If it's a new sub owning the debtor, then yes these new shares will be owned by Lee. Some event changed the Dea ownership trajectory. Lee is back in business. aimo.
The original agreement said they were going to issue preferred shares convertible into common stock. The legal issue that has been holding up the merger is that the articles of incorporation don't allow for iTALK to issue preferred shares.
IMO there should be an amendment to the articles to allow the board to issue preferred shares and the problem will be solved.
Otherwise they will have to give Lee common stock after they increase the AS.
Or iTALK could buy the debtor in an auction. This is less likely since I think the plan will be approved as is.
Just guessing here. I am not sure how they will resolve it but the Disclosure says that iTALK is currently the legal shareholder of UMS Inc and its sub.
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