TXP Corporation (fka TXPO)

[SilverKnightLV]

Report from the Shareholders Meeting

I attended today's shareholder meeting in Las Vegas and have a few things to report, but the net-net is that there is a 95% chance we'll be wiped out.

Joseph Bartel, the Custodian of TXP explained the financial situation of TXP: The company has filed for bankruptcy protection. As a representative for shareholder Ranga Blu (100,000 shares), he petitioned the court and was named custodian. Note that TXP has not filed required paperwork in Nevada since 2008 and is now an inactive company.
Shares have not been wiped out as there was a disconnect between the bankruptcy court and the pink sheets market.

Michael Shores is the majority shareholder (~70%), but a company named Yorkville has convertable notes, which they can exercize at any time and wipe all shareholders out.

At the meeting, Bartel nominated (and I seconded as the only other shareholder there) him to serve as sole Director of the comapny. Ranga Blu will bring the company status up to date and see if they can salvage anything from the mess that was left by Shores. This will include a full accounting.

The company is not operating. Any inventory is encombered. The only value would be the IP if Yorkville wants to salvage that. There is also some value to the corporation itself as it trades on the pink sheets (oh, the transfer agent for TXP hasn't been paid in a long while either).

I'll answer any questions folks might have to the best of my ability.