I believe if this puppy craters, there will be little if anything for the creditors except Sanswire and some small stuff. I suspect the assets of the JV are pledged to Caterham or another friendly entity as collateral for Globetel's payment for its 49% interest. Therefore, when Globetel ceases to operate, the holder of the security interest will assume the interest of Globetel and the JV will sail along with no change except the substitution of the name of the holder of the minority stake. The JV will be immune from creditors because of the prior security interest given in exchange for value. Sanswire and the rest of the corporate tentacles will fetch garage sale prices on the auction block. The shareholders will have their certs to remember the dream At least, that's my opinion.
But where are the shareholders' yachts? The past portends the future.
