![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Monday, September 17, 2012 12:45:25 AM
instead, they exchanged $1.5 million of worthless assets to GTGP for a $1.5 million note secured by all the assets of GTFP.
here it is, directly from the SEC filings of GTGP:
http://www.sec.gov/Archives/edgar/data/1308841/000119312504205929/dsb2.htm
We have also issued a promissory note in the amount of $1.5 million to our President, Corinne Fallacaro. The note pays interest at 6% per annum and is payable upon demand and is secured by all of our assets. The promissory note was issued as consideration for the transfer of assets represented by a Bill of Sale to the Company but we are not representing in any way that it is indicative of the value of the assets.
shortly therefafter, the auditors wrote down the $1.5 million in assets from the GTGP balance sheet, but allowed for the Fallacaros to keep the $1.5 million owed to them by GTGP, fully secured by all the assets left in the company.
This is what scam company do
no different, have seen in over and over and over again
FEATURED Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt • Sep 4, 2024 9:02 AM
FEATURED Integrated Ventures Acquires 51% Stake In GetTrim.Com (TM), Telemedicine Platform With Focus On Expansion Into Booming GLP-1 Powered Weight Loss Market • Sep 4, 2024 8:45 AM
VAYK Confirms Receiving Revenue from First Airbnb Property with 1.4 Million Annual Revenue Goal • VAYK • Sep 4, 2024 9:34 AM
Avant Technologies Announces Strategic Review Process Intended to Maximize Shareholder Value • AVAI • Sep 4, 2024 8:00 AM
PickleJar Launches National "Get on the Bus" Campaign, Unveils Thompson Square Tour Bus Wrap • PKLE • Sep 4, 2024 7:17 AM
Maybacks Global and Inventel Products To Launch Global 24 Hour Shopping Channel • AHRO • Sep 3, 2024 9:15 AM