I know bankrupt companies swing a lot but remember this is in chapter 11. I wouldn't stay in it over night.
Form 8-K for EPICUS COMMUNICATIONS GROUP INC
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29-Oct-2004
Bankruptcy or Receivership, Triggering Events of Finanical Obliga
Item 1.03 Bankruptcy or Receivership.
On October 25, 2004 (the "Petition Date"), Epicus Communications Group, Inc. (the "Company") and its subsidiary (collectively, the "Debtors") filed voluntary petitions in the United State Bankruptcy Court for the Southern District of Florida (the "Bankruptcy Court") seeking reorganization relief under the provisions of chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") (Case Nos. 04-34915, 04-34916, collectively, the "Cases"). The Debtors continue to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.
Item 2.04 Triggering Events That Accelerate or Increase a
Direct Financial Obligation or an Obligation Under An Off-Balance Sheet Arrangement.
As a result of the bankruptcy filing, the Company is in default under the terms of the Callable Secured Convertible Notes (the "Notes") it executed on May 28, 2004, July 22, 2004 and September 27, 2004 in connection with the private placement of an aggregate of $3,300,000 in 8% secured convertible notes due May 28, 2006. As a result of such default, the principal amount plus accrued and unpaid interest, including any liquidated damages, if any, on the Notes may be determined to be due and payable.
As a result of the bankruptcy filing, the ability of creditors to seek remedies to enforce their rights under all such agreements are stayed and creditor rights of enforcement are subject to the applicable provisions of the Bankruptcy Code.