Credit Union Times has learned that Pano Logic, the Redwood City, Calif.-based virtual end user system provider that apparently vanished in front of its clients, including at least three credit unions, has filed an Assignment for the Benefit of Creditors.
A spokesman for the Mountain View, Calif.-based business advisory firm Sherwood Partners, LLC said his firm is serving as Pano Logic's assignee, but declined further comment.
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Under an ABC, an alternative to bankruptcy, a company hires a third-party assignee — in this case, Sherwood — to monetize its assets to best satisfy the company's creditors.
Pano Logic has not yet confirmed or released any comment regarding its status. Attempts to reach Aly Orady, the company's co-founder and chief technology officer, via email and Facebook have been unsuccessful, and calls to Pano Logic's headquarters only led to staff voicemail messages.
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