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An Eagle company that made a robot baby dinosaur toy has closed, dismissed its workers and filed for liquidation of its assets under federal bankruptcy law. Ugobe Inc., the maker of Pleo, filed under Chapter 7 of the federal bankruptcy code Friday in Boise. Ugobe (as in “you go be”) moved to Eagle from Emeryville, Calif., earlier this year. Its chief executive officer, Caleb Chung, drew nationwide publicity for his dinosaur, which had characteristics of a household pet.
The company said it sold 100,000 Pleo toys last year, collecting $20 million. An engineer and inventor, Chung also created the Furby, which became the “must-have” toy of the season when it was launched during the 1998 holiday season. More than 50 million of the google-eyed robotic Furbys were sold worldwide, according to the Ugobe Web site.
In the bankruptcy filing, Ugobe said it had assets of $1.6 million, including $1.5 million in machinery to make Pleo in Hong Kong, and liabilities of $3.6 million. Ugobe said it owes Chung $353,500 in unpaid royalties. Chung did not return a phone call requesting comment. Ugobe’s attorney, Bruce MacIntrye, with Perkins Coie in Seattle, said all of Ugobe’s employees had been let go, and the company is shut down. “Now it’s up to the trustee to identify the assets and decide how to get the most value out of them,” he said. A creditors meeting has been set for May 21. Chung also has become the poster boy for the Eagle-Star Technology Corridor.
Source: Idaho Statesman
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