Telynx (fka TLYN)

[jurisper]

Cassandra - More details on the share stuff here:

http://ragingbull.lycos.com/mboard/boards.cgi?board=TLXX&read=120075

On the liabilities which the new guys seem to have agreed to take *personal* responsibility for ...

The last available balance sheet was in the 7/31/2002 10-Q, which showed:

Assets of $515k
Liabilities:
- Payables & accrued: $4.26mn
- Accrued payroll: $549k
- Notes etc owed to Ali (I think): $463k
- Convertible debt (presumably held by Laurus): $792k

The 8-K reference to "$4.8mn" presumably means payables & accrued + accrued payroll. Even if some of the creditors have written some of this off on their own books, there doesn't seem to me to be any reason why they would not want to reverse this & go after the new guys, if they have any assets worth chasing.

If they've also assumed the Laurus debt, then I would guess the Grins would be quite prepared to chase. (But could the new guys have been stupid enough to get themselves personally in hock to the Grins??)