January 4, 2012 | last updated January 4, 2012 3:40 pm

TechMaine files for bankruptcy

TechMaine, the statewide trade association for technology companies that disbanded last fall, has filed for Chapter 7 bankruptcy.

In a filing dated Dec. 28 and reported by the Bangor Daily News, Portland-based TechMaine listed nearly $20,000 in unpaid debts to a handful of unsecured creditors, including Anthem Blue Cross Blue Shield, Gren Blackall of Gorham Savings Bank and MEMIC, owed a few hundred dollars each. The largest creditor is former executive director Joe Kumiszcza, who's owed more than $16,000 under terms of a severance agreement of health insurance and other expense reimbursement. John Spritz, who was hired as director in July, is owed $409 in reimbursed storage costs. TechMaine estimated it has up to $50,000 in assets and as much in estimated liabilities, and indicated that, after administrative expenses are paid, it will likely not have funds available for distribution to unsecured creditors.

In October, TechMaine disbanded after two decades, citing economic challenges and a 20% drop in membership over the last couple of years. According to its filing, the association generated $240,155 in income in 2009, which dropped to $163,755 in 2010 and $142,913 in 2011. TechMaine filed as a tax-exempt corporation.


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