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Eyeglass manufacturer files for Chapter 7

A company best-known for its advances in eyeglass technology has had the foresight to file for bankruptcy following a period of economic downturn, according to business news. PixelOptics is known to South Carolina residents as a forerunner in electronic eyewear, the brainchild of renowned innovator Doctor Ron Blum. While the optician has not had a day-to-day hand in the running of his company in several years, it was his decision to file the Chapter 7.

A challenge facing the processing of this filing is tied up in the company's assets. PixelOptics has the rights to over 400 current and pending patents across the country, mostly to do with optical technology. While the potential for revenue intrinsic to these holdings is considerable, the intellectual nature of the assets makes it difficult to nail down an exact dollar amount to ascribe to each. Regardless, the company suspects demand for the patents will be high.

The company is perhaps best-known for its development of auto-focusing eyeglasses, intended to replace bifocal and multifocal lenses in the coming years. It is hoped that with the Chapter 7 filing taking care of the satellite company's debts, Doctor Blum's parent company The Egg Factory will continue to push the boundaries of assisted vision in years to come. Doctor Blum intends to remain in control of the parent company even after the dissolution of PixelOptics.

In an era dominated by economic uncertainty, even the most innovative of companies can sometimes find themselves in unfortunate fiscal situations. A Chapter 7 filing, as many South Carolina residents are aware, offers the opportunity to wipe the slate of existing debt. This can allow innovators to move forward towards financial security, allowing them to get back to the work of changing the world for the better.

Source: roanoke.com, Roanoke County eyeglass innovator PixelOptics files for bankruptcy, Duncan Adams, Nov. 5, 2013

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