Two Las Vegas Internet operations in bankruptcy

Kevin Ferguson

Tuesday, July 31, 2001 | 10:51 a.m.

Financial difficulties have forced two unrelated Las Vegas-based Internet search engine businesses to halt operations and file for bankruptcy protection from creditors.

SimpleSearch.com closed in May and filed for Chapter 7 bankruptcy July 20. Company executives are in the process of organizing its books in order to liquidate its remaining assets, said Lenard Schwartzer, a lawyer for the Internet firm.

"They closed because they weren't able to get the additional financing needed to carry out its business plan," Schwartzer said.

SimpleSearch, which operated at 8240 W. Charleston Blvd., had about 40 employees last summer. Schwartzer said he was unaware of the company's size by the time it closed because layoffs occurred over time as finances tightened.

SimpleSearch President and Chief Executive Kirk Arbogast could not be reached for comment.

The company developed a technology called Search-N-Connect, which allowed Internet users to find a company through a web-based directory and connect the user by voice by clicking on an icon in the listing.

SimpleSearch had planned to make its revenue through companies that bidded to get a high listing in the SimpleSearch web directory. Meanwhile, web surfers were not charged to use the directory.

In an unrelated case, Las Vegas businessman Thuc Tri Nguyen, who did business as MyCities.com and Pahcities.com, has filed for Chapter 7 bankruptcy protection.

Bankruptcy filings state Nguyen had accumulated debt of $1.6 million and had assets worth $21,896.

Nguyen's bankruptcy lawyer Dorothy Bunce said her client had 49 unsecured creditors.

In April, the 36-year-old deaf Nguyen was charged in Utah with bilking deaf investors in the state out of more than $500,000.

Paul Murphy, spokesman for the Utah Attorney General's office, said Nguyen was charged on March 30 with eight counts of securities fraud, two counts of securities violations and one count of racketeering.

"We're preparing to go to trial. But the date hasn't been determined yet. Nguyen is scheduled to appear at a roll-call hearing on Sept. 18, which will determine when a preliminary hearing will be held. That's when attorneys present evidence to the judge to show Nguyen should go to trial," he said.

Nguyen could not be reached for comment.

Bunce said Nguyen is living in Las Vegas and she last spoke to him via e-mail July 10.

The Sun's Grace Leong

contributed to this story.

archive