Replies to post #56930 on iTalk Inc. (fka TALK)

[1manband]

No, I know a lot about bankruptcy.

I ask again. General Motors was a Chapter 11 bankruptcy, and what happened to the existing common shareholders?

They were wiped out. 100%. The Company did not have enough asset value to repay the debt and creditors, so they got the Company instead.

And that is also very likely to happen with UMS/TALK. TALK is unlikely to own much, if any, UMS post-bankruptcy. It doesn't have to be a Chapter 7 bankruptcy to wipe out the equity holders. That can certainly happen, and often does, under Chapter 11, too.