Having filed for
Chapter 11 bankruptcy protection late last month, Psystar has been
forced to disclose what it owes and to whom. While the greatest amount
of debt comes from a loan from the company’s founder, another chunk is
owed to Carr & Ferrell, the lawfirm that has represented Psystar in
its major battle with Apple over their Mac clone machines.
In
its petition for Chapter 11, the Florida-based company does not cite
legal costs as the main cause of bankruptcy, but instead attributes it
to a “weakened economy”, which has lead to decreased sales of its Mac
clone. Psystar has also blamed the effect of the recession on
suppliers.
Regardless, Psystar is promising to
come out of bankruptcy with increasing profits and paid off debt. The
next chapter in Psystar’s bankruptcy proceedings will happen today,
when the company will hand over its tax returns and financial
statements for analysis.
