Compudigm owes more than $10 million

Receiver is selling assets, including the company's non-gaming software

Data visualisation software developer Compudigm, which was placed in receivership at the end of March, owes more than $10 million.

Receiver John Fisk, of PriceWaterhouseCoopers, says that as of January 31, financial statements show the one-time Kiwi technology high-flyer has liabilities, including current shareholder accounts, of $10.7 million.

“We are currently bringing accounting records up to date to establish the total amount owing to creditors,” he says.

Fisk told Computerworld last week his role was to sell the assets, including the company’s non-gaming software.

SeePower, the gaming software for which the company is most famous, was sold to Bally Technology last year.

“The recovery for secured creditors will largely depend upon how much the non-gaming software can be sold for,” Fisk says. “At this stage, it is too early to give an indication of the value of this software.”

Based in Wellington, Compudigm was run operationally from Las Vegas, after it made several sales of its seePower software to gaming operators in the US, Australia and Macau.

The company entered receivership on March 28, and Fisk sent home its 15 employees in Wellington and eight in the US. A few remain who are working with the receiver.

Compudigm has naming rights on a building in Wellington’s Boulcott Street.

Compudigm was founded in 1997 by Andrew Cardno and Craig Soper. Cardno was chief executive until last year. He resigned from his directorship in July 2007.

Soper retired as managing director in 2001. He was subsequently appointed to the board of Maori TV and to the FoRST advisory board. He is listed as still holding 8.5 million shares.

The company’s business partners included Sybase, Teradata and Bally Technologies.

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