from the February 10, 2005 FORM 8-K
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=3482428
"The Company’s total indebtedness to the New Lenders was approximately $23 million. Discussions between the Company and the New Lenders to extend or refinance the Company’s existing credit agreement were unsuccessful. Pursuant to the Foreclosure Agreement, in accordance with the Uniform Commercial Code, the Company was released from all indebtedness to the New Lenders in exchange for the surrender of the Company’s collateral securing its obligations under the credit agreement. The collateral consisted principally of the capital stock of the Company’s subsidiaries, Wakefield, Specialty and Lockhart."
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