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Filing Details

Accession Number:: 0001144204-11-047633
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-08-15 21:50:50
Reporting Period:: 2011-08-11

Filing Date:: 2011-08-15
Accepted Time:: 2011-08-15 21:50:50
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
928659	Teletouch Communications Inc	TLLE	Radiotelephone Communications (4812)	752556090

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
938882	M Robert Mcmurrey	5178 Airport Freeway Fort Worth TX 76117	Chief Executive Officer	Yes	Yes	Yes	No
1522179	Tll Partners, L.l.c.	5718 Airport Fwy Fort Worth TX 76117		No	No	Yes	No
1522180	Progressive Concepts Communications, Inc.	5718 Airport Fwy Fort Worth TX 76117		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2011-08-11	15,000,000	$0.00	15,650,999	No	4	S	Indirect	By TLL Partners, L.L.C.
Common Stock	Disposition	2011-08-11	10,000,000	$0.00	5,650,999	No	4	S	Indirect	By TLL Partners, L.L.C.
Common Stock	Disposition	2011-08-11	2,000,000	$0.00	3,650,999	No	4	S	Indirect	By TLL Partners, L.L.C.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By TLL Partners, L.L.C.
No	4	S	Indirect	By TLL Partners, L.L.C.
No	4	S	Indirect	By TLL Partners, L.L.C.

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Call Option (right to buy)	Acquisiton	2011-08-11	25,000,000	$0.00	25,000,000	$1.00
Common Stock	Put Option (obligation to buy)	Disposition	2011-08-11	25,000,000	$0.00	25,000,000	$1.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
25,000,000	2011-08-16	2012-11-16	No	4	P	Indirect
25,000,000	2012-11-17	2012-12-16	No	4	S	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	1,200,000	Indirect	By Rainbow Resources, Inc.
Common Stock	40,442	Direct

Footnotes

As part of a settlement of various matters, TLL Partners, L.L.C. ("TLLP") transferred 15 million shares of Common Stock to one of its members (i) in redemption of all outstanding Series A Preferred Unit membership interests (the "Preferred Units") in TLLP held by that member and (ii) the further consideration of a cash payment by that member to TLLP in the amount of $2,250,000.
As part of a settlement of various matters, TLLP transferred 10 million shares of Common Stock to one of its members (i) in redemption of all outstanding Preferred Units in TLLP held by that member and (ii) the further consideration of a cash payment by that member to TLLP in the amount of $1,500,000.
As part of a settlement of various matters, TLLP paid $3,290,000 and transferred 2 million shares of Common Stock to its senior lender in full settlement of all obligations then outstanding under its senior loan agreement.
As part of a settlement of various matters, the total 25 million shares of Common Stock described in notes (1) and (2) above are subject to (i) a call option in favor of TLLP which will permit TLLP for a period of 15 months to purchase some or all of such shares at an exercise price of $1.00 per share, and (b) a put option in favor of the 2 former members referenced above to sell to TLLP for thirty 30 days following the conclusion of the 15-month option period some or all of such shares then held by those former members at an exercise price $1.00 per share. Beginning on March 17, 2012, the former members are free to distribute, sell or otherwise dispose of the shares subject to the call option. If they do so, the number of shares subject to the call option and the put option will be reduced on a share-for-share basis.