Graphics Information Technology Inc, Denver-based software company, has filed for protection under Chapter 11. It’s something of a hat-trick for chief executive Kelly Hickel, who attempted to salvage MiniScribe Corp and PrairieTek Inc, but saw both end up in the bankruptcy proceedings. Graphics’ assets stood at $2.6m but debts had reached $4.6m by the time of filing, according to Electronics News. The company, which specialises in geophysical mapping programs and databases, has been negotiating an assets sale with Delaware-based Graphic Information Technologies Inc in an attempt to generate cash. But as yet, there is no indication of a successful conclusion to the talks. Hickel was hired as MiniScribe’s president in 1989 by Q T Wiles, himself oft described as a turn-around artist. Subsequently, Wiles departed the company amid charges of financial irregularities and shipping bricks in disk drive boxes to create or boost the inventory. Maxtor acquired MiniScribe’s assets in a bankruptcy auction and Hickel moved on to the Innovation Group, a venture capital firm that attempted to fund PrairieTek, the first company to come to market with a 2.5 disk drive.
