According to documents filed with the 11th Circuit Northern District Bankruptcy Court of Georgia, Stanford Keene, a venture capital firm that concentrates on developing technology firms, filed for Chapter 11 bankruptcy protection earlier this month.

The documents reveal that Stanford Keene is at least $500,000 in debt to 49 creditors including $98,000 to Red Herring, among others. Officials at the firm did not immediately return phone calls to Local Tech Wire regarding Stanford Keene’s future and whether or not the company plans to emerge from Chapter 11 protection and continue to start new funds.

According to the Charlotte Business Journal, Stanford Keene has places more than $1.2 billion in investments since 1994, and the company completed merger and acquisition transactions for companies like IBM and Ciena Corp., to name a few.

The move came as a surprise to some local business observers because company officials announced two deals worth more than $50 million during the first quarter of 2002.

Stanford Keene Web site: www.stanfordkeene.com/index_flash.html