After an uncertain few months, it looks like JooJoo/CrunchPad maker Fusion Garage is going under . According to a leaked document sent to Business Insider, creditors are preparing to force the company into liquidation. The total owed to investors by FusionGarage is said to be in the neighborhood of $40 million.
Fusion Garage was originally set to be the OEM that brought then-TechCrunch-editor Mike Arrington’s vision of a $200 web-only tablet to life. The two had a falling out, and the renamed JooJoo ended up being a flop when Fusion Garage released it in early 2010. Then just a few months ago, Fusion Garage reemerged with a new platform based on Android along with plans for tablets and phones. The Grid 10 tablet was another monumental failure.
At the tail end of 2011, there were rumors that Fusion Garage has closed down without communicating to customers, or its partners. The company CEO later said they were simply trying to get the business in order, but now it looks like that effort has failed. No word on what will happen to Fusion Garage’s few customers, and the money they’ve spent.