Incline's HDGiants files petition for Chapter 11 reorganization

An Incline Village company that markets delivery of high-definition movies and music to consumers with home theaters seeks to reorganize under the protection of Chapter 11 of the federal bankruptcy code.

HDGiants Inc. filed the bankruptcy petition in Reno, listing assets of between $1 million and $10 million. Liabilities fall into the same range, the company said.

No one answered phone calls to the company's office last week, and e-mail requests for interviews bounced back.

Scott Bahneman, co-founder and chief executive officer of HDGiants, is also its biggest creditor. He's owed $2.9 million.

Friendly Capital Partners, a Reno company that's listed as a 38.8 percent owner of HDGiants, is owed $1.6 million. Toyon Investments, also of Reno, is owned $500,000.

Also among the major creditors is Sony Music Entertainment, which is owed $1 million by HDGiants.

The company is represented by Reno attorney Stephen R. Harris. A meeting of its creditors is set for June 22 in bankruptcy court.

HDGiants was created by high-tech veterans Bahneman and John G. Williams in 2003.

Their plan: Develop a proprietary platform to deliver high-definition entertainment directly into home-entertainment environments through media servers developed by partner companies.

It has been working recently, for instance, to integrate its HD Media Store software into a hard-disc media server developed by Imerge, an British company.

Before launching the video and music-delivery company, Bahneman was known as an expert in electronic transaction banking services and had founded Logix Companies, an electronic banking company that was sold to Concord EFS in 2002.

Williams, who has worked as vice president of business development of HDGiants, was the founder and chief executive executive officer of Jetcast.com, a company that distributed content via broadband, before HDGiants was launched.

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