MUNICH, Germany — As a preliminary insolvency manager begins sifting through Qimonda's books, the DRAM manufacturer is attempting to continue production.

Meanwhile, a debate over the reasons for Qimonda's bankruptcy and the search for culprits has begun.

On Friday (Jan. 23), a Munich court appointed Michael Jaffé as preliminary insolvency administrator. He announced plans to examine the situation and promised to keep the public informed.

"It is not 'business as usual', but we [will] do everything possible to maintain production and fulfill supply contracts," a company spokesperson said. He added that he was unaware of any supply bottlenecks caused by business partners nervous about not being paid, including Qimonda's own back-end facilities.

Meanwhile, the predictable finger-pointing has begun. Among the favorite culprits are Qimonda management, the Saxon regional government and Qimonda's parent company, Infineon. Some commentators here said Infineon should have sold Qimonda much earlier, and the company had missed an opportunity to sell its Qimonda shares to memory maker Micron Technology.

Others criticizes Qimonda's management, in particular CEO Kin Wah Loh. "Loh was hiding in his office, waiting for the DRAM price recovery," one angry Qimonda worker said, referring to the fact that Loh seemed almost invisible during negotiations with the government.

For instance, a widespread press photo published during talks between the regional government and Qimonda showed Saxon Minister of Economy Thomas Jurk with Peter Fischl, chairman of Qimonda's supervisory board. The photo suggests Low was not participating in the talks in any meaningful way.

Within the company, many executives and workers claim the government is responsible for its bankruptcy. A high-ranking Qimonda employee who requested anonymity said that despite the December agreement with the Saxon government, no money was received.

"We did not see a single penny," he said.