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Greenwich, CT, January 31, 2001 - Seneca Financial Group, Inc. has been retained by the Chapter 7 Trustee of TSR Wireless LLC. (the "Company", or "TSR") to be the Trustee's Financial Advisor. Seneca has been charged with developing and implementing a divestiture plan that will maximize the recovery to the Company's creditors. TSR Wireless LLC, which provides nationwide wireless paging services, filed for protection from its creditors under Chapter 7 of the United States Bankruptcy Code on 12/8/00. Since that time an interim Chapter 7 Trustee has been administering the estate. "We are pleased to be able to assist Charles Forman in realizing the highest possible value for the estate's creditors", said Seneca's president, Jim Harris. "The Chapter 7 filing has created quite a challenge; we believe we can help the Trustee come to a successful resolution of the situation." The Company's assets include a nationwide one-way messaging network as well as two nationwide two-way paging licenses and equipment. At the peak of its operations the Company serviced approximately 2.6 million customers. TSR's bankruptcy filing is the latest in a rash of wireless paging industry restructurings. "The industry is under a great deal of pressure from competing wireless technologies, rapid consolidation and extensive capital requirements. We expect more paging companies to experience financial distress similar to that of TSR", said Harris. Seneca Financial Group is an investment bank that focuses on working with financially distressed companies and creditors of financially distressed companies. Seneca is based in Greenwich, Connecticut. More information can be obtained about Seneca on our site or by calling the above contacts. Press Release Index |
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