Chad, sounds like they are restructuring from what you are saying after reading through the filing. Seems like the major note/debt holders will get a chunk of the company, the common share holders will get the other (smaller) chunk of the company. And in the end the company will stay in business. Makes sense since they haven't put the three recent PRs on their website - so as to not scare away their clients. Also makes sense since it still appears they are in business - still have some employees, website has been updated, and other employees have not taken jobs elsewhere.
My only question is how did GOOGLE come into all this? I assume they are the biggest note holder? Could they want SYPDER perhaps?