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Telco's Chapter 11 Filing Ignites SEC Ire

Law360 (January 13, 2006, 12:00 AM EST) -- Bankrupt Universal Access Global Holdings Inc., now known as UAGH Inc., has come under fire from the Securities and Exchange Commission over its proposed liquidation plan, which regulators see as a time bomb for setting off a stock manipulation scheme.

Fearful that the plan by the company would pump any post-liquidation funds into the accounts of its administrator and the company’s creditors without using them to restart the reorganized debtor, the SEC asked that the court deny confirmation.

The U.S. Bankruptcy Court in Chicago is scheduled...
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