Xyience filed under Chapter 11 in March of 2008

Xyience filed under Chapter 11 in March of 2008, which provides protection from creditors and allows the company to try and put together a reorganization plan to be administered by the courts.But that’s not what makes the whole story interesting.This is:
“(The) negotiations, however, were derailed by a campaign of intimidations and threats led by company founder and former CEO Mr. Pike, Terry Cardenas, Ronald Solomon and Rick Klingenberg,” he said.
“Mr. Klingenberg and his brother David Bergstrom stormed into the Xyience office, cornering (Chief Financial Officer) Michael Levy in an office and refusing to allow Mr. Levy to depart until their demands were met,” according to Sattar’s filing.If their mother wasn’t paid, Klingenberg and Bergstrom said “somebody was going to … get killed,” Sattar said. They demanded $20,000 “or else they would return the next day with guys who had a 100 percent collection rate,” according to Sattar’s filing.Frank and Lorenzo Fertitta own the UFC - it also happens that they’re creditors of Xyience with $12.5 million in unsecured claims and $5.3 million in secured claims against the troubled company according to the filing. The Fertittas and the UFC did not immediately comment on the situation.“We’re excited about the opportunity (to reorganize the company), ” he said. “Xyience has a great brand name and has a strong affiliation with the UFC.”According to the Las Vegas Review-Journal, there is more than a little drama involved in the filing - and it’s aftermath - as well.“Associates of Mr. Pike and Mr. Klingenberg made threats of physical violence against Xyience management and board members and, on at least one occasion, showed up uninvited at the home of one member of management,” Sattar said in bankruptcy court filings.