John, I spotted two remarks in the slightly earlier 10K filing at http://sec.edgar-online.com/2008/03/27/0001144204-08-017833/Section12.asp "However, management does not believe that the consummation of the Proposed Tralliance Transaction will, in itself, allow the Company to become profitable and generate operating cash flows sufficient to fund its operations and pay its existing current liabilities (including those liabilities related to its discontinued operations) in the foreseeable future." Also, this phrase (which was repeated in the subsequent 10Q): "It is our preference to avoid filing for protection under the U.S. Bankruptcy Code." ...which leads us to the gTLD Registry Failover Exercise After Action Report that stated: "The exercise highlighted the difficulty in implementing portions of the plan when a company has declared bankruptcy or is in receivership. Discussion: Bankruptcy of a Registry/Backend Provider Declaration of bankruptcy by a registry or backend provider could place the company under control of the courts, and potentially negatively impact registrants and affect the level/quality of DNS service within the affected TLD. The exercise highlighted difficulty in the implementation of portions of the plan when a company has declared bankruptcy or is in receivership. Recommendation: ICANN to undertake a more-thorough examination of the affect of bankruptcy on the draft ICANN gTLD Registry Failover Plan. Recommend the development of detailed internal procedures and courses of action to provide guidance during a registry bankruptcy on registrants of the affected gTLD." Perhaps in view of current circumstances ICANN should accelerate its proposed more-thorough examination of the affect of bankruptcy.