financial collapse

Bitwise Files for Bankruptcy in Delaware Federal Court – GV Wire

In a move anticipated since the financial collapse of the company, Fresno-based Bitwise Industries has filed for bankruptcy.

The Wednesday filing in a Delaware federal court seeks Chapter 7 bankruptcy protection for several Bitwise corporations — BW Industries Inc.; Bitwise Industries, Inc.; BWRD, LLC; Alpha Works Technologies, LLC; and Bruce’s Bagels, Beverages and Bites, LLC.

“The Companies do not have sufficient capital to maintain operations and the impact of the foregoing on such Company’s businesses,” the petition said.

The company lists $253 million in assets, most coming from its main company Bitwise Industries ($212 million).

906 Ventures, LLC, a Denver-based company, is listed as its top creditor at $10 million “plus unliquidated amounts.” The bankruptcy filing also lists 906 Ventures with a $15.5 million claim.

The filing lists accounts in six different banks, all with relatively small balances — none more than $223,000. However, there is an “unknown” balance at Central Valley Community Bank, and a negative balance ($2,700) at First Republic Bank.

On Wednesday, GV Wire reported that federal and state investigators are probing Bitwise’s financial collapse.

Bitwise’s Collapse

The goal of Bitwise, celebrating its 10th year, was to provide high-tech opportunities to underserved communities. Founded by locals Jake

Read the rest