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Microcap & Penny Stocks : TMMI - Total Multimedia -- Ignore unavailable to you. Want to Upgrade?

To: echo who wrote (7276)	2/12/1998 12:38:00 AM
From: Larry Panik	Read Replies (3) \| Respond to of 19109

Hi All, How I saw the BK hearing: Present were Tom Simpson, Dan Shields, Mike Fernandez, Joel Weinberg, from Weinberg and Biegenzahn Attorneys at Law, myself and another shareholder. Mr. Weinberg started by saying that they were not retained by TMm but are present because TMM's in house attorney had resigned. He also stated that prior fees under the BK were never paid to their law firm but they are in negotiations with TMm to clear that. Mr. Weinberg said that a client representative is presently flying to New York to work out new financing. Well that did not sit well with the Judge. He said, that because of this it would put the Plan of Reorganization into "Non-Compliance" and could be cause for dismissal. The Judge said, "the Debtor Corporation must have some legal representation but it can't not be an internal employee, it must be represented by outside council". The Judge also questioned the US Bankruptcy Trustee to see if TMm was current with their payments. TMm is not. The US Bankruptcy Trustee said, "TMm has been delinquent since the third quart of '96 and all of '97 to the sum of $7500" (our present management's term). The Trustee was not very happy. The Judge then questioned Mr. Weinberg and asked when that would be paid. Mr. Weinberg then conferred with Mike Fernandez and Mr. Weinberg then said, "It would be paid in 30 days". The Judge said, "If not the bankruptcy would be dismissed". The Judge then set a date of March 18 for the next hearing to report to him on these issues. It then was over. An observation of mine is that Mr. Weinberg had more to say because he kept standing there. He turned to Mike Fernandez a few times and seemed to be toying with the idea of saying something. I believe he held back. Again, my observation. Again the next hearing is March 18 at 2:30pm in the Bankruptcy court in Woodland Hills. (not LA) Larry