SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
__________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) of the
SECURITIES
EXCHANGE ACT OF 1934
__________________
Date
of
Report: October 9, 2007
Turnaround
Partners, Inc.
(Exact
Name of Registrant as Specified in Charter)
Nevada
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02-28606
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22-3387630
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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109
North Post Oak Lane, Houston, Texas
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77024
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(Address
of principal executive offices)
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(Zip
code)
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Registrant's
telephone number, including area code:
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(713)
621-2737
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Not
Applicable
(Former
Name or Former Address, If Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
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o |
Pre-commencement
communications pursuant to Rule 13c-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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ITEM
1.01. ENTRY INTO MATERIAL DEFINITIVE AGREEMENT
On
October 9, 2007, Corporate Strategies, Inc. (“CSI”),
a
wholly-owned subsidiary of Turnaround Partners, Inc. (the “Registrant”),
entered into a letter agreement (the “Amendment”)
with
YA Global Investments, L.P. (f/k/a Cornell Capital Partners, L.P. and
hereinafter, “YAGI”)
pursuant to which CSI and YAGI agreed to extend the maturity dates of each
of
those convertible debentures originally issued by CSI to YAGI (each, a
“Convertible
Debenture”)
on (i)
May 6, 2004, (ii) September 28, 2004, (iii) April 6, 2005 and (iv) June 24,
2004
(which such Convertible Debenture was initially issued by CSI to iVoice, Inc.
and was subsequently assigned by iVoice, Inc. to YAGI) from the third
(3rd)
anniversary from the date of each Convertible Debenture to December 31, 2007.
A
copy of the Agreement has provided herewith as Exhibit 10.1.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not
applicable.
(b) Not
applicable.
(c)
Not
applicable.
(d) Exhibit
No. Description:
EXHIBIT
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DESCRIPTION
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LOCATION
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Exhibit
10.1
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Letter
Agreement, dated October 9, 2007, by and between Corporate Strategies,
Inc. and YA Global Investments, L.P.
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Provided
herewith
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October
15, 2007
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TURNAROUND
PARTNERS, INC.
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By: /s/
Timothy J. Connolly
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Name:
Timothy J. Connolly
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Its:
Chief Executive Officer
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