SiliconBeat

Tvia, the troubled fabless chip company that filed for bankruptcy back in October days after its directors voted themselves $20,000 for past services and then promptly quit, evidently had a face-to-face meeting with a committee of its shareholders on Jan. 14 at which time it explained that its goal is to  liquidate the company, and that it viewed bankruptcy court as the best venue in which to conduct that process, so as to “distribute the maximum amount of assets to its stockholders after discharging its debts in full,” according to a filing Tuesday.

We first posted about Tvia in October 2007 when the company was forced to disclose a harsh memo from one of its former directors who quit over the refusal of the company’s board to replace its chief executive, Eli Porat. The disgruntled director complained that under Porat the company had to perform an audit investigation, contend with a suit by a group of investors that led to the conversion of millions in equity to debt obligations that became due in September 2007, had a sales team that “for over two years was committing seemingly criminal acts against the company, without being detected,” as well as a” stock option plan which was out of control,” among other things.

Back in October when the soon-to-depart directors voted themselves the $20K, they also agreed to pay Porat a $15,000 bonus per month for the next year in addition to his $240,000 annual salary, as long as he doesn’t quit.

In its last report to the bankruptcy court, Tvia said it had $3.3 million in cash as of Nov. 30 and total assets of $5.16 million and total liabilities of $122,948. It also announced receiving an order worth about $770,000, of which half would come from exiting inventories.