Trinsum (Marakon), quietly filed for Chapter 11 at the end of January and is now in a "persistent vegetative state". The website (www.trinsum.com) is still up right now, but with only a short formal notice:<i>Trinsum Group, Inc., a holding company, announced this week that it has filed a voluntary petition under Chapter 11 of the Federal Bankruptcy Code in the United States Bankruptcy Court in the Southern District of New York. The Chapter 11 proceeding does not include the Company's operating subsidiaries, including its consulting subsidiary, and their operations will not be affected. During the past several months, the Company had explored a number of alternatives to strengthen the Company's financial base, resolve certain legal issues, and dispose of non-core businesses outside of Bankruptcy. Despite some progress, the Company concluded that the Chapter 11 route provided the most efficient mechanism to achieve its goals with minimal disruption to each of its businesses. "We have come to the conclusion that our businesses are better off as focused and independent entities," said James McTaggart, current Chairman of Trinsum. "The goal of the reorganization is to separate each of these businesses in order to permit each to continue to operate independently of one another as strong and focused concerns."</i>A temporary website has put up on the resurrected www.marakon.com whilst buyers are sought for each of the firm's offices and assets. Per previous posts on this forum, it did not prove viable to sell or run the consulting business as one unit. Junior employees have been put on notice and advised to seek new positions; senior employees have been bound in to assist with the transfer of ownership and intellectual capital, and the wind-down of client obligations.Not entirely unforeseen for those who worked there in recent years, but not much fun either.
