Dibbs files petition in bankruptcy court for liquidation
Its checking account completely drained and facing imminent eviction, Reno’s Dibbs Inc. seeks to liquidate under the protection of federal bankruptcy court.
Amid fanfare, the company launched a Reno entertainment calendar for mobile devices in 2010, and expanded its reach into the San Francisco and Atlanta markets.
Revenues, however, proved elusive.
Dibbs says in its bankruptcy filing that its revenues last year totaled $3,000, and its sales for the first few weeks of this year dwindled to $400.
The company’s assets at the time of the bankruptcy filing this month were essentially nothing, although it owns intellectual property that has yet to be valued.
Its debts totaled $628,445. Included in that total is $475,112 owed to Erin Loony, its technology chief, and $41,560 owed to Mitch Ziegler, its chief executive for the past year.
Basin Street Properties, its landlord at 50 W. Liberty St., was owed $35,000, and back taxes totaled about $15,000.
A meeting of the company’s creditors is scheduled in bankruptcy court on March 18. Federal Bankruptcy Judge Bruce Beesley oversees the case. Reno attorney Nathan Zeltzer represents Dibbs Inc.
The governor’s newest directive opens the door for live sports, entertainment and events to begin, though with restricted capacity. It also sets a 1,000-person capacity limit on trade shows, business conventions and other conferences.