Tom Paine
Philly-based Stream TV spent over a decade trying to establish a market for its no glasses required 3DTV technology.
On February 24 of this year, Stream TV filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 21-10433)
Stream TV defaulted on debts last year that included more than $50 million owed to secured creditors and $16 million to trade creditors.
Stream had raised about $160 million over the years from investors and has counted legendary telecommunications executive Leo Hindery Jr. among its directors.
On May 17, federal bankruptcy judge Karen Owens tossed out Stream TV Networks Inc.’s case, making it more difficult for the company to recover its technology for displaying three-dimensional images on flat screens. The bankruptcy filing was seen by the judge only as a bad-faith attempt by Stream to reclaim its intellectual property.
Stream TV’s unsecured creditors reach an agreement with its secured creditors that helped lead to the decision to dismissal.
Mathu Rajan, CEO of Stream TV, is also a cofounder of Trevose-based Zero Water.
There is a long, circuitous history behind this case, some of which is summarized in this 2020 case, Stream TV Networks, Inc. v. SeeCubic, Inc.
SeeCubic acquired Stream TV in 2020.
Stream TV shouldn’t be confused with a cable-based product of the same name.