In my earlier post titled “The Violation Of Think3” I wrote:
In my book this is nothing less than the violation of a company. A systematic and planned violation. If you sell the IP of a software company how is it supposed to survive? What is the point in appointing a Chief Restructuring Office for a software company which no longer has its IP and hence a revenue stream? What is left to restructure? The whole point of restructuring is to re-negotiate payments and contracts so that the company can continue with its operations and return to profitability. Not deprive it of its precious assets and leave it to rot. So after restructuring does Think3 plan on cooking up another CAD and PLM system from scratch? WTF?
Yesterday I had an email conversation with Becky Roof, the Chief Restructuring Officer of Think3 Inc., and asked her some pointed questions:
Deelip: As Chief Restructuring Officer what exactly are you restructuring? Is it the debt, expenditure, revenue?
Becky: As CRO, I am charged with protecting the global think3 estate in order to maximize value to creditors. I am assessing the best way to do that.
Deelip: How many employees does Think3 Inc. presently have?
Becky: think3 has contracted with AP Services to provide temporary employees, including me, as necessary.
Deelip: It is my understanding that Think3 Inc. sold its IP to ESW Capital and kept the rights to sell the product range in China? If that is correct can you explain the benefit to Think3 Inc. from doing that?
Becky: Your information is not accurate. Please see the details in the CRO message posted on www.think3info.com.
Deelip: Now that Think3 Inc. does not have IP, what are its sources of revenue so that it can remain a viable company?
Becky: I am currently working through the best way to develop and market the China IP rights to provide a steady revenue stream. I am also investigating other global assets that think3 may own.
Deelip: How would you describe your negotiations with Dr. Andrea Ferri, the court appointed trustee of Think3 Italy?
Becky: I have met with Dr. Ferri and we have discussed ways to cooperate. To date, he has not provided me with certain information necessary to comply with US bankruptcy reporting requirements. As you may be aware, unlike Italy, bankruptcy in the United States is a very transparent matter to all constituencies, including creditors. I am hopeful that Dr. Ferri and I can continue to have productive discussions.
Today one of my readers left a comment saying that think3.com, the web site that Dr. Ferri took away from Versata, has started pointing to think3info.com, the web site that Becky Roof is running.
In all of this confusion I find some things quite interesting. Versata claims that Dr. Ferri doesn’t care about Think3 customers. All that he wants to do is see that the creditor’s get their money back. Becky belongs to AlixPartners, a company that specializes in bankruptcy reorganization, has herself admitted that she is “charged with the protection of the global Think3 estate in order to maximize the value to creditors“. Dr. Ferri claims that Versata has plundered Think3 and is trying to squeeze every bit of support revenue from Think3 customers.
Well, if there is some truth in what these people are saying then who the hell is actually looking out for the interests of Think3 customers?