TALK loses equity in UMS LLC?
Just catching up on recent events.
So I understand what I just read in the disclosure statement.
As of now, iTalk owns UMS Corp which owns 100% of UMS LLC. The re-organization plan calls for;
"...prepetition shares will be canceled. New stock in the Reorganized Debtor shall be issued (“Post Petition Shares”) to Telecom Acquisition Partners, Inc., a Wyoming Corporation in exchange for a cash infusion in the amount of $100,000.00..."
So, iTalk will no longer have an interest in UMS LLC nor the revenue it generates, which as it would seem is the only thing TALK had going for it.
That is my understanding...
Thoughts?
