It has been reported that MobiHand owed a significant amount of dollars to several developers, MobiHand responds with the following blog post:
MobiHand was founded seven years ago by software industry veterans committed to providing responsive and cost-efficient services to developers of mobile applications.
Through that entire period of time MobiHand has maintained a nearly perfect record of supporting and paying developers on a timely basis. With increased competition from very large, well-capitalized companies such as RIM and Google, in 2011 MobiHand has seen the need to invest heavily in developing new, differentiated services.
These new services combined with several new partnerships with large companies will result in revenue growth in the coming year. But developing and launching these new initiatives has created significant financial strain.
As a result, MobiHand is in the process of evaluating strategic alternatives which may result in the sale of the company to a larger, more well-capitalized partner. We expect this process to be completed before the end of this year allowing us to fulfill our obligations to all of our partners.
Source: MobiHand