The former Ultimate Corp, which changed its name to Allerion Inc at the beginning of this year, has not won itself any better luck with the change of name. The East Hanover, New Jersey Pick-popper and its Ultimate Data Systems Inc unit have filed a voluntary petition for reorganisation under Chapter 11 of the US bankruptcy code. Allerion says it intends to reorganise its financial structure quickly and strengthen its operations. In September, its largest shareholder, Norman Elowitz, signed to buy up to 4.7m restricted shares over the next year at an average 42 cents a share, to inject about $2m into the company.
