Global Technologies Group, Inc. (GTGP)

[236T568]

nodummy, truly truly excellent post

that clearly explains how the Fallacaros treat their public stockholders.


I would like to add that the Fallacaros took some of those Falcon assets that they transferred over to themselves, then exchanged them for a $1.5 mllion convertible note to GTGP in 2004. Soon thereafter the $1.5 million in assets that was transferred and they claimed was now owned by GTGP was WRITTEN DOWN AS WORTHLESS by the GTGP auditors....Yet the Fallacaros kept the $1.5 milion note, accruing interest over time. In addition, the Fallocaros $1.5 million convertible note is NOW SECURED BY 100% OF THE GTGP ASSETS.

and here is the important point:

SINCE GTGP DOES NOT FILE FINANCIALS WITH THE SEC, WE AT THIS TIME DO NOT KNOW WHETHER THE FALACAROS HAVE ALREADY TRANSFERRED ALL OF THE GTGP ASSETS, INCLUDING LICENSING AND JV AGREEMENTS OVER TO THEMSELVES OR A RELATED ENTITY!

nodummy Wednesday, September 19, 2012 6:35:04 PM
Re: PLAYER ONE post# 60779 Post # of 60918

I do not think that James and Corrine Fallacaro's choice to abandon the Falcon Entertainment Corp shell exonerates them from being responsible for the eventual revocation of that shell.

I doubt the Falcon Entertainment Corp shareholders are blaming anybody else for what happened to Falcon Entertainment Corp.

Fact is that nobody took over control of the Falcon Entertainment Corp shell after it was abandoned by Corrine and James Fallacaro.

Fact is that 3 years went by with no disclosure about the resignation of James and Corrine Fallacaro and no disclosure was ever filed under the Falcon Entertainment ticker. No disclosure was ever done telling Falcon Entertainment shareholders that their assets were given to James and Corrine Fallacaro because James and Corrine Fallacaro decided in 2001 to default on a $700,000 Promissory Note due to them. They didn't even respect those shareholders enough to disclose those important material events.

James and Corrine by their own words admitted that they didn't even follow the proper legal procedures to take those assets away from the Falcon Entertainment Corp shareholders


Quote:
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Because there was no judicial determination as to the validity of the transfer of title of the assets to Corinne Fallacaro, there can be no assurance that shareholders of Falcon will not assert any claims which challenge the validity of the transfer of assets. In the event such a challenge was successful, our operations would be severely impaired.
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Since James Fallacaro was the CEO of the Falcon Entertainment shell at the time that the Falcon Entertainment shell allegedly defaulted on a $700,000 debt Note due to James and Corrine Fallacaro then it was James Fallacaro's fault that the Falcon Entertainment Corp shell failed and it was his fault that it got abandoned and it was his fault that 8 years later the shell got revoked.

How convenient that the $700,000 debt Note was replaced with a $1,500,000 debt Note.

James Fallacaro failed as the CEO of Falcon Entertainment Corp and now James Fallacaro has failed as the CEO of the GTGP shell.

James Fallacaro was responsible for the death of the Falcon Entertainment Corp shell. And now James Fallacaro is responsible for the death of the GTGP shell.

If James now abandons the GTGP shell to try to once again start over with the same assets with yet another publicly trade shell and 5 or 6 years from now the GTGP shell gets revoked it will still be his fault that the GTGP shell got revoked. It doesn't matter that they stopped acting as the officers by abandoning the shell in 2012.

I'm sorry that people's investments in the GTGP shell have now been destroyed.

Kudos to the people that saw and understood the risk in investing in a shell that spent the last several years ignoring its reporting requirements and took profits while they were there.