Syntax-Brillian破產

Syntax-Brillian這家在NASDAQ掛牌的HDTV品牌商，歌林是其主要的股東，7/8發佈破產訊息。Syntax-Brillian從去年第三季的財報出現大幅虧損，去年第四季的財報更是遲未公佈，即被NASDAQ警告會被delist。Syntax-Brillian宣佈破產後，歌林即將1.44億新台幣的投資改列為虧損。

Syntax-Brillian目前股價只剩下$0.03，鐵定跟NASDAQ說再見了。

先看看管理階層的落跑大戲。

今年四月初時，董事長兼執行長James Li下罪昭己，自願將年薪減到USD$1。四月底時，兩位副執行長落跑，五月底時，有兩位董事請辭。在發佈破產的前四天，董事長兼執行長James Li落跑，由Greg Rayburn接任，隔天，原任Syntax-Brillian的董事鄭世杰（南茂科技董事長）也跟著落跑。所以，當公司在風雨飄搖之際，突然你被高升，不是要考驗你的能力，就是要你來擦屁股啦！這就是上班族啊！

再看看經營的問題。今年二月時，竟發生賣到中國通路商的LCD TV賣不出去，於是摸摸鼻子買回後，再賣到米國市場。很明顯地，應該是Syntax-Brillian把貨想辦法塞給通路商，超過通路商能賣的量，最後還是得認賠買回，出來混的，總有一天要還的。從財報也可以看出這個問題。以2007年第三季的季報，多了一項Unusual Expense，達USD$28.3，把當季獲利打成紅字。Unusual Expense可包括的範圍很廣，例如客戶代墊、應付第三方等，都可列入。這筆費用的發生，八成跟塞貨塞出問題有關。

在大市場玩TV品牌這件事，在群獅環伺下，小品牌毫無抵抗之力啊！

Syntax-Brillian files for bankruptcy
Yvonne Yu, DIGITIMES, Taipei [Wednesday 9 July 2008]

Syntax-Brillian Corporation (SBC) has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code and the company announced that it has entered into an asset purchase agreement to sell Vivitar, the company's brand of digital still and video cameras to Olevia International Group (OIG), which is under common ownership with the TCV Group.

TCV Group is one of Syntax-Brillian's original partners for industrial and mechanical design and it provides the plastic injection molded parts for the Olevia branded high-definition widescreen LCD televisions. Under the terms of the transaction, in exchange for the purchased assets, Olevia International Group has agreed to assume $60.0 million of Syntax-Brillian's secured debt, according to a company press release.

A major Syntax-Brillian's investors, Taiwan-based home appliance maker Kolin responded yesterday (July 8) by stating that the company's investments in SBC totaled NT$144 million (US$4.74 million) and that investment was lost after SBC applied for restructuring.

The new operating company, TCV group will accept SBC's rights and duties for Kolin including all Kolin's accounts receivable, according to the company announcement.

This is not the first time SBC has faced problems in the market in 2008. The company delayed the reporting of its fiscal second quarter 2008 (ending December 31, 2007) and it was threatened with possible delisting from Nasdaq. In March of this year, the Federal Communications Commission (FCC) also issued a forfeiture order against SBC for violatating digital television rules concerning the importation and interstate shipment of analog televisions.