Replies to post #13119 on TerreStar Corporation (fka TSTRQ)

[spookychild]

The appeals do not matter. IMO a merger and conversion is in the works. It is just a matter of the entity and conversion ratio for the so called beneficial owners of the classes. 10-1, 50-1, ??

[Lostterrestar]

http://www.sec.gov/investor/pubs/bankrupt.htm


What is the Role of the U.S. Securities & Exchange Commission in Chapter 11 Bankruptcies?

Generally, the SEC's role is limited. The SEC will:

review the disclosure document to determine if the company is telling investors and creditors the important information they need to know; and
ensure that stockholders are represented by an official committee, if appropriate.
Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of public investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.

Falcone is already charged by the SEC and is currently under investigation. Falcone acquired light squared from TSC it was looted from the estate with estate funded money. Falcone approved the TSC purchase of SkyTerra sold it to himself shortly after the purchase (at a loss to the TSC estate) then changed the name to Light Squared (a competitor to TSC)

Ergen got Terreatar networks spectrum for roughly 300 million in a PRE ARRANGED sale with the estate (worth at least 5 BILLION).

Both were insiders.

There is over a BILLION + of value missing from TSC financial reporting. This is all highlighted in further detail in Aldo's lawyers most recent appeal from 3 days ago. I would suggest who hasn't taken a look, get a pacer account and take a look. I know it's still a long shot at this point but if there is a criminal investigation on going I would assume there would not be much comment on it.