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Information on MIG, Inc. Chapter 11 Bankruptcy Case
For information on proceedings and documents related to MIG, Inc. Chapter 11 bankruptcy case please visit the following site http://migreorg.com.
MagtiCom Announces Results for the First 4 months of 2009
Press Release
Update on Recent Legal Developments
On 2 November, 2009 the Delaware Supreme Court issued an order affirming the
award made by the Delaware Chancery Court in the appraisal action. MIG is
reviewing the basis of the Delaware Supreme Court order and is considering all
appropriate actions.
MIG, Inc. Files for Chapter 11 Bankruptcy Protection
On 5 June, 2009, the Delaware Court of Chancery entered an award in the appraisal action against MIG, Inc. resulting in a judgment against MIG of US $188 million. The Chancery Court found that the rights of the preferred shareholders are governed by the Certificate of Designation and then interpreted the Certificate of Designation to determine the monetary value of the award. MIG believes that the Chancery Court incorrectly interpreted the Certificate of Designation.
MIG is unable to pay the award as granted by the Chancery Court. MIG also believes that it has a strong case at appeal. Accordingly, on 17 June, 2009, MIG filed for Chapter 11 bankruptcy protection in the US Federal Bankruptcy Court in Delaware. The Chapter 11 filing will allow MIG to protect and maximize its valuable telecommunications assets in the Republic of Georgia and address its existing liabilities including, the final award and certain legacy and other liabilities in the US. MIG's Chapter 11 filing is intended to maximize value for all of its stakeholders. The Chapter 11 filing will allow MIG to pursue an appeal and provide time to reorganize its business.
MIG, Inc. publishes 10 Month 2008 Management Results for Magticom.
MIG, Inc. (“MIG”) has published ten-month 2008 management accounts for Magticom. These results do not fully account for impact on Magticom of the recent Georgia/Russia conflict and other circumstances arising in Georgia during 2008.
MIG and its Georgian partner, Dr. George Jokhtaberidze, have cooperated to minimize adverse effects of these conditions on Magticom’s results, as well as to continue improvements in Magticom’s financial reporting and other management processes. Dr. Jokhtaberidze’s efforts have been very productive in this regard, despite difficulties he experienced in settling certain matters with MIG following the 2007 merger.
The full impact of the August 2008 conflict and other events in Georgia on Magticom's future performance cannot be predicted at this time with any accuracy. MIG does expect some adverse pressure on future Magticom results due to slowing of growth in the Georgian GDP and devaluation of the Georgian Lari.
Finances