The parent company of water ski and wakeboard brands OBrien and Liquid Force ran out of money on February 10, 2003, laying off over 130 people in its Seattle and California facilities.

Earth and Ocean Sports, owned by Commonwealth Venture Funding Group of Waltham, MA, had been for sale last year. Wham-O acquired both the snow sports and surf divisions from the Redmond, WA-based EOS, including the BZ Pro Boards and SLEDZ brands. Wham-O also acquired EOS Oceanside, CA manufacturing facility.

OBrien was founded in the 1960s by Herb OBrien, who is credited for several industry-changing innovations, such as the use of fiberglass in skis. Mr. OBrien, who lost the business in the 70’s after a cocaine-trafficking conviction, now runs ski-maker H.O. International.

Industry insiders expect that the two brands will emerge in some new form in an asset sale.