LinkTel Communications, Inc.

On December 1, 2000, the SEC obtained permanent injunctions, asset freezes, and other relief against LinkTel Communications, Inc., T.P.C. Communications, Inc., and Jeffrey S. Altman. The SEC alleges that the defendants fraudulently raised more than $6.4 million from approximately 270 investors, primarily through the unregistered sale of customer-owned, coin-operated telephones offered and sold in units. For more information about the SEC's action, you can read Litigation Release No. 16816 (December 4, 2000).

The Court appointed William G. Hays & Assoc., L.L.C. as Receiver to take control of LinkTel and T.P.C., and to collect their assets and distribute them to defrauded investors. The Receiver cooperated with the Liquidator (KPMG Peat Marwick ) of National Reliance Insurance Company (NRIC), a Turks and Caicos Islands insurance entity formed and controlled by Altman, by providing schedules and detailed information concerning LinkTel investors so that a portion of their investment could be recovered. The Liquidator sent claim forms directly to investors who were responsible for the preparation of the claim and submission to the Liquidator. Based upon the Receiver's correspondence with certain investors, the liquidation of NRIC resulted in a return or distribution to investors of approximately 10% of claims approved by the Liquidator. Thus, these funds ultimately were paid to investors and the Receiver believes that no further action is required with respect to this matter. You can find additional information on the Receiver's website.

http://www.sec.gov/divisions/enforce/claims/linktel.htm