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The financial numbers wouldn’t crunch right for computer-specialist InaCom Corp., so it turned to Delaware’s bankruptcy courts to get its businesses systems running smoothly again. InaCom filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in Wilmington June 16 after efforts to sell its technology management services division failed and it was forced to lay off more than 5,000 workers and cease operations. Omaha, Neb.-based InaCom listed $956.5 million in assets and $560.6 million in debts in its Chapter 11 petition. That makes it one of the largest Chapter 11s filed in Delaware so far this year. InaCom’s main business is selling customized computer systems, networks and telecommunications equipment to large and mid-sized companies. Its technology management unit also had been extremely profitable, racking up millions in sales of virus-detection software and technical support for computer networks. But a $794 million acquisition of money-losing rival Vanstar Corp. hurt InaCom, computer industry analysts say. That prompted a restructuring effort and sale of its computer manufacturing and sales operations to Compaq Computer Corp in February for $370 million. The company said in a statement that it filed for court protection and terminated “substantially all” of its business operations “as a result of financial and operational challenges it could not overcome.” Among the company’s largest unsecured creditors listed in court papers were Hewlett Packard of Mountainville, Calif., owed $28 million; Lucent Technologies of Chicago, owed $16.2 million; and Japan’s Toshiba Inc. unit, based in Irvine, Calif., owed $2.3 million. Creditors are already lining up to object to InaCom’s Chapter 11 filing. Compaq unit Custom Edge wants bankruptcy court to order InaCom to hand over $94 million in “misdirected funds” in its possession. Custom Edge sells computer hardware to businesses. It was formed to operate the manufacturing and sales units bought from InaCom. Until InaCom returns the $94 million, Compaq officials won’t pay off a $43 million bill they owe to InaCom, Custom Edge executives said in a release. InaCom is represented in the Chapter 11 case by Mark D. Collins, Daniel J. DeFranceschi and Paul N. Heath of Wilmington’s Richards Layton & Finger. The company also is represented by Myron Trepper and Paul V. Shalhoub of New York’s Wilkie Farr & Gallagher. The case is In Re InaCom Corp., No. 00-2426.

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