Syntax-Brillian Corporation Faces SEC Litigation
The Securities and Exchange Commission has instituted an administrative against Syntax-Brillian Corporation.
In anticipation of the institution of these proceedings, the respondent has submitted an Offer of Settlement which the Commission has determined to accept. Without admitting or denying the findings, the respondent consented to the entry of this Order.
Syntax-Brillian Corporation, a Delaware corporation headquartered in Tempe, Arizona, developed and marketed, among other things, high-definition liquid crystal display televisions.
On July 8, 2008, Syntax and its related privately-held companies Syntax-Brillian SPE, Inc., and Syntax Groups Corporation, each filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. Syntax has had no ongoing operations since it filed for bankruptcy.
On July 6, 2009, the Bankruptcy Court entered an order confirming the Debtors’ liquidation plan that created the Lender Trust and SB Liquidation Trust that hold the assets of the Debtors. On July 7, 2009, the effective date of the liquidation plan, the Trusts were formed and came into being. Geoffrey L. Berman was appointed to serve as the trustee of the Trusts on the same date.
On July 22, 2008, NASDAQ suspended trading in Syntax’s common stock and delisted the common stock effective September 25, 2008 based on Syntax’s bankruptcy filing and failure to comply with exchange rules.