Thinkstream debt reaches $21 million

    Thinkstream, a Baton Rouge tech firm that provides software to hundreds of local, state and federal law enforcement agencies in Louisiana and other states, has more than $21.6 million in debt, according to its financial statements now on file in bankruptcy court.

    The latest report filed by trustee David Rubin, an attorney appointed to oversee the reorganization, outlines the company’s debts, including secured debts of $6.74 million to first National Bank of Commerce in New Orleans and $9.8 million to TSB Ventures of Folsom. Thinkstream carries another $4.1 million in unsecured debt and $862,414 of priority debt—excluding administrative expenses associated with its bankruptcy case—as well as other liabilities.

    Bank statements dating back to May—the same month that creditors forced Thinkstream into bankruptcy—shed some light into the depth of the company’s financial struggles. In May, the company had a $38,848 negative net cash flow.

    A June statement shows an $83,071 deposit into the payroll account, which carries the notation “Barry’s personal CD,” a reference to Thinkstream CEO Barry Bellue. And as of July, year-to-date overdraft and returned item bank fees for its payroll account totaled $5,621, according to a bank statement from First National Bank of Commerce in New Orleans.

    In the latest financial report, Rubin tells the court that after being appointed on July 9, he met with Louisiana state officials to “accelerate” payment of maintenance fees for state agencies’ use of Thinkstream. The July statement shows two payments from the state—one on July 23 for $139,500, and a second on July 27 for $425,000. A number of state agencies, including the Louisiana Department of Public Safety, the Louisiana State Penitentiary and the Louisiana Department of Wildlife and Fisheries, utilize the technology. After those payments and others, Thinkstream’s net income in July was $294,975.

    —Penny Font

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