Leading Edge Products Inc, Canton, Massachusetts anticipated the petition from aggrieved dealers to force it into involuntary bankruptcy by filing its own petition under Chapter XI of the US Federal bankruptcy code. The Canton, Massachusetts firm that made a name for itself as the price leader in the IBM Personalike business, showed $17.2m in assets and $36.2m in liabilities, and listed as its major creditors Daewoo Telecom Co, which made its machines, Mitsubishi Electric Corp, which used to make them until a fierce tiff over prices, and its Leading Edge Hardware Products Inc arm, which was the business it wanted to sell to PC Systems Inc of Riviera Beach, Florida.
