If iTalk acquired United Mobile Solutions Corp, but declared bankruptcy on United Mobile Solutions, LLC. What is status of United Mobile Solutions Corp? The 8-K lists bankrupt United Mobile Solutions, LLC as indirect wholly owned subsidiary of iTalk.
Maybe Levy all along had a plan. Any ideas I am grabbing at straws here?
Subsequent to the Closing the share exchange under the Purchase Agreement, the Company became aware of the following legal proceedings against UMS and Mr. Lee:
On November 17, 2015, American Express Bank, FSB, filed a Complaint on Account and Contract against Mr. Lee and CPD Mobile LLC in the State Court of Gwinnett County, Georgia, seeking repayment of indebtedness in the amount of $207,646.
On November 23, 2015, Tech Data Corporation filed a complaint against CPD Mobile d/b/a United Mobile Solutions and Mr. Lee in the United Stated District Court for the Northern District of Georgia seeking $821,051, plus interest (in the amount of $51,423 as of the date of the complaint and accruing at $405 per day), attorneys’ fees and costs of collection, for cell phones and related equipment purchased from Tech Data Corporation by UMS and personally guaranteed by Mr. Lee. UMS denies owing more than $400,000 of the payable, claiming the majority of the products were defective.
On December 1, 2015, URSA Information Systems, Inc. filed a complaint for breach of written contract in the Superior Court of California, County of San Bernardino, against United Mobile Solutions, LLC seeking damages in the amount of $115,627 for services provided and $39,948 for compensatory damages.
On March 16, 2016, NOWaccount Network Corporation and Small Business Credit Cooperative, Inc. filed a complaint against UMS, the Company and Mr. Lee in the Superior Court of Gwinnett, Georgia, seeking injunctive relief and damages in the amount of $73,193 in connection with a Merchant Services Agreement.
On March 16, 2016, Curve Commercial Services, LLC filed a complaint against United Mobile Solutions, LLC in the State Court of Gwinnet County, Georgia, seeking $896,235, plus accrued interest in the amount of $143,643 and future interest in the amount of $442 per day, for products purchased on account. On July 6, 2016, the Court entered a final judgement against United Mobile Solutions, LLC in the amount of $896,235, plus accrued interest in the amount of $158,228, plus post-judgement interest.
On May 17, 2016, ProcurePal, LLC filed multiple garnishment notices on financial institutions in connection with a judgment obtained against United Mobile Solutions, LLC with an amount claimed due of $500,505.
Maybe Levy all along had a plan. Any ideas I am grabbing at straws here?
Quote:As previously disclosed in the Form 8-K of iTalk Inc., a Nevada corporation (the “Company”), filed with the Securities and Exchange Commission, on February 2, 2016, the Company acquired United Mobile Solutions Corp., a Delaware corporation (formerly known as United Mobile Solutions, LLC) (“UMS”), which became a wholly owned subsidiary of the Company on January 29, 2016. As provided in such Form 8-K, the Company will be filing financial statements of UMS and pro forma financial information required by Item 9.01 by amendment to such Form 8-K no later than 71 days after February 2, 2016. In the meantime, the Company is voluntarily reporting in this Form 8-K the most recent financial statements of UMS, namely the audited combined financial statements for UMS for the years ended December 31, 2014 and 2013, including the notes thereto, and the unaudited condensed combined financial statements for UMS for the six months ended June 30, 2015 and 2014, including the notes thereto.
Subsequent to the Closing the share exchange under the Purchase Agreement, the Company became aware of the following legal proceedings against UMS and Mr. Lee:
On November 17, 2015, American Express Bank, FSB, filed a Complaint on Account and Contract against Mr. Lee and CPD Mobile LLC in the State Court of Gwinnett County, Georgia, seeking repayment of indebtedness in the amount of $207,646.
On November 23, 2015, Tech Data Corporation filed a complaint against CPD Mobile d/b/a United Mobile Solutions and Mr. Lee in the United Stated District Court for the Northern District of Georgia seeking $821,051, plus interest (in the amount of $51,423 as of the date of the complaint and accruing at $405 per day), attorneys’ fees and costs of collection, for cell phones and related equipment purchased from Tech Data Corporation by UMS and personally guaranteed by Mr. Lee. UMS denies owing more than $400,000 of the payable, claiming the majority of the products were defective.
On December 1, 2015, URSA Information Systems, Inc. filed a complaint for breach of written contract in the Superior Court of California, County of San Bernardino, against United Mobile Solutions, LLC seeking damages in the amount of $115,627 for services provided and $39,948 for compensatory damages.
On March 16, 2016, NOWaccount Network Corporation and Small Business Credit Cooperative, Inc. filed a complaint against UMS, the Company and Mr. Lee in the Superior Court of Gwinnett, Georgia, seeking injunctive relief and damages in the amount of $73,193 in connection with a Merchant Services Agreement.
On March 16, 2016, Curve Commercial Services, LLC filed a complaint against United Mobile Solutions, LLC in the State Court of Gwinnet County, Georgia, seeking $896,235, plus accrued interest in the amount of $143,643 and future interest in the amount of $442 per day, for products purchased on account. On July 6, 2016, the Court entered a final judgement against United Mobile Solutions, LLC in the amount of $896,235, plus accrued interest in the amount of $158,228, plus post-judgement interest.
On May 17, 2016, ProcurePal, LLC filed multiple garnishment notices on financial institutions in connection with a judgment obtained against United Mobile Solutions, LLC with an amount claimed due of $500,505.
Quote:Delray Beach, Florida, July 21, 2016 /PRNewswire/ -- iTalk, Inc. (OTCBB: TALK) (“iTalk”) today announced that United Mobile Solutions, LLC (“UMS LLC”), an indirect wholly owned subsidiary of iTalk, has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia, to enhance liquidity while it reorganizes. In doing so, UMS LLC is moving forward to implement its financial restructuring plan, which is intended to significantly reduce debt and other liabilities, provide maximum recoveries for creditors and cause no interruption of its carrier master dealer operations. All retail stores operated by UMS LLC are open for business and continuing to operate in the ordinary course.
“Our retail units across the country are open and will operate without interruption throughout the reorganization process,” said David Lee, President of iTalk. “The resulting deleveraging is expected to strengthen UMS LLC’s balance sheet, creating a strong and sustainable capital structure and maximizing shareholder value.
David Levy, CEO of iTalk, added, “We believe the financial restructuring plan we are announcing today is in the best interest of all UMS LLC’s stakeholders.
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