14 Jan '12, 1pm

Fusion Garage goes into liquidation owing 40 million! | Dee Kay Dot As Gee

We should have seen it coming when Fusion Garage’s public relations firm McGrath Power and law firm Quinn Emanuel abandon them last month. But never did I expect them to owe creditors $40 million. Company founder Chandresekar Rathakrishnan apparently signed the liquidation documents on 5 January 2012. Maybe they are hoping that we won’t notice it as all the tech media are busy covering CES. According to Straits Times, Fusion Garage shareholders include Ernst & Young partner Choo Eng Chuan and The Hour Glass executive chairman Henry Tay Yun Chwan. The company had an investment of tens of millions of dollars from Malaysian mobile device maker CSL and other private investors. Right now, it is unsure how many people pre-ordered the Grid 10 tablet . (The Grid 4 Smartphone wasn’t even launched) But these customers are most likely not getting their money back. Those who have gott...

Full article: http://blog.dk.sg/2012/01/14/fusion-garage-goes-into-liqu...

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