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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL) -- Ignore unavailable to you. Want to Upgrade?

To: Daine Newman who wrote (39689)	12/22/1998 8:44:00 AM
From: Brett S.	Respond to of 41046

Daine, Thank for the additional info on the UCC form. Here is a re-Post from the other thread which does a great job in outlining what this means: ---------------------------------------------------------------------- >>CEO Frank Peters said he was REMOVING the security (ie collateral)? IMHO this would mean that he is filing a replacement UCC2 negating his own previous encumbering security arrangement IMHO. If one negates a lien then one needs to file accordingly and this is what I believe Frank is telling us. The following is what I think might better help you to possibly understand: Basically, when the terms of a loan change (example paying off your house etc. or lender forgoes collateral the later which I believe to be the case with FTEL) required then certain documents on file with the applicable state normally are filed or amended to reflect such changes. If this wasn't true then one might not get a deed when their house or car was finally paid off because the records would indicate that the house was still collateral for the loan. Think about it. Please re-read what the CEO Frank Peters said..... IMHO the keyword in his statement was REMOVE. Whatis he removing? He is removing IMHO his own personal claim of security and becoming like any other creditor reducing his personal previous creditor status which could have been termed a "super creditor". IMHO this filing should make him like any other creditor of the company.<< ---------------------------------------------------------------------- ------------>Shareholders got the better end of this deal!<----------

To: Daine Newman who wrote (39689)	12/22/1998 9:06:00 AM
From: Brett S.	Read Replies (1) \| Respond to of 41046

Daine, In case you miss the "other" thread... here is a good re-post from Ray on the UCC! vs. UCC2: ---------------------------------------------------------------------- The filings of a UCC1 is to perfect or preserve security interest in named collateral. A UCC1 is called"UCC-1 National Financing Statement." Frank clearly stated he was filing a UCC2. A UCC2 is named/called " UCC-2 Change Form" Change being the key word. On line 6 of the change form (UCC2) there are boxes to check as to what the UCC2 changes in regards to UCC1(security interest in named collateral) The boxes on line 6 are: a.continuation b.release c.assignment d.termination- The secured party certifies that the secured party no longer claims a security interest under the Financing Statement(UCC1) bearing the file number shown above. e. amendment f. other So...Frank is changing the UCC1 with the filing of a UCC2- simple! ---------------------------------------------------------------------- Well........... Looks great guys!!!!!!!!!!!!!!!