IGIA INC. (fka IGAI)

[mike306oh]

John, here you are. If anything, the fact that Tactica, a wholly-owned operating subsidiary of IGIA, Inc., has was aproved to exit from bancrupcy, it's GOOD NEWS. Some people probably simply can't read, or if they do, they do not understand anything they read. For more details, see the whole 8-K SEC filling. See below for a summary of it.

Mike
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Form 8-K for IGIA, INC.

13-Jan-2006

Bankruptcy or Receivership, Financial Statements and Exhibits

ITEM 1.03 BANKRUPTCY OR RECEIVERSHIP
The United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) entered a confirmation order on January 12, 2006 approving the Tactica International, Inc. (Tactica) reorganization plan that provides for Tacticas exit from bankruptcy. Voting among the general unsecured creditors was 99% in favor of the reorganization plan. Tactica is a wholly-owned operating subsidiary of IGIA, Inc. (the Registrant). The Registrant is not seeking bankruptcy protection.

Upon being declared effective by the Bankruptcy Court, the plan eliminates approximately $13,000,000 of Tacticas pre-petition liabilities. The plan calls for Tactica's pre-petition creditors to receive distributions of the following assets: (i) $2,175,000 cash paid by Tacticas former shareholders; (ii) $700,000 cash paid by Tactica; (iii) $75,000 cash paid by the Registrant, Tactica, and the Board Members; (iv) up to $275,000 cash paid by Innotrac Corporation;
(v) the rights and proceeds in connection with avoidance and other actions including uncollected pre-petition invoices payable by a Tactica customer; and
(vi) newly issued shares of the Registrants common stock in number equal to 10% of the outstanding shares of common stock as of the Plans effective date and exempted from the registration requirements of Section 5 of the Securities Act of 1933, as amended and State registration requirements by virtue of Section 1145 of the Bankruptcy Code and applicable non-bankruptcy law.

As of January 12, 2006, the Registrants consolidated assets are approximately $7 million and consolidated liabilities were approximately $23 million, including, $13 million of pre-petition liabilities. The Registrant has 1,000,000,000 shares of authorized common stock of which 20,082,933 shares are issued and outstanding and approximately 154,920,000 shares are reserved for issuance in connection with the Registrants Callable Convertible Secured Notes and Warrants.

SECTION 2- FINANCIAL INFORMATION

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired.

(b) Pro Forma financial information.

(c) Exhibits.

Listed below are all exhibits to this Current Report of Form 8-K.

* 2.1 Findings Of Fact, Conclusions Of Law And Order Confirming The Revised First Amended Plan Of Reorganization Proposed By Tactica International, Inc. And IGIA, Inc., Dated January 6, 2006 And Granting Related Relief

* 2.2 Revised First Amended Plan Of Reorganization Proposed By Tactica International, Inc. And IGIA, Inc., Dated January 6, 2006