TALK will no longer own UMS after the bankruptcy. They are losing 100% of the equity in UMS.
And yes, I told you so. That is how bankruptcy works.
"Class 12 consists of Interest Claims. Upon entry of the Confirmation Order, prepetition shares will be canceled. New stock in the Reorganized Debtor shall be issued (“PostPetition Shares”) to Telecom Acquisition Partners, Inc., a Wyoming Corporation in exchange for a cash infusion in the amount of $100,000.00 which such funds shall be used to pay administrative expense claims and otherwise fund the operations and plan obligations of the Debtor. Richard Dea, the CFO for the Debtor, is the sole shareholder of Telecom Acquisition Partners, Inc. If Class 11 does not vote to accept the Plan as a Class, then the following additional terms shall apply: Telecom Acquisition Partner’s purchase of the 100% equity interest of the reorganized debtor may be subject to competing bids in the market place under certain circumstances. Specifically, if Class 11 of unsecured claims does not vote to accept the Plan as set forth in this provision, then in that event third parties may be able to purchase the equity interest of the reorganized debtor by appearing at the confirmation hearing and submitting a bid for the equity interests. At the Confirmation Hearing, an auction may be held at the direction and upon such terms as directed by the Court."
