Digerati Technologies: Davis, McIlwain appointed to board of directors

By Caroline Salls

Pittsburgh, April 10 - Digerati Technologies, Inc. said James J. Davis and William E. McIlwain were appointed as directors of the company under its plan of reorganization, which was confirmed on April 4.

According to a company news release, Arthur L. Smith will continue as a director, president and chief executive officer of Digerati, and Antonio Estrada will continue as chief financial officer.

Davis retired from his position as CFO of Express Energy Services in 2013 and is now a private investor and director of a not-for-profit organization. He holds a BS degree in mechanical engineering from the University of Colorado and an MS degree in industrial administration from Purdue University, as well as a CPA certificate in the State of Oklahoma.

McIlwain is co-founder of Gary Greene Realtors. Since retirement in 2004, he has been involved in commercial real estate site location and sales and more recently in industrial pipe sales.

As previously reported, Digerati's plan will eliminate about $63 million in debt through the sale of oil field service subsidiaries Dishon Disposal, Inc. and Hurley Enterprises, Inc., and the company will emerge from Chapter 11 bankruptcy as a "leaner" reorganized company that will continue its cloud communication business.

The restructuring plan provides for any surplus value from the sale of Dishon and Hurley to be distributed to the reorganized Digerati and to creditors affiliated with the former owners of Dishon and Hurley.

Other features of the plan include an increase in the authorized common stock of the company and establishment of a grantor trust and disbursing agent responsible for distribution of the proceeds from the sale of Dishon and Hurley and any retained litigation claims.

Digerati, a Stafford, Texas-based diversified holding company with operating subsidiaries in the oil field services and cloud communications industries, filed for bankruptcy on June 3, 2013 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 13-33264.

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