Publicly-held Computone Corp, based in Rosewell, Georgia, has fired its board and all of its officers for financial mismanagement and is restructuring in an attempt to avoid either Chapter 7 liquidation or Chapter 11 bankruptcy protection. Tom Anderson, former president of Computone’s now-defunct sister company Princeton Graphics Inc, has been named acting president and chief operating officer with John Freitag as Computone’s new chairman. The new team, brought in by the company’s largest investor, has laid off 30% of Computone’s staff and has already trimmed between $3m and $4m off the company’s overhead. It is asking creditors to forgive some debts and allow it to extend payments over 24 to 48 months. The majority have so far agreed. The company believes that its technology, Intelliport boards, clusters, servers and wide-area network boards, is far ahead of the competition.
