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Re: None

Friday, 07/18/2008 2:11:45 AM

Friday, July 18, 2008 2:11:45 AM

Post# of 157299
More Kostro fun from the 2006 financials:

Recall the $15 million funding package from Caterham? http://findarticles.com/p/articles/mi_m0EIN/is_2004_April_28/ai_n6002316/pg_1?tag=artBody;col1 Recall that Kostro is Caterham?

He first agreed to receive 100 Series A Preferred shares for the promised $15 million. After he only paid $3.6 million of the promised $15 million, Globetel increased his compensation to 35,000 preferred shares which were later converted to 12,931,334 shares of common stock in December of 2005. Those shares had a cash equivalent of over $21 million the day he received them. Coincidently, Globetel announced a blockbuster $600 million Russian deal a couple of days later. Even though Kostro still owed $11.4 million for those preferred shares, Globetel accepted a financial switch they arbitrarily valued at $4.8 million as full payment. That switch was later passed along to Gotham from which Globetel has received $0 in payments to date.

"On April 27, 2004, the Company agreed to sell 1,000 shares of Series B Preferred Stock of GlobeTel Communications Corp. (“GTEL”) to Caterham Financial Management, Ltd., a Malaysian company (“Caterham”), for a total investment of $15 million. "

"The agreement was later modified so that the total number of shares is 35,000 for the same investment convertible into the same amount of common stock as agreed upon on April 27, 2004. "

"In December 2005, the Company entered into an agreement with Caterham wherein all 35,000 Series B Preferred shares were converted into post-split shares of GlobeTel common stock in full settlement of all obligations of the parties. "

"The Company had subscribed and received $3,350,000 as of December 31, 2004 (net of $11.5 million of subscriptions receivable)."

"In January 2005 an additional $250,000 was received from Caterham. The remaining amount of the subscription receivable was subsequently received during 2005 in the form of $4,835,200 of telecommunication equipment - the data switch in connection with the Stored Value Card program. "

"Gotham acquired substantially all of the assets, which include the stored value program, financial processing switch and contracts totaling $5,279,567"

"As of the date of this report, no payments have been received in relation to this agreement."

Its all here. . .http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6037374

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