Defunct VoIP Inc. hit with involuntary bankruptcy suit

Just when you thought things couldn't get any worse for VoIP Inc.--the company suspended operations in February 2008 and is being sued by the SEC--three creditors are attempting to force the company into bankruptcy to recover about $789,000. Garyn Angel, Noctura Fund and Carrie Angel filed an involuntary petition against VoIP Inc. Tuesday in the U.S. Bankruptcy Court for Southern Florida. The entities, all early-stage investors in the company, are seeking $391,000, $245,559 and $152,172, respectively.

"The filing of the involuntary [bankruptcy] is not directly related to the SEC action, although I'm sure they will eventually overlap," bankruptcy attorney Craig Pugatch, who represents Noctua Fund, told the South Florida Business Journal. "A group of creditors have been attempting to collect assets. They believe assets are available."

The SEC suit claims a VoIP Inc. executive sold 4 million shares in the company for a $4.4 million profit while making knowingly false public statements about VoIP Inc.'s deteriorating financial health. The SEC suit seeks reclamation of that profit.

For more:
- see the South Florida Business Journal article here [1]