Ugobe Inc., maker of Pleo, goes extinct
Associated Press, 04.21.09, 09:55 PM EDT



The company that created the animatronic dinosaur toy dubbed "Pleo" has itself gone the way of the dinosaur.

Ugobe Inc. filed under Chapter 7 of the federal bankruptcy code last Friday in Boise. The company moved to Eagle, Idaho from Emeryville, Calif. last year, sparking hopes among local and state leaders that it would become a cornerstone of the planned Eagle-Star Technology Corridor.

The interactive robot toy Pleo - which retails for between $280 and $350 - was hailed as one of the best inventions of 2006 by Time Magazine and the toy made the national news show circuit.

The bankruptcy filing lists $1.6 million in assets and $3.6 million in liabilities. Ugobe's attorney, Bruce MacIntyre of Perkins Coie in Seattle, told The Idaho Statesman that all of Ugobe's employees had been let go and the company is shut down.

MacIntyre told the Idaho Business Review that a trustee will be appointed to take over the company's assets, which include 16 patents, 60 invention disclosures to document potential patents and a number of trademarks.

"Clearly there's a value there," he said. "The only way to find a price on that is to find a buyer who's willing to pay a price for it."

Ugobe's debts include $353,500 in royalties owed to each of its co-founders, Caleb Chung and Derek Dotson, as well as more than $600,000 owed to Hong Kong company Jetta Co. Ltd.

The company had preliminary discussions with several potential buyers before the bankruptcy filing, MacIntyre said, but they wanted to wait for the court process to move ahead.

A creditors meeting has been set for May 21.