A bankruptcy judge threw out Stream TV Networks Inc.’s chapter 11 case, saying it was a bad-faith attempt to reclaim technology assets the venture turned over to secured lenders.
Judge Karen Owens of the U.S. Bankruptcy Court in Wilmington, Del., said the Philadelphia-based corporation, which filed for chapter 11 protection in February, had little if anything in the way of business operations, revenues, assets or employees. The judge also said she didn’t believe financial distress was a motivating factor in its bankruptcy.
