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I'll call Barbara tomorrow. Thanks.
bank
Mide,
They closed the offering before the remainder had been sold. They were pretty adament at the time. It was around the same time the matching FL money was introduced. Maybe they figured they could always use their own money if need be. Just a thought.
bank
I keep telling myself....deep breath....count to ten....try to answer without personal attack...if available, always try to present fact to back up your opinion.
Oh. OK.
You said it was never posted. It was. You were wrong. Send WW a nice apology, would you?
bank
Wrong. Post #132282.
bank
From my post 132522 -
And what's more, I'm willing to bet the boys put more of their own money in, as opposed to another smallish fund raise if they need short term capital. Their track record already suggests this as a possibility. Clearly the coffers will need a bump in the near future, but only temporarily. And I'm pretty darn confident that they're not looking to crack open the seal on the additional 250 mil. shares.
Also, Yuma will happen, despite what the naysayers purport. It's not as easy as one would think to reschedule dates to test. Some here think that because we haven't heard anything yet that DOD is somehow saying "No thanks". That's crap. November will prove to be the continuation of testing in my opinion.
just sayin' . . .
bank
Knock yourself out.
Nil - I'm trying to connect some dots, but I'm not there yet. Appreciate the info, though.
bank
Mide,
I was part of that funding. Here's the rest of the story. We were told that our shares would be registered and free trading within 60 days. This arrangement was agreed upon because the deal was in lieu of warrants. As it turns out, our shares might be free trading this coming week at best - almost 6 months later. AND - get this - Arman arranged to get the warrants for himself and a couple of his employees, unbenounced to the investors. So, this suggests that WSGI knew they were rewarding Arman for his fundraising efforts and Arman lied to his clients. Good stuff, huh?
bank
Thanks Nil.
Nil,
How many shares have been traded since 6/1/11? Thanks.
bank
Mide,
And what's more, I'm willing to bet the boys put more of their own money in, as opposed to another smallish fund raise if they need short term capital. Their track record already suggests this as a possibility. Clearly the coffers will need a bump in the near future, but only temporarily. And I'm pretty darn confident that they're not looking to crack open the seal on the additional 250 mil. shares.
Also, Yuma will happen, despite what the naysayers purport. It's not as easy as one would think to reschedule dates to test. Some here think that because we haven't heard anything yet that DOD is somehow saying "No thanks". That's crap. Big insecure crap. November will prove to be the continuation of testing in my opinion.
Now GTC and Phipps provide for an interesting conversation. Why did WSGI acquire them really? Potential revenue stream and a technology puzzle piece are certainly logical assertions. On the outside, I admit the price of admission seems high. So what's the real value here? Why was this acquisition important? Investment bankers who need revenue to fund their ongoing expenses and the R&D and subsequent marketing of their products don't generally look to another business's revenue stream for operating capital. Clark and Estrella are fundraisers by profession. They seemingly could get this done another way. So, why GTC? IMO, I think it's for the contacts that will get them to where they need to go to sell WSGI's product. Phipps, et.al., have DOD contacts as is evidenced in the Afghanistan groundstation, for one. This much is clear. WSGI has given them 2 board members to apppoint. Didn't some here initially think this was odd? I know I did. Well, maybe that's the crux of the deal. Maybe Phipp's appointments are a big part of this whole thing in management's eyes. After all, you have to pay to play, no?
I stand by my belief that Clark and Estrella are in it to win it. Patience is a virtue, and this investment is certainly trying everyone's patience, especially Modlam, who's been in for 15 years???? Wow. Stay long for a while longer, IMO. What's another 6 months after 15 years? New management, real plan, let's let them play it out.
God, I hope I'm right.
bank
modlam, I guess that would depend on one's definition of what a good job is. The concerns you list are valid, no doubt. But, because we don't know a lot of what's going on behind the scenes, it's very difficult to quantify what success is being achieved. So far, management has lived up to these items:
1) A direction of stabilization of the corporation in terms of cleaning up prior messes, funding daily operations and current, consistent compliance on all fronts SEC, etc.
2) A direction of growth towards the stated business plan acquiring GTC and maybe others. (Eastcor?) We can't be a startup R & D company forever and this is a step towards developing a client base and making money.
3) Getting our new and improved product in front of DOD. Despite the wind incident, DOD is still interested as the ship passed all tests to date. Hasn't this been the biggest goal all along - to secure government contracts?
As shareholders, have things taken longer than we want? Yes. Are they taking longer than management thought? Probably. Are we still in the game? In my estimation, absolutely.
Management is tight lipped. But, I prefer that over loose lips sinking our ship.
bank
"you will all see"? hmmm. . .I can hear the ax grinding now.
So, you pretend to know my sources, do you? Tell me, how is never-never land this time of year?
bank
Sorry, I know what I know. Don't give me that "two sides to every story" crap. And Hudson is dumping EVERY day - up to 20% of each day's total. I suppose you blame current management for creating the Hudson issue, too, huh?
bank
They were offered market price at the time by a group of investors through Basis in an effort to avoid the SP plummet that we're experiencing now. It was north of .10, but I honestly don't remember exactly where market was at the time.
bank
I would disagree that they are working slowly. I think it's more likely the nature of the beast. If they're successful in the end, their pay will be well worth it, as will be ours. If not, then I agree they will have been overpaid.
bank
Hudson is dumping out of spite. They were offered much better money for their shares after the settlement and they declined. They just want to hurt the SP of WSGI. That's a fact.
bank
Yeah. I hear you. I'll probably buy more as well. Just curious. If you don't believe management why buy more?
Guess you did just wake up - and with a hangover. Calm down there, big fella. Hurt my feelings? I don't trade on feelings. I'm long and confident despite all of this crap. Good luck.
Hudson Bay has been dumping for months. Did you just roll out of bed or something?
Cool, they're not 22 mil to be sold. Those are the shares from the last set of offerings already sold. This is the second amendment at the request of the SEC in order that the restricted shares can become registered and, thus, unrestricted. You'll note names of people who have participated in the fund raise and their amount of participation. Remember the $1.6 mil raised last May? This is that. Hope this helps.
bank
Somebody knows something.
bank
Gotcha -
Your quote - "I almost always agree with Acumen."
I suppose you also agree with his assessment of the fuel technology in the Argus?
We all watched and "heard" the video. She's gas powered for sure - maybe two cycle but possibly a four cycle engine. Sooooooooo...fuel consumption becomes an issue! What's the size of the gas tank and how long can she stay aloft?
If it's a 50CC engine she could be burning a 1/4 - 1/2 gallon a minute so at 6.4 pounds per gallon.....just sayin!!!!
Nice association you've nurtured there. Keep up the good due diligence!
bank
I really don't think it has any bearing on what needs to be done at this point.
bank
BDay -
http://www.globalstar.com/en/index.php?cid=7010&pressId=695
Scheduled for December
bank
I believe the first 12 new satellites are functional. But, please correct me if I'm wrong.
bank
Patience, Columbo. All in due time.
bank
I guess you'll just have to wait and see, now won't you?
bank
And, by the way, Columbo, Globalstar has remedied that problem. But then, you knew that.
bank
Way to take it out of context, Columbo. Why don't you provide the entire text? Don't bother. here it is with my bold:
Our subsidiary GTC relies heavily on the Globalstar satellite network to provide its services and generate revenue.
GTC specializes in services offered through the Globalstar satellite network, and thus its future revenue growth from this part of the business is directly related to the reliability of the Globalstar network. The Globalstar satellite constellation has deteriorated over time resulting in substantially reduced ability to provide two-way communications, or duplex services, although the constellation continues to provide reliable one-way communications, or simplex services. The deterioration of Globalstar’s network has had a significant negative impact on Globalstar’s financial results from 2007 through today and, while a majority of GTC’s contracts have related to simplex services which did not degrade, the deterioration impacted GTC’s ability to provide reliable service on a significant government contract awarded to GTC to provide satellite airtime minutes through the Globalstar network. As a result of the degradation, GTC was unable to offer reliable simplex services to this government customer and therefore only fulfilled approximately 15% of the contract. Globalstar is currently in the process of launching 24 second-generation satellites. Six of these were successfully launched in October 2010 and eight more are planned before the end of 2011. Assuming these launches have the intended results, this should result in a much improved two-way communications service which will help GTC to provide significantly more reliable service to customers and may allow GTC to fulfill an additional portion of the above government contract.
Nice try.
bank
Hey, Columbo. Hunt down any other "non-existant" companies lately?
bank
I guess we argue about semantics while waiting for the payoff. This is why I don't jump in very often, not sure why I did today.
BTW, the repair was made by 9/9 as the company promised. I know, it would be nice if they would say something publicly, right? Also, look for the first DoD contract to be small, probably 2 ships.
Oh, and Hudson is between 9 and 10 million shares sold at this point. A little positive news would certainly help that process along. Looking forward to getting that past us.
A cold one awaits - have a great weekend everybody.
bank
You said, "We have not introduced anything to the market yet." I don't see the word "delivery" anywhere in there. I responded saying the introduction has been made. That's all.
You're why this board is great. "Jeesh"
bank
The DoD is our market and our product has been introduced to it.
Not my opinion.
bank
What was Hudson's total outlay? Anyone recall?
bank
Hence the army's additional request for more power before the testing? We know they want a tethered version. WSGI's website gave that away when they updated the product listings a while back.
www.wsgi.com/argus-mts.php
bank
Well thought out, as usual.
bank
Mide, thank you for chiming in.
Here's to our collective success! Cheers! And, I will be there next year at our triumphal SHM so that I don't have to bother you with any more questions. Ha!
bank
Thanks, bagelboy.
bank