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software. Between 1991 and 1994, TMC had cumulative total
revenues in excess of $289 million.
On August 17, 1994, however, TMC filed a voluntary petition
for chapter 11 reorganization in the U.S. Bankruptcy Court for
the District of Massachusetts (Bankruptcy Court).
On TMC’s financial statements filed with the Bankruptcy
Court, TMC listed total outstanding debts of approximately $34
million and total assets of approximately $56 million.
In July of 1995, petitioner and other creditors of TMC
sought a declaration from the Bankruptcy Court that those
creditors of TMC holding promissory notes from TMC accruing
interest at 6 percent per year should be subordinated to those
creditors of TMC holding promissory notes from TMC accruing
interest at 12 percent per year.
For its year ending September 30, 1995, TMC reported on its
financial statements $32.9 million in total revenues and $3.3
million in operating profit.
On February 8, 1996, the Bankruptcy Court confirmed a plan
of reorganization for TMC, and, as part of TMC’s reorganization
plan, a Delaware corporation named OTM was organized as the
successor to TMC.
As a result of TMC’s plan of reorganization, petitioner
received 2,284 shares of OTM common stock, 914 shares of OTM
series A convertible preferred stock, and 326 OTM warrants for
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