Standard MEMS files for Chapter 11

Sept. 19, 2002 — Standard MEMS, a Burlington, Mass., MEMS provider, has filed for Chapter 11 bankruptcy protection in Delaware, according to Glenn Fricano, former vice president of engineering and fab operations manager.

The company’s Hauppauge, N.Y., and Milpitas, Calif., fabs are both closed and more than 10 judgments were delivered to the New York facility before it was shuttered, Fricano said. According to court records, at least three lawsuits are pending.

Secured creditors include sensor manufacturer Kavlico Corp. of Moorpark, Calif., Copelco Capital of Mount Laurel, N.J., and rock star Peter Gabriel of Corsham, England, according to Uniform Commercial Code filings and Fricano, who said there are 220 shareholders in the company.

Fricano said Gabriel was an early investor in the company and is a large stockholder. He said Gabriel’s secured investment early this year was a bridge loan until a next round of financing. Representatives of Gabriel have declined repeated requests for an interview.

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