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LA TimesHollywood payroll company Axium files for liquidation
By Kim Christensen and Andrea Chang, Los Angeles Times Staff Writers
January 9, 2008
A top Hollywood payroll services company filed a liquidation bankruptcy action Tuesday, a day after it sent its employees home and told them not to come back to offices in Los Angeles, New York, Toronto and London.
Axium International Inc., based at 5800 Wilshire Blvd. in Los Angeles, was one of three major companies that process payrolls for and provide related services to production companies, studios, trade unions and other industry clients.
The Chapter 7 petition, filed in U.S. Bankruptcy Court in Los Angeles, shed little light on why the company suddenly went belly up, except to note that it "lacks sufficient liquidity or other resources" to meet its financial obligations.
Axium executives told employees in e-mail messages Monday and Tuesday that the company had fallen victim to a "liquidity crisis" that forced it to cease all operations, said Randy Klinenberg, who headed RightsMax, the company's rights-management software unit.
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