Ugobe files for Chapter 7 bankruptcy

Ugobe Inc. dismissed its workers and filed for liquidation of its assets under Chapter 7 of the federal bankruptcy code Friday in Boise.

Ugobe ("you go be") moved to the Treasure Valley from Emeryville, Calif., earlier this year. Its chief executive officer, Caleb Chung, attracted nationwide publicity for his baby dinosaur toy, which had the characteristics of a household pet.

The company said it sold 100,000 Pleo toys last year, collecting $20 million.

In the bankruptcy filing, Ugobe said it had assets of$1.6 million, including $1.5 million in machinery to make Pleo in Hong Kong, and liabilities of $3.6 million.

Ugobe said it owes Chung $353,500 in unpaid royalties.

Chung did not return a phone call requesting comment. Ugobe's attorney, Bruce MacIntrye, with Perkins Coie in Seattle, said all of Ugobe's employees had been laid off, and the company is no longer in operation.

"Now it's up to the trustee to identify the assets and decide how to get the most value out of them," he said.

A creditors' meeting is scheduled for May 21.

http://www.idahostatesman.com/business/story/741879.html

Ugobe Update

Well Ugobe has moved servers once again & has told the media that a press release outlining its future will be sent out in the coming weeks.

The latest public information surfaced in an article by the Idaho Business Review
http://www.idahobusiness.net/archive.htm/2009/04/03/Is-Pleo-headed-for-extinction

Also New York-based Arrow Electronics alleges the company is in breach of contract for failing to pay for more than $284,000 worth of electronics products. Arrow said it is suing to recover the amount owed by Ugobe, plus attorneys’ fees.

New forum for fans @ http://bobthepleo.com/forums/index.php?board=2.0

You may want to check http://idea.sec.gov/ for company filings over the coming weeks....