Zultys founder, Iain Milnes, has urged the channel to come forward and assist in funding the buy-out of the troubled telephony vendor, by tomorrow.
Milnes was preparing for a management buy-out (MBO) after the firm’s assets went up for auction yesterday, under Chapter 11. The deadline for final bids has since been put back to Wednesday (25 October).
As it stands Milnes has been outbid by two firms, Israel-based vendor Telrad Connegy and US reseller iPath, and needs additional funding to maintain control.
"I'm looking for another $1m, so if there are 100 resellers out there with $10,000, we are home and dry," Milnes told CRN.
Milnes confirmed he had been outbid by Telrad Connegy and iPath, and the final deadline had been delayed due to "confusion" surrounding the auction.
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