Maybe now some will begin to appreciate EDIG's ability to raise capital to keep it a going concern for its shareholders while management continues to develop the eVU business and pursue the patent infringement litigation.

"Syntax-Brillian, whose shares have crashed more than 91 percent over the past year, tried to raise capital, refinance debt and restructure its business -- all of which proved impossible, according to court papers.

The company said on Tuesday Michael Garnreiter is the sole remaining member of its board of directors. Gregory Rayburn, who became interim CEO after the company fired James Ching Hua Li earlier this month, will remain in the position.

The Chapter 11 filing includes all of the company's units except digital camera unit Vivitar, which it plans to sell.

Shares of the company closed at 46 cents on Monday on Nasdaq