Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Awesome
Back to 14
yes, but we own iTalk stock
UMS, LLC filed for bankruptcy
that looks correct :)
I have never filed an 11 so o am not sure what the deadlines are. I would expect one soon.
Chapter 11s are a lot more complicated than the cases I file. But yeah, the plan Siva separate document from the petition.
A bankruptcy takes time. Only a filed plan can deal with debts.
11/2 has nothing to do with debts. It is about the return of garnished funds.
They weren't even frozen. The UST wants them to use different accounts. They want to use the account they have been.
Correct. Hearing only dealt with store, bank account and preference payments. Debts have not been addressed.
No, the hearing ONLY dealt with the preference payments and the store. Not with any of the debts. We need a proposed plan for that.
There were three issues. The store and two preference payments. No debts were dealt with today.
The settlements being finalized are not for the debts. Two creditors garnished UMS' bank accounts before the filing. They sued for this to be returned under applicable bankruptcy law. the settlements are about how much will be returned.
Further, one store that UMS had been supplying sued them and shut down. the third settlement would allow ITALK to pay off the creditor and take over operation of that store.
UMS has not filed a bankruptcy plan. The debts will be dealt with in that plan.
sure looks like it
that link tells me nothing...
My GUESS (and I am really guessing, I have nothing to pack this up) that the BK plan will be filed in conjunction with the missing filings that will show higher revenues thus funding the plan. The PR will then be filed stating this.
pretty much
yeah ...
our fundamentals are still strong
now I'm sad again
man, I hope so.
I need some freaking good news
...not sure this is a good thing...
I wanted to clarify something.
I saw some folks post that the bankruptcy was wrapping up as early as this week.
While Chapter 11s CAN go fast, a review of the docket shows that the adversarial proceedings have been settled with most of the garnished funds being returned to UMS, LLC. The hearing to approve the settlement is on the 28th.
There is further another motion settling a lawsuit where ITALK will pay $150k and take over another store.
This is great news but NOT the end of the bankruptcy. There isn't even a plan of reorganization on file.
The BK is progressing well.
Woa ... what happened? I see no filings...
We just need the bk resolved, the settlement of the two adverserials is a good start, and the missing filings showing the revenue...
exactly
unfortunately the actual price is not
yes, I remain a long - doesn't mean I can't get frustrated
Almost like they want to make money
Oh ok
I was out all day ... what does the statement of ownership mean?
Hey, no worries.
In my practice I file the plan before all claims are in. Chapter 11 might be different.
Only filed document get a download button. If the court approves a motion or sets a hearing they do a text order, meaning the info is on the docket only.
Bk is progressing nicely. All schedules are filed. We are still waiting on a plan, though.
regular creditors you can go back 90 days.
insider creditors you can go back a year.
I guess you can write your opinion to Congress.
Bankruptcy law allows for preference payments to be undone.
in bankruptcy world, all unsecured creditors must be treated the same or else there is a preference. This creditor had garnished the $43k before filing and the debtor-in-possession is asking for it back so that everybody can be treated fairly.
it's not so much that they can file for a delay, it's the objection deadline is then. This means that on 8/27, absent a filed objection, the court can cancel the hearing on 8/31 and finalize the order without hearing.
August 31 is NOT the end of the bankruptcy. It's the final hearing on the motion to use cash collateral.
me, too
patience is the key
Chapter 11s can go quick but even if this is a quick one, we are probably looking at many more months.
final hearing ... on that motion
not the final hearing of the bankruptcy
the plan hasn't even been filed yet
I think the price partially reflects lack of faith in the management team.
The products are great.