Software Firm Seeks Chapter 11 Protection
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TMM Inc., a small Thousand Oaks firm that develops software for the entertainment and telecommunications industries, has filed for Chapter 11 bankruptcy protection.
Daniel P. Shields, the firm’s chief executive, said the action was taken as a result of a dispute with Gregory F. Martini, a major creditor.
Shields said TMM failed to restructure a $1.8-million debt owed to Martini.
“If we hadn’t filed the petition, he could have forced a sale of company assets,” Shields said.
TMM had revenues of only $500,000 in 1993 but is on the verge of a marketing breakthrough because of its capabilities in such fields as CD-ROM data storage, Shields said.
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