PhotoHighway.com Files For Chapter 7 Bankruptcy

Photography site PhotoHighway.com Inc., Monterey, Calif., USA, filed for Chapter 7 bankruptcy May 18, more than a month after its parent, digital photography software company IXLA Ltd., East Burwood, Victoria, Australia, shut down the business and terminated all of its employees. In documents filed with the United States Bankruptcy Court in the Northern District of California, San Jose Division, IXLA is listed as the only creditor holding a secured claim. IXLA has a lien valued at .7 million on "intellectual property consisting of copyrights, license agreements and trademarks." Other creditors hold unsecured nonpriority claims of /var/www/cgi-bin/mt/mt.cgi.9 million for such services as Web design, insurance, and payroll services.

Ah yes -- about this time a year and a half ago everybody was wondering how us "little" guys were going to be able to survive with the giant Internet portal sites taking away all of our traffic ...