxtor Corp. $2,609,326
510 Cottonwood Dr.
Milpitas, CA 95035

Nvidia Corp. $2,099,100
3535 Monroe St.
Santa Clara, CA 95051

Toshiba America Electronic Co. $1,930,100
1060 Rincon Circle
San Jose, CA 95131

3DFX Interactive $1,897,922
4435 Fortran Dr.
San Jose, CA 95134

Bell Microproducts Inc. $935,915
1941 Ringwood Ave.
San Jose, CA 95131

Western Digital Corp. $905,915
8105 Irvine Center Dr.
Irvine, CA 92718

Hyundai Corp. $857,327
300 Sylvan Ave.
Englewood Cliffs, NJ 07632

S3 Incorporated $688,750
2801 Million College Blvd.
Santa Clara, CA 95052-8058

Spectek $511,501
902 East Karcher Rd.
Nampa, ID 83687

Nissei Sangyo America, Ltd. $451,164
765 Ravendale Dr.
Mountain View, CA 94043

Digitan Systems, Inc. $420,771
2363 Bering Drive
San Jose, CA 95131

IBM Corp. $350,000
5600 Cottle Rd.
San Jose, CA 95193

3 Com Corp. $241,516
3800 Golf Road
Rolling Meadows, IL 60008

MCI Worldcom Wireless $240,505
P.O. Box 5211 GPO
New York, NY 10087-5211

Delta Products Corp. $234,300
5101 Davis Dr.
RTP, NC 27709

Altec Lansing $197,612
Rt. 6 and 209
Milford, PA 18337

Case No.: 00-13695-brl
Office: Manhattan
Filed 08/10/2000

Fountain Technologies, Inc.
Judge Burton R. Lifland
Case type bk Chapter 11
Notice of Bankruptcy Case Filing
(see http://ecf.nysb.uscourts.gov/cgi-bin/iquery.pl?510876139526367-L_362_0-0-22029)

A bankruptcy case concerning the debtor(s) listed below was filed under Chapter 11 of the United States Bankruptcy Code on 08/10/2000 at 804 PM.

Fountain Technologies, Inc.
50 Randolph Road
Somerset, NJ 08873
Tax id 13-3262428

Judge(s) for 00-13695-brl
Burton R. Lifland
U. S. Custom House
6th Floor, Room 624
1 Bowling Green
New York, NY 10004
212 668-5663

ASSIGNED 08/11/2000
Attorneys for case 00-13695-brl
Abraham Backenroth
Backenroth & Grossman, LLP
885 Second Avenue
New York, NY 10017
(212) 593-1100
Fax (212) 644-0544

representing pty
Fountain Technologies, Inc.
50 Randolph Road
Somerset, NJ 08873
U.S. Trustee
United States Trustee
Office of United States Trustee
33 Whitehall Street
21st Floor
New York, NY 10004
(212) 510-0500

Filing Date # Docket Text
08/10/2000 1 Voluntary Petition (Chapter 11). Order for Relief ntered. filed by Abraham Backenroth of Backenroth & Grossman, LP on behalf of Fountain Technologies, Inc.. Chapter 11 Plan due by 12/8/2000, Disclosure Statement due by 12/8/2000, Incomplete ilings due by 8/25/2000, List of Creditors Disk due by 8/21/2000, Initial Case Conference due by 9/11/2000, (Attachments # 1 Corporate Resolution# 2 Local Rule Affidavit)(Backenroth, Abraham) (Entered 08/10/2000)

08/11/2000 Receipt of Voluntary Petition Filing Fee (Chapter 11). Receipt Number 108915 (Tetzlaff, Deanna) (Entered 08/11/2000)

TO varify this information, please got to
http://ecf.nysb.uscourts.gov/cgi-bin/iquery.pl?510876139526367-L_362_0-0-22029 )

This report was posted on Ripoff Report on 08/13/2000 12:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/Fountain-Technologies-Inc-AKA-Quantex/Somerset-New-Jersey/QUANTEX-aka-Fountain-Technologies-Inc-files-for-Bankruptcy-AKA-Cybermax-Pionex-Inteva-2912. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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