I learned from this investment only to invest in companies when you have met management personally and looked them in the eyes
Walter, remember this company? Our friendship started with this company. And that is direct the most valuable event that could happen to us. The succes of LWLG and it’s Belgian connection was born from it.
Too bad the merger with Cambridge Industries group never came through. We were unlucky. Because if i look at that company now(also a photonics division) they did pretty good in the previous decade. The marketcap was around 40M. Now it’s about 500M.
http://www.guarglobal.com/ (what a great CEO, still I lost all money in TXPO) Over 1B USD??
Michael C. Shores, Chairman & CEO
Mr. Shores is an accomplished entrepreneur and senior executive with an extensive background in both high-tech product development and manufacturing. He brings over twenty years of direct experience in Asia in roles primarily focused on the raising of capital from strategic Asian investors on behalf of innovative intellectual property holders in the Automotive, Energy, Medical and Technology sectors. His responsibilities regularly included setting strategic market objectives, evaluating IP and aligning his clients towards suitable supply chain partners. During this time, Mr. Shores was successfully involved in helping launch new high tech products into the automotive, consumer, energy, medical, networking, and communications market and has been instrumental in launching over $1 billion USD of products into the global marketplace.
Previously, he served as President of Cambridge Industries Group, a global organization based in Shanghai, China. Cambridge is the world’s largest independent telecom OEM supplier focused solely on GPON (Gigabit Passive Optical Network) Customer Premise Equipment for the Fiber to the Home industry (FTTH). Prior to this, he was Founder, President & CEO of TXP Corporation an industry leader in the standalone inter-operable GPON sector for the telecommunications industry. In 1997, Mr. Shores assisted in the development of a New Product Introduction (NPI) center for Flextronics in Richardson, Texas and then to aid in the launch of their photonics division. Mr. Shores later negotiated the spin-off of NPI from Flextronics in late 2001 which formed Texas Prototypes. The company eventually changed its name to TXP after acquiring the Optical Network Terminal product line and team from Siemens in 2006.
Mr. Shores began his career in the Investment Banking arena with Merrill Lynch and subsequently served with both Lehman Brothers and Bear Stearns. He currently sits on the Advisory Board for ASCENT Investment Management Company where he is actively involved in helping explore new technologies. He previously served on the board and was a founding member of the Texas-Israel Chamber of Commerce and sat on the board of the American Indian Chamber of Commerce of Texas and the board of KOPTI (Korea Photonics Technology Institute) in Gwangju, South Korea. He holds a BSBA with a focus on Economics from the University of Arkansas in Fayetteville.
- See more at: http://www.guarglobal.com/corporate/guar-global-management#sthash.QZLGvqJ0.dpuf
Just to let everyone know...YA submitted a credit bid for all of the assets and IP which the court awarded to YA six months ago. There no longer any assets for TXP only debt.
There are no assets. Any inventory and other tangables are sitting idle. There's no cash. And any assets are encombered by the creditors.
The only real asset of value is the IP and the publically traded corporation itself.
No real timeframe.
If you can find the right links, the 8th District Court in Nevada posts status online, but I didn't have the time to find where it is.
Thank you for this report. It's more than we've had in some time. I imagine most, of not all of us have figures that the shareholders will be wiped out.
Is there a timeline for when the status will get updated?
Report from the Shareholders Meeting
I attended today's shareholder meeting in Las Vegas and have a few things to report, but the net-net is that there is a 95% chance we'll be wiped out.
Joseph Bartel, the Custodian of TXP explained the financial situation of TXP: The company has filed for bankruptcy protection. As a representative for shareholder Ranga Blu (100,000 shares), he petitioned the court and was named custodian. Note that TXP has not filed required paperwork in Nevada since 2008 and is now an inactive company.
Shares have not been wiped out as there was a disconnect between the bankruptcy court and the pink sheets market.
Michael Shores is the majority shareholder (~70%), but a company named Yorkville has convertable notes, which they can exercize at any time and wipe all shareholders out.
At the meeting, Bartel nominated (and I seconded as the only other shareholder there) him to serve as sole Director of the comapny. Ranga Blu will bring the company status up to date and see if they can salvage anything from the mess that was left by Shores. This will include a full accounting.
The company is not operating. Any inventory is encombered. The only value would be the IP if Yorkville wants to salvage that. There is also some value to the corporation itself as it trades on the pink sheets (oh, the transfer agent for TXP hasn't been paid in a long while either).
I'll answer any questions folks might have to the best of my ability.
I would like to hear from it if there is any news.
I got one, also. glta
Just got the letter as Betsy's is the shareholder. I might go, unless real work gets in the way (I'll have to have Betsy do a proxy for me).
Kind of interesting that we haven't gotten proxy forms for what is being billed as the annual shareholder meeting, but they still have a few days.
Who is Ranga Blu LLC?
It's probably the firm that Bartel either works for or has hired as custodian.
Who is Joseph Bartel, "Authorized Signatory / Custodian of TXP Corporation"???
I assume he is the bankrupcy custodian.
No really. That company doesn't exist anymore.
TXP Corporation Shareholder meeting?
Who else got a letter for the "Special and Annual Meeting" being held 1/4/2011 in Las Vegas?
Who is Ranga Blu LLC?
Who is Joseph Bartel, "Authorized Signatory / Custodian of TXP Corporation"???
There probably are but most of us don't have the time or resources to hunt them down and Shores didn't have the balls to tell us what happened.
Are there no public papers that explain how the bankruptcy of TXPO was resolved?
It looks as though Yorkville took over TXPO and this might just be an empty shell.
Call me. E-mail me.
- Buzzy aka Myron Shaw aka GSTV partner-in-crime aka BVD
That's something I don't think anybody understands. It defies the imagination as to why TXP has been so secretive about this whole thing,and yes from all appearances we are a bankrupt company,but still trading as if we were a going concern.
I don't know the particulars of TXP/iPhotonix situation as it currently stands or of the SEC laws regulating what I am about to mention. May be somebody out there could shed some light as to what I have been wondering which is this. Could it be possible that iPhotonics may be planing on going public and are going to use the TXP shell to do so? Could it be that Shores made some kind of deal with Roland Ho for this to happen were as he and the current shareholders of TXP would be made whole when it happens? I know this sounds crazy,and it probably is,but it's also crazy that we are still trading as a going concern if in fact we are in bankruptcy. You would think that the pink's OTC market regulators would get to the bottom of this situation and require a symbol change. You would also think that TXP(Shores) would be liable for not notifying them of their current status(if in fact bankruptcy),and allowing TXP to continue trading as a going concern. Is there something going on behind the scene that we don't know about?
As I said before this sounds crazy,but I for one am at my wits end trying to figure this whole thing out.
choo (past believer in TXP,current TXP bag holder.)
What I don't understand is why we still have stock. Hasn't the bankruptcy been approved and shareholders wiped out? Or is it still pending (and then why isn't the symbol TXPOQ)?
Here's the CEO back in 2007 in a interview on TXP corp. Still find it funny that in June they had all there names now Shores name don't come up even though he is President of IPhotonix.http://www.emsnow.com/npps/story.cfm?pg=story&ID=25963
I see that my last post was deleted. I was a tad critical of the jokers that made our little investment go south. I will post again that I think Michael Shores owes us an explanation of whatever happened to TXP Corp. In just 4 short years he made an entire publicly traded company just disappear. Maybe this post will survive.
I care plenty!!! I just don't know what it means for us long term shareholders of TXP. Does anyone know???
walter, I agree, no news on anything. If they are still doing business and anyone at the company is still drawing a salary then we shareholders have a right to now what is happening with our investment. This is typical OTCBB BS but I expected more from Shores, I really thought that he would not have left us in the dark as he did. He may have no legal obligation to make any filings to report to shareholders (since they decided to not remain a reporting company) but there is what is legal and what is just plain right. I thought he would have maintained a higher moral compass. It's not the first time that I believed an otcbb CEO when he said he did things differently from those "other" otcbb companies. I've been wrong each time.
What I do not understand here is that there is no publication whatsoever on the outcome of the bankruptcy proceedings?
Well, emails to Shores address now bounces back as undeliverable. I guess the last vestige of hope is gone. What a standup guy Shores turned out to be. Could the last person out please turn off the lights. Oh wait, I guess they already did that to us. A sad lesson in (lack of) integrity.
Occam Networks Announces First-Quarter 2010 Results
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Occam Networks®, Inc. (Nasdaq: OCNW), a leading broadband access supplier offering multiservice access platform (MSAP) solutions based on pure packet technologies, today reported financial results for the first quarter ended March 31, 2010.
“With our product breadth and depth and continued good financial performance, we continue to believe that we are well positioned for growth in broadband deployments by service providers worldwide.”
Revenue for the first quarter of 2010 was $22.3 million, compared with $21.9 million for the fourth quarter of 2009 and with $19.4 million for the first quarter of 2009.
Gross margin for the first quarter of 2010 was $9.8 million, or 44% of revenue, compared with $8.9 million, or 40% of revenue for the fourth quarter of 2009. Gross margin for the first quarter of 2009 was $8.2 million, or 42% of revenue.
As reported under U.S. generally accepted accounting principles (GAAP), net loss attributable to common stockholders for the first quarter of 2010 was $610,000 or a net loss of $0.03 per basic share, compared with a net loss for the fourth quarter 2009 of $849,000, or a net loss of $0.04 per basic share. For the first quarter of 2009, Occam reported a net loss of $3.0 million, or a net loss of $0.15 per basic share.
Non-GAAP net income available to common stockholders for the first quarter of 2010 was $173,000, or $0.01 per basic share, excluding stock-based compensation expense of $783,000. This compared with non-GAAP net income for the prior quarter of $494,000, or $0.02 per basic share, excluding stock-based compensation expense of $1.3 million. The company reported a non-GAAP net loss attributable to common stockholders for the first quarter of 2009 of $2.3 million, or a net loss of $0.11 per basic share, which excluded stock-based compensation expense of $743,000. A reconciliation of Occam’s non-GAAP measures to its GAAP measures is provided in the financial statements portion of this news release.
“This quarter marked the shipment of several important new products,” said Bob Howard-Anderson, president and CEO of Occam. “With our product breadth and depth and continued good financial performance, we continue to believe that we are well positioned for growth in broadband deployments by service providers worldwide.”
Highlights for the first quarter of 2010 included:
Release of Occam OS 7.0 and first revenue shipments of the two key hardware components – the 6216 48-port VDSL2 blade with industry-leading performance and a wealth of software features and the 6316 48-port gigabit Ethernet OLT, which has already been adopted by a number of customers for FTTx buildouts.
Announced Occam’s selection by the Federated States of Micronesia Telecommunications Corporation (FSMTC) to upgrade its wireline network after conducting a comprehensive evaluation of access equipment providers based on product features, level of support and ease of deployment.
Continued international expansion with the announcement of two new resellers in EMEA – FCA in Poland and Ring-Net in Hungary.
For the second quarter of 2010, the company currently expects a high single digit percent increase in revenue over first quarter 2010.
I wonder who will take the seat? Gerry Wong?
he is still chairman of the board , whatever that means in the present circumstances