US Global Nanospace Inc (USGA)

[wacalahan]

Pres1ton & All:

Bankruptcy is not pretty! Shareholders are at the bottom of the list on who gets what, which is nothing after the bond holders, suppliers, employees, lawyers and court fees get their share (everything!). It ain't pretty, period!!

A few years ago the bankruptcy laws were rewritten at the request of the banking industry to protect the banks from ruthless borrowers such credit card holders from deliberate defaulting on their debt. Can you imagine that the lobbyists for the banks convinced Congress that these card holders could cheat the banks and cause them to lose money? And how did they convince the elected officials to make this change that enabled the banks to charge 30% interest on unpaid balances? By contributing large sums of money to the campaign funds used by Congressmen for their re-election!! Special interests are served first over their constituents - - what else is new? Now these banks are being bailed out with $700 billion of dollars of our (taxpayer) money so they don't fail after making bad loans and buying derivatives, etc - GET REAL!!

So, please, I know it hurts to be cheated by USGA's management and lawyers, but as United States of American citizens you are now bigger victims of a Congress and Executive Branch that helps special interests while failing their responsibility to protect all of us. The SEC is so busy right now protecting their own rear end with little time (or budget money) to do anything else. And guess what, the USGA's gang of thieves knew this when they applied for bankruptcy!!

Am I a cynic ? Perhaps, but I think I'm just an OLD REALIST!!

Walt Calahan