'); } -->
Ugobe Inc. dismissed its workers and filed for liquidation of its assets under Chapter 7 of the federal bankruptcy code Friday in Boise.
Ugobe ("you go be") moved to the Treasure Valley from Emeryville, Calif., earlier this year. Its chief executive officer, Caleb Chung, attracted nationwide publicity for his baby dinosaur toy, which had the 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.
Chung also became a poster boy for the Eagle-Star Technology Corridor, dubbed ESTech, to attract out-of-state technology firms to the Treasure Valley.
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 laid off, and the company is no longer in operation.
"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 is scheduled for May 21.
Story Comments
We welcome comments but ask that you remain on topic. Some comments may be reprinted elsewhere in the site or in the newspaper. Comments that are profane, personal attacks or otherwise inappropriate or are off topic are subject to removal. Repeat offenders will be blocked. Do not flag comments merely because you disagree with the comment.