From Potomac Tech o Fairfax-Based Xybernaut Mulls Reorganization, Asset Sale Fairfax, Va. -- Xybernaut, the troubled Fairfax-based maker of wearable computer products, said on Thursday that its management has met with a newly formed equity committee as part of its Chapter 11 bankruptcy proceeding in the U.S. Bankruptcy Court for the Eastern District of Virginia. The two sides discussed several options for the company, including reorganization or possibly selling off its intellectual property and assets. "It is the overarching objective of both the company and the equity committee to provide as much value as possible to the company's shareholders," Xybernaut said in a statement. Xybernaut's troubles begin in April, when brothers Edward and Steven Newman, the company's CEO and president, respectively, were forced to resign following an investigation by the board's audit committee. Among other allegations, the company charged that Edward Newman used "substantial" company funds for personal expenses and failed to properly substantiate expenses charged to the company, and that both impeded an internal investigation. http://biz.yahoo.com/prnews/050915/nyth030.html?.v=25 _______________________________________________ Wear-Hard mailing listhttp://www.haven.org/mailman/listinfo/wear-hard
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