Replies to post #44317 on Secure Point Technologies Inc (fka IMSCQ)

[T-R1]

The defaulted, did you forget that?

[shiloh12]

I'm not quite with Buff on the jail em all deal as i'd rather have some coin back than satisfaction, but there is certain pleasure in seeing Liscouski get nothing out of at least that part. Good thing for him is he's always got his Jim Rockford edition guttenberg press for more biz cards on his next shell play.

[int10a]

I do not think Zapata entered into the bankruptcy court filing at all. It was just to sell to L3 and pay off the creditors, I did not see Zapata even mentioned in the Chapter 11 filing with the court. The main point of the Chapter 11 appeared to be to sell everything to L3 clear and free of liens, claims, etc. and use the proceeds to pay off the creditors. I do not think any reorganization plan had to be submitted to go to Chapter 11 or to get the DIP financing. That seems to come later, and the equity committee is supposed to have input into it. It does seem there can be no plan to keep the company running if the ETD business is sold now that Zapata is gone.

[buffalop51]

'What's the point of ch. 11 reorganization now?'

I asked that a few weeks ago....and answered it myself. McGann and Liscouski want out and their CIC and bonuses. They make no less filing Ch 11 with L3 buying. There was ZERO concern how investors would fare. There is no reason right now to be in BK. With PP in BK, they can't 'call in the loan' anymore as the court handles all that now not PP.

Being in 11 right now is criminal.

As I said before? I'd be ok with jail time for all and wiped out or my 10 point plan.

[ki2002rom]

Exactly.