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.
Questions remain about how the company’s closure will impact the credit unions that use Pano Logic’s system. The $701 million Vantage Credit Union of Bridgeton, Mo., which has been on Pano Logic’s Pano System for VDI for about two years, said it hasn’t been able to reach the vendor for at least two weeks.
The $3.4 billion Redstone Federal Credit Union of Huntsville, Ala. recently announced it was replacing 75% of its PCs with devices from Pano Logic, and later said the credit union’s legal and IT teams were reviewing the situation.