Telynx (fka TLYN)

[jurisper]

Some large proportion of TLXX liabilities were payroll taxes and (presumably) sales taxes. From the 8-K:

Safadi and Mataras are receiving 45,000 preferred C class stocks each, and the assumption of the liabilities, including debts owed to the Internal Revenue Service and the Department of Labor. Scott Munden has placed in escrow 7,500,000 common A stock tradable shares to assist in the payment of Telynx's IRS liability. Ali Al-Dawhi has placed in escrow 22.5 million common A Stock tradable shares to assist in the payment of Telynx's IRS
liability.

Under some circumstances, directors can become *personally* liable for these taxes:

http://www.gtlaw.com/pub/articles/2001/kirsnerm01b.htm

I don't know whether that is the case for TLXX, but if it is, then it would appear that Mataras etc have agreed to take this burden away from Al-Dahwi & Munden, and assume it themselves.

Why would they do that? Did they just get bent over by Al-Dahwi & Munden?