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Exhibit 2.1

PLAN OF COMPLETE LIQUIDATION AND DISSOLUTION
OF
ADVANCED SWITCHING COMMUNICATIONS, INC.

This Plan of Complete Liquidation and Dissolution (the Plan) is intended
to accomplish the complete liquidation and dissolution of Advanced Switching
Communications, Inc., a Delaware corporation (the Company), in accordance
with the Delaware General Corporation Law and Section 331 of the Internal
Revenue Code of 1986, as amended (the Code), as follows:

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| | 1. |  | The board of directors of the Company (the Board of Directors)
has adopted this Plan and called a meeting (the Meeting) of the
holders of the Companys common stock to approve the Plan and ratify
the Companys actions taken to date on the Plan. If stockholders
holding a majority of the Companys outstanding common stock, par value
$.0025 per share (the Common Stock), vote for the adoption of this
Plan at the Meeting, the Plan shall constitute the adopted Plan of the
Company as of the date of the Meeting, or such later date on which the
stockholders may approve the Plan if the Meeting is adjourned to a
later date (the Adoption Date)
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| | 2. |  | After the Adoption Date, the Company shall not engage in any
business activities except to the extent necessary to preserve the
value of its assets, wind up its business affairs, and distribute its
assets in accordance with this Plan. No later than thirty (30) days
following the Adoption Date, the Company shall file Form 966 with the
Internal Revenue Service.                                                                                                                                                                                                                                                                                              
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| | 3. |  | From and after the Adoption Date, the Company shall complete the
following corporate actions:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

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|a. |  | The Company shall determine whether and when to (i)
transfer the Companys property and assets (other than cash, cash
equivalents and accounts receivable) to a liquidating trust
(established pursuant to Section 6 hereof), or (ii) collect,
sell, exchange or otherwise dispose of all of its property and
assets in one or more transactions upon such terms and conditions
as the Board of Directors, in its absolute discretion, deems
expedient and in the best interests of the Company and the
stockholders, without any further vote or action by the Companys
stockholders. It is understood that the Company will be
permitted to commence the sale and disposition of its assets as
soon as possible following the adoption of this Plan by the
Companys Board of Directors in order to attain the highest value
for such assets and maximize value for its stockholders. The
Companys assets and properties may be sold in bulk to one buyer
or a small number of buyers or on a piecemeal basis to numerous
buyers. The Company will not be required to obtain appraisals or
other third party opinions as to the value of its properties and
assets in connection with the liquidation. In connection with
such collection, sale, exchange and other disposition, the
Company shall collect or make provision for the collection of all
accounts receivable, debts and claims owing to the Company.





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|b. |  | The Company shall pay or, as determined by the Board of
Directors, make reasonable provision to pay, all claims and
obligations of the Company, including all contingent, conditional
or unmatured claims known to the Company and all claims which are
known to the Company but for which the identity of the claimant
is unknown.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|c. |  | The Company shall distribute pro rata to its
stockholders, all available cash including the cash proceeds of
any sale, exchange or disposition, except such cash, property or
assets as are required for paying or making reasonable provision
for the claims and obligations of the Company. Such distribution
may occur in a single distribution or in a series of
distributions and shall be in cash or assets, in such amounts,
and at such time or times, as the Board of Directors or the
Trustees (as defined in Section 6 hereof), in their absolute
discretion, may determine. If and to the extent deemed
necessary, appropriate or desirable by the Board of Directors or
the Trustees, in their absolute discretion, the Company may
establish and set aside a reasonable amount of cash and/or
property (the Contingency Reserve) to satisfy claims against
the Company, including, without limitation, tax obligations, and
all expenses of the sale of the Companys property and assets, of
the collection and defense of the Companys property and assets,
and the liquidation and dissolution provided for in this Plan.

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| | 4. |  | The distributions to the stockholders pursuant to Section 3 and 6
hereof shall be in complete cancellation of all of the outstanding
Common Stock of the Company. As a condition to receipt of any
distribution to the Companys stockholders, the Board of Directors or
the Trustees, in their absolute discretion, may require the
stockholders to (i) surrender their certificates evidencing the Common
Stock to the Company or its agents for recording of such distributions
thereon or (ii) furnish the Company with evidence satisfactory to the
Board of Directors or the Trustees of the loss, theft or destruction of
their certificates evidencing the Common Stock, together with such
surety bond or other security or indemnity as may be required by and
satisfactory to the Board of Directors or the Trustees (Satisfactory
Evidence and Indemnity). As a condition to receipt of any final
distribution to the Companys stockholders, the Board of Directors or
the Trustees, in their absolute discretion, may require the
stockholders to (i) surrender their certificates evidencing the Common
Stock to the Company or its agent for cancellation or (ii) furnish the
Company with Satisfactory Evidence and Indemnity. The Company will
finally close its stock transfer books and discontinue recording
transfers of Common Stock on the earliest to occur of (i) the close of
business on the record date fixed by the Board of Directors for the
final liquidating distribution, (ii) the close of business on the date
on which the remaining assets of the Company are transferred to the
Trust or (iii) the date on which the Company files its Certificate of
Dissolution under the Delaware General Corporation Law, and thereafter
certificates representing Common Stock will not be assignable or
transferable on the books of the Company except by will, intestate
succession, or operation of law.
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| | 5. |  | If any distribution to a stockholder cannot be made, whether
because the stockholder cannot be located, has not surrendered its
certificates evidencing Common Stock as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    





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| |    |  | required hereunder or for any other reason, the distribution to which
such stockholder is entitled (unless transferred to the Trust established
pursuant to Section 6 hereof) shall be transferred, at such time as the
final liquidating distribution is made by the Company, to the official of
such state or other jurisdiction authorized by applicable law to receive
the proceeds of such distribution. The proceeds of such distribution
shall thereafter be held solely for the benefit of and for ultimate
distribution to such stockholder as the sole equitable owner thereof and
shall be treated as abandoned property and escheat to the applicable
state or other jurisdiction in accordance with applicable law. In no
event shall the proceeds of any such distribution revert to or become the
property of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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| | 6. |  | If deemed necessary, appropriate or desirable by the Board of
Directors, in its absolute discretion, in furtherance of the
liquidation and distribution of the Companys assets to the
stockholders, as a final liquidating distribution or from time to time,
the Company shall transfer to one or more liquidating trustees, for the
benefit of its stockholders (the Trustees), under a liquidating trust
(the Trust), any assets of the Company which are (i) not reasonably
susceptible to distribution to the stockholders, including without
limitation non-cash assets and assets held on behalf of the
stockholders (a) who cannot be located or who do not tender their
certificates evidencing the Common Stock to the Company or its agent as
herein above required or (b) to whom distributions may not be made
based upon restrictions under contract or law, including, without
limitation, restrictions of the federal securities laws and regulations
promulgated thereunder, or (ii) held as the Contingency Reserve. The
Board of Directors is hereby authorized to appoint one or more
corporations, partnerships or other persons, or any combination
thereof, including, without limitation, any one or more officers,
directors, employees, agents or representatives of the Company, to act
as the initial Trustee or Trustees for the benefit of the stockholders
and to receive any assets of the Company. Any Trustees appointed as
provided in the preceding sentence shall succeed to all right, title
and interest of the Company of any kind and character with respect to
such transferred assets and, to the extent of the assets so transferred
and solely in their capacity as Trustees, shall assume all of the
liabilities and obligations of the Company, including, without
limitation, any unsatisfied claims and unascertained or contingent
liabilities. Further, any conveyance of assets to the Trustees shall
be deemed to be a distribution of property and assets by the Company to
the stockholders for the purposes of Section 3 of this Plan. Any such
conveyance to the Trustees shall be in trust for the stockholders of
the Company. The Company, subject to this Section and as authorized by
the Board of Directors, in its absolute discretion, may enter into a
liquidating trust agreement with the Trustees, on such terms and
conditions as the Board of Directors, in its absolute discretion, may
deem necessary, appropriate or desirable. Adoption of this Plan by a
majority of the outstanding Common Stock shall constitute the approval
of the stockholders of any such appointment, any such liquidating trust
agreement and any transfer of assets by the Company to the Trust as
their act and as a part hereof as if herein written.
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| | 7. |  | After the Adoption Date, the officers of the Company shall, at such
time as the Board of Directors, in its absolute discretion, deems
necessary, appropriate or desirable, obtain any certificates required
from the Delaware tax authorities and, upon obtaining such certificates
and paying such taxes as may be owing, the Company shall file with the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       





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| |     |  | Secretary of State of the State of Delaware a Certificate of Dissolution
(the Certificate of Dissolution) in accordance with the Delaware
General Corporation Law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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| | 8.  |  | Adoption of this Plan by holders of a majority of the outstanding
Common Stock shall constitute the approval of the stockholders of the
sale, exchange or other disposition in liquidation of all of the
property and assets of the Company, whether such sale, exchange or
other disposition occurs in one transaction or a series of
transactions, and shall constitute ratification of all contracts for
sale, exchange or other disposition which are conditioned on adoption
of this Plan.                                                                                                                                                                                                                                                                                                                           
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| | 9.  |  | In connection with and for the purposes of implementing and
assuring completion of this Plan, the Company may, in the absolute
discretion of the Board of Directors, pay any brokerage, agency,
professional and other fees and expenses of persons rendering services
to the Company in connection with the collection, sale, exchange or
other disposition of the Companys property and assets and the
implementation of this Plan.                                                                                                                                                                                                                                                                                                                                                                                    
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| | 10. |  | In connection with and for the purpose of implementing and assuring
completion of this Plan, the Company may, in the absolute discretion of
the Board of Directors, pay the Companys officers, directors,
employees, agents and representatives, or any of them, compensation or
additional compensation above their regular compensation, in money or
other property, as severance, bonus, acceleration of vesting of stock
or stock options, or in any other form, in recognition of the
extraordinary efforts they, or any of them, will be required to
undertake, or actually undertake, in connection with the implementation
of this Plan. Adoption of this Plan by a majority of the outstanding
Common Stock shall constitute the approval of the Companys
stockholders of the payment of any such compensation.
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| | 11. |  | The Company shall continue to indemnify its officers, directors,
employees, agents and representatives in accordance with its
certificate of incorporation, as amended, and by-laws and any
contractual arrangements, for the actions taken in connection with this
Plan and the winding up of the affairs of the Company. The Companys
obligation to indemnify such persons may also be satisfied out of the
assets of the Trust. The Board of Directors and the Trustees, in their
absolute discretion, are authorized to obtain and maintain insurance as
may be necessary or appropriate to cover the Companys obligation
hereunder, including seeking an extension in time and coverage of the
Companys insurance policies currently in effect.                                                                   
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| | 12. |  | Notwithstanding authorization or consent to this Plan and the
transactions contemplated hereby by the Companys stockholders, the
Board of Directors may modify, amend or abandon this Plan and the
transactions contemplated hereby without further action by the
stockholders to the extent permitted by the Delaware General
Corporation Law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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| | 13. |  | The Board of Directors of the Company is hereby authorized, without
further action by the Companys stockholders, to do and perform or
cause the officers of the Company, subject to approval of the Board of
Directors, to do and perform, any and all acts, and to make, execute,
deliver or adopt any and all agreements, resolutions, conveyances,                                                                                                                                                                                                                                                                                                                                                                                                                                                                    





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| |  |  | certificates and other documents of every kind which are deemed
necessary, appropriate or desirable, in the absolute discretion of the
Board of Directors, to implement this Plan and the transaction
contemplated hereby, including, without limiting the foregoing, all
filings or acts required by any state or federal law or regulation to
wind up its affairs.