QSGI, Inc.(fka QSGI)

[hotmeat]

Is this the $10 Mil claim u speak of wall_st???
This info is from the settlement agreement with J. Riconda.(JR) and QSGI.

(1)QSGI will abandon 100% of capital stock of CCSI to JR in exchange for release from $10,909,000 secured claim by same.

(2)JR shall retain an unsecured claim of $10,159,000 for which he will not receive "CASH OR EQUITY" in the reorganized entity even if same should be offered to other unsecured creditors. JR also agrees to not object to but support any plan of reorganization(POR) submitted by debtors.

In addition remember there are 5 Million "convertible" preferred shares that were never issued by the company and could be conceivably used to compensate the other unsecured creditors.
What possibly could they be converted to....hmmmmm.
But hey...what do i know!!! Your guess is as good as mine.