Simplify the following text for a Grade 12 native English-speaking person.
Original: By October 1979 the IMSAI corporation had gone bankrupt , and the ` IMSAI ' trademark was acquired by Thomas `` Todd '' Fischer and Nancy Freitas ( former early employees of IMS Associates ) , who continued manufacturing the computers under the IMSAI name as a division of Fischer-Freitas Co. .
Simplified: By October 1979 , the IMSAI corporation was bankrupt . The ` IMSAI ' trademark was acquired by Thomas `` Todd '' Fischer and Nancy Freitas ( former early employees of IMS Associates ) , who continued manufacturing the computers under the IMSAI name as a division of Fischer-Freitas Co. .