Uhhmm. WORTHLESS????
Item 3. Bankruptcy or Receivership.
DATA RACE, Inc. (doing business as IP AXESS) on June 28, 2002, filed
Chapter 7 of the Bankruptcy Code in the Northern District of Texas, Case #
02-35423 HCA. The Trustee is John Litzler. The number of common shares
outstanding with no par value was approximately 37,353,000. The value of the
assets (liquidation value) was $338,000 and the value of the liabilities was
$5,103,304. The value of the assets at liquidation value were as follows:
Item 4. Household goods and furnishings $20,000
Item 26. Office equipment furnishings and supplies $45,000
Item 27. Machinery, fixtures, equipment $8,000
Item 28. Inventory $250,000*
Item 33. Other personal property not listed $15,000
* Detailed listing is in Exhibit No. 3 of the Summary of Schedules.
The value of the liabilities were as follows:
Creditors holding secured claims $2,127,000
Creditors holding unsecured priority claims $235,736
Creditors holding unsecured nonpriority claims $2,740,568
These values were submitted to the Bankruptcy Court.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATA RACE, Inc.
Date: August 26, 2002 By: /s/ James G. Scogin
-------------------------------
James G. Scogin,
Resigned Officer
