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Toytime Creditors Seek Involuntary Bankruptcy For Company
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 The shakeout of start-up Internet companies continued Monday as five creditors of ToyTime Inc. petitioned the U.S. Bankruptcy Court in Delaware to place the toy retailer in involuntary Chapter 11 bankruptcy.In court papers, creditors alleged they were owed a total of $2.9 million and that the ToyTime.com retailer failed to pay the trade claims despite repeated demands that they do so. The five creditors and their claims are Mattel Inc., $1.2 million; Microsoft Corp., $894,996; Guidestar Direct Corp., $304,740; Mancan Inc., $201,406; and Grey Advertising Inc., $351,347. Last month, ToyTime President David Burcham told the Business First Quarterly that the downturn in technology stocks on the NASDAQ had ``made it difficult for us to move forward, if not impossible.'' At the time, the Torrance, Calif., company, which reportedly has little in tangible assets, said it hoped to avoid the cost and time of a liquidating bankruptcy. No one at ToyTime, which also operates the BabyTime.com website, could be reached for comment. [Posted 7/05/2000]
  
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