Pantech Files for Bankruptcy
Pantech filed for court receivership today, which is the South Korean equivalent of declaring Chapter 11 bankruptcy. The company has seen its share of the global market drop precipitously. More importantly, it is no longer able to compete against the likes of LG and Samsung in its home market, according to The Wall Street Journal, where a month long sales ban further crippled the company. Pantech has spent the last few years juggling with its finances. Last year, it accepted investments from Samsung and Qualcomm, which own 10% and 12% of the company, respectively. Even with these investments, Pantech owes creditors about $961 million - or double the amount of assets its has. Pantech only brought three models to the U.S. in 2013, and hasn't brought any in 2014. If Pantech's court receivership is accepted by the bank, it will have about a year to come up with a restructuring plan.
Turing Robotic Industries Declares Bankruptcy
Turing Robotic Industries, a company that promised to create a sleek, secure smartphone nearly three years ago, has moved into insolvency. TRI was located in Finland and formed by some ex-Nokia employees.
Korea Blasts Qualcomm with $865M Fine
Qualcomm this week refuted accusations made by the Korea Fair Trade Commission that it has violated Korean antitrust laws. The KFTC says Qualcomm has abused its dominant position in the market with unfair and unnecessarily broad licensing practices for wireless technology and modems.
Court Says Samsung Phones Should Have Been Banned
An appeals court today said a lower court was wrong to deny Apple's request of an injunction against select Samsung smartphones. In May 2014, a jury awarded Apple $120 million in a case against Samsung concerning patents.
Appeals Court Says Samsung Owes Apple $120M
A federal appeals court today reinstated a $120 million patent verdict against Samsung. Samsung was initially found to be infringing on Apple's slide-to-unlock and autocorrect patents in 2014.