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Microcap & Penny Stocks : TSIG.com TIGI (formerly TSIG) -- Ignore unavailable to you. Want to Upgrade?

To: REW who wrote (19195)	3/5/1999 7:31:00 PM
From: flyfar	Respond to of 44908

Absolutely! EOM

To: REW who wrote (19195)	3/5/1999 7:32:00 PM
From: Maryann M	Read Replies (1) \| Respond to of 44908

Good point. Thanks Bob. TSIG are ramping up for the site launch -- to be announced soon -- just hoping all PRs are communicated very well to the public. M.com

To: REW who wrote (19195)	3/6/1999 3:05:00 PM
From: Jazzbo	Read Replies (3) \| Respond to of 44908

Bob, A (very) short course in Chapter 7 bankruptcy proceeding: Goal and purpose of Chpt. 7 is 1. to provide a fresh start and/or 2. to provide for equitable distribution of debtor's assets to legitimate creditors In the case of a corporation, whose business cannot - or, where the business does not want to - be saved, the goal of Chpt. 7 is its orderly termination. The debtor (VSI) files a list of creditors, a schedule of assets and liabilites and a statement of current financial affairs. Commencement of a bankruptcy case creates an "estate" which is comprised of the debtor's property wherever located. Once the property becomes "property of the estate", the court, upon a plea by the debtor, will determine what property may be exempted from the estate, if any. A meeting of the debtor and creditors takes place, where the creditors assert their claims. A trustee is chosen or appointed. The trustee reduces all property of the estate to money, and creditors are paid according to their secured, unsecured status. This is a very basic, white-washed, if-everything goes-smoothly layout of a Chpt. 7 bankruptcy proceeding. Without too much wrangling amongst the parties, it is efficient, and everyone goes home, if not satisfied, at least not completely dissatisfied. You should note that VSI filed the petition, not TSIG. To me, that means that VSI's assets and liabilities are distinct from TSIG, and therefore no TSIG property can become part of the debtor's (VSI) estate. Also note, this is filed "voluntarily" by VSI. In an "involuntary" Chapt. 7 proceeding, the petition is filed by 3 or more creditors. And the creditors are angry. Not necessarily so, but this voluntary filing may indicate that there aren't many creditors, and/or any possible claims aren't very large. In short, TSIG has chosen a reasonable and efficient means of closing down VSI. A last point, there is no automatic bad stigma following from a voluntary Chpt. 7 petition, particularly when filed by a corporation rather than an individual. Its more a recognition that, hey, the business isn't working out, I want to close down in a fairly quick, final, court-approved manner and be done with it. This filing should not be viewed negatively by investors. Further, with what Sam.com and Bob (is that .com, Bob?) say, TSIG will save a substantial amount of money; it sounds like a beneficial move by TSIG, and only those with no understanding of bankruptcy actions will be sellers next week as a result of this news. Those who want to know more, or who are incurable insomniacs looking for relief, should read 11 U.S.C. 301, where bankruptcy is codified. Best, Tim PS: Opinions stated here are my own, I have no knowledge of VSI's financial status or of the content of the petition.