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TXP Is Back

3:15 PM -- It may seem odd that Richardson, Texas-based TXP Corp. (Nasdaq: TXPO) added to its management ranks today, given its status when we last looked it over.

TXP was indeed down for the count, but the company's back in action, according to a survey of its most recent filings with the SEC.

The company, which makes fiber-to-the-home optical network terminals, among other things, suspended operations in December and, in doing so, "suspended the employment of substantially all of its employees, other than its executive officers, who were not being compensated during the temporary suspension of operations," SEC filings state. TXP's last publicly available headcount listed 98 employees as of March 2008.

So the top brass worked for free and the rank and file didn't work at all during Christmas. Ouch.

But the lights were turned back, albeit on a dimmer switch, on Jan. 19. and TXP resumed limited operations.

Then, on February 20, TXP resumed normal operations, after its creditors agreed not to shut it down, even after it defaulted on some debts. The company remains on a short leash, though. And the filings from the SEC state that TXP's "management intends to continue to pursue financing."

As do we all, TXP. As do we all.

— Phil Harvey, Editor-in-Chief, Light Reading

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