crankymessiah wrote:
] w1ld wrote:
] ] ] On June 25, 2001, our former subsidiary, BlueStar
] ] ] Communications Group, Inc. made
] ] ] an irrevocable assignment for the benefit of its
] ] ] creditors of all its assets to an
] ] ] independent trustee in the
] ] ] state of Tennessee. Immediately thereafter, the Assignee
] ] ] began an orderly liquidation of BlueStar that was
] ] ] initially expected to be completed in the fourth quarter
] ] ] of 2002. However, the Assignee has informed us that it is
] ] ] still in the process of resolving some matters among
] ] ] BlueStar%u2019s creditors and that the process may extend
] ] ] into the second half of 2003.
] ] ]
] ] ] An ABC under Tennessee law
] ] ] is a non-judicial alternative to a plan of liquidation
] ] ] under Chapter 7 of the United States Bankruptcy Code. As
] ] ] a result of the ABC, BlueStars former assets are no
] ] ] longer controlled by us or BlueStar and cannot be used by
] ] ] either BlueStars or our board of directors to
] ] ] satisfy the liabilities of BlueStar. Consequently, the
] ] ] liquidation of BlueStar%u2019s assets and the discharging
] ] ] of its liabilities are currently under the sole control
] ] ] of the Assignee. Therefore, due to this loss of control,
] ] ] we deconsolidated BlueStar effective June 25, 2001, which
] ] ] resulted in the recognition of a deferred gain in the
] ] ] amount of approximately $55,200 in our consolidated
] ] ] balance sheet as of December 31, 2001. Such deferred gain
] ] ] represented%2
]
] That could be good news for some of you Covad shareholders.

Amazing that the dead horse still is not dead. :)

RE: BlueStar in the news