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Microcap & Penny Stocks : AWM.C AWMSF (BB) Airworks Media. -- Ignore unavailable to you. Want to Upgrade?

To: WMH who wrote (144)	7/31/1999 10:31:00 PM
From: just starting	Read Replies (1) \| Respond to of 150

This article appeared in Edmonton Journal this AM. AIRWORKS DEBENTURE HOLDERS FIGHT SALE OF COMPANY ASSETS A group of debenture holders of AirWorks Media Corp. has asked the court to overturn an agreement which put control of AirWorks assets in the hands of a Bahamas-based company. Court records show that the debenture holders asked for and received an injunction preventing AirWorks assets from being sold. The injunction is valid until Sept. 18. On Sept 17 an application will be heard concerning the validity of a receiver-manager and an agreement turning over Airworks' assets to the Bahamas-based company. The debenture holders have also asked the courts to replace the receiver-manager with a nominee from Deloitte and Touche. That hearing is scheduled to be held Aug 13. The debenture holders, represented by trustee Richard Stuffco, have asked the courts to examine a general security agreement signed by AirWorks founder Daryl Goede in December 1996, with Patch Bay Corporation, the Bahamas-based company. Patch Bay subsequently assigned its interests to Newcombe Inc. Newcombe appointed John Legate as receiver-manager in June 1999. The debenture holders claim Legate plans to sell some of Airworks' assets. As of July 30, no statement of defence had been filed. Airworks' core technology is Tune-Builder, a music editing software package. AirWorks was founded in 1989 by Daryl and Nancy goede, who now live in the Caribbean. They were dismissed by the company in 1997.