News

ThruComm creditors are out of luck

August 17, 2003

ST. PETERSBURG, Fla. -- A trustee's report filed in the ThruComm Inc. bankruptcy case indicates that more than 300 creditors will not receive anything from the company.

ThruComm, which provided telecommunications services for ATM operators and point-of-sales terminals,  closed its St. Petersburg headquarters and filed for Chapter 7 liquidation in December in Tampa federal court.

According to a report in the Tampa Bay Business Journal, the latest trustee's report in the case states there is no property or assets available for distribution to creditors.

ThruComm had gross revenue of $1.85 million from January to September of 2002 and $3.2 million in revenue in 2001, records state.

In its bankruptcy filing, the company listed about $60 million in liabilities. Nearly all the creditors are holding unsecured, non-priority claims.

The telecommunications start-up was building a business concentrating on wireless electronic funds transfer services and devices. It had begun developing a cellular communications and satellite network for electronic funds transfer.

Information Leasing Corp. in Cincinnati has repossessed ThruComm's leased equipment, foreclosed on security interests and took possession of the company's network assets and accounts receivables. Records show Information Leasing had a collateral lien valued at $3.9 million, according to the Business Journal. 

As a result of the network takeover, some customers of ThruComm's network are getting service from Data Network Services Inc. in Fairfield, Ohio, which was formed to meet some of ThruComm's contract obligations and create revenue.

Stockholder Donald E. Kuschel told the Business Journal that ThruComm had about 70 employees at one point. The company's demise was a shock to him, he said.