Many thanks to John Cook for the latest news on Entellium on TechFlash.com

Entellium, whose top two executives were charged with wire fraud in early October, today filed for Chapter 11 bankruptcy protection as it looks to sell its assets. The filing was anticipated at the embattled Seattle Internet company in advance of a possible sale to Intuit, which has agreed to pay $7.6 million for the assets.

The bankruptcy filing lists assets of $37.7 million and total liabilities of $12.7 million.

“We are doing our best to get the best value we can out of the assets,” said Gayle Bush, the attorney representing Entellium Corp. in the bankruptcy filing. And while Intuit has made a formal bid and has loaned money to the company to keep it going, Bush said he welcomes offers from other potential bidders.