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Microcap & Penny Stocks : SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks
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To: telephonics who wrote (12409)11/21/1997 6:20:00 AM
From: telephonics  Read Replies (1) of 13351
 
LIQUIDATION AUCTION COSTS

The Trustee filed a motion with the Miami Bankruptcy Court to seek approval of expenses attendant to the liquidation auction and for approval of the court to pay same. The key elements are:

l. Prior to the auction the Trustee was advised by former employees of the debtor,that the Debtor's computer hard drives may contain proprietary information,the debtor's books and records,and other programs and information that may benefit the estate.

2.In order to preserve this property of the estate,The Trustee removed the hard drives and replaced such hard drives for the successful bidders at the auction.

3. The Trustee filed a report of the Auction Sale. Pursuant to the report ,the total proceeds from the auction sale were $112,770.90

4.Additional expenses associated with the auction are
a.Removal and replacement of hard drives--$14,120.78
b.Indexing and shipping of Debtor's books and records--$669.35
c.Rent to allow Trustee to occupy former Sexi facility till 15 Sept l997--$4,242.31

d. Total expenses are --$19,032.44

I have as yet seen no request from the Trustee nor from the law firm supporting him for payment of their fees and expenses. I believe that remaining money's held by the Trustee at present will be insufficient to pay these expenses.

Ergo- Whats for the shareholders in this--draw your own conclusion.
Of more interest is what actiuon the Trustee has taken to unload the hard drives and have the data contained therein analyzed by knowledgeable parties.
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