Whilst TMN was placed in the hands of Receivers on 6th June, they were actually suspended from trading on 16th May.
Partial attribution for their failure was due to KDDI not paying for a number of installed systems.
The Company whilst founded by Chris Jones was actually brought to market (and the ASX) by Colin Marland and his Chifley Group.
All of TMN's corporate and business operations were HQ'd out of Sydney whilst R&D, and (split) marketing were based out of Auckland.
At the time of failing, TMN's revenue profile was ~$30M, but its cash cover (particularly in light of non-paying customers) was poor.
Greater than 80% of TMN's revenue was derived offshore (ie: outside Australia and NZ).
Placed in context, Colin Marland and his Chifley Group founded (from a public company perspective)TMN and co-founded People Telecom.
The appointment of Receivers on 6th June 2001 was asset specific (ie: to look after Westpac's secured loan facility). On 10th August 2001, the Directors appointed Administrators over all of the business (hence sometimes the inevitable clashes that emerge between Receivership and Administration).
On 5th October 2001, creditors resolved that TMN execute a Deed of Company Arrangement.
As creditors in an Administration are bound by the decisions of the Administration (ie: the Meeting of Creditors), and Westpac (as the secured creditor) did not opposed the Administration, Westpac was also bound by the Administration.
In consequence of this, a Deed of Company Arrangement was entered into between the Company and the Administrators, with the Deed Administrators being appointed, effective 7th November 2001.
The salient features of the Deed were: 1) payment of $400,000; and 2) $250,000 of this amount to be paid to Westpac, as the secured creditor.
In an ASX Release on 3rd January 2002, the Deed Administrator noted that: "(s)ubsequent to compliance with the terms of the Deed of Company Arrangement, it is intended that the company will commence trading again on the ASX some time in the future, prior to which time shareholders will be notified".
The conditions of the Deed of Company Arrangement were satisfied on 12th December 2003, just after the $400,000 was paid to the Deed Administrators.
The synergies may be there, as between People Telecom and SWT, and what you have suggested may well come to pass. Time on this will tell.
One way or another, People Telecom will either be merged or back-doored.
However, I was merely pointing out that Colin Marland has had a deep hand in the founding fortunes of both People Telecom and of TMN (and that hand continues).
