GM is a good example of a company that had common stock and filed Chapter 11, key point with TALK is that UMS,LLC has only one shareholder, David K Lee, he essentially will be wiped out and a trustee per se will take over , it just happens to be David K Lee.
Remember iTalk Inc. did not file Chapter 11, it's indirect subsidiary at the time UMS,LLC filed. iTalk Inc. only named a co-debtor with one creditor.
TBD, David K Lee is the President of iTalk Inc now, he works for iTalk Inc, recieves a salary from iTalk Inc and owns UMS LLC, iTalk connection post Chapter 11 for me is still up in the air as to what process they use to combine them, no idea. But without a doubt they get combined post Chapter 11 somehow. How could they not?
I say that they acquire UMS,LLC directly, as the preferred stock deal never completed.
But some argue the court confirmed the merger somehow, but it's still a wait and see what happened in my opinion.
$TALK
