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The positive is that Mr. Khoury and Mr. Kostro stepped in when they did. If Mr. Huff stepped aside on his own, cheers to him for realizing that something major needed to be done to complete the vision which he had started.
Mr. Kostro states that "Globetel has much work to do to restore confidence among our shareholders" and acknowledges the "low morale among our investor base". If sincere, this is the first time that I can remember someone from GTEM acknowledging they have a problem. This was not a rah-rah-give us-time-operations-have never-been-better type of pr. 10M of Caterham’s 15M investment is sitting in 2 Magic Money switches – I would hope that getting the stored value program into gear with India would be a top priority for Mr. Kostro.
Now the new board members and CEO need to execute. The GTEM shareholders have had enough talk and not enough action. Unfortunately, our wait for meaningful news on the company operations continues again. Hopefully, Mr. Khoury and Mr. Kostro are sympathetic to this and, as stated, "will be communicating with our shareholders over the next several days and weeks as these changes take place". Will they deliver on their promise to do so? The previous managements promise of periodic status reports and, future updates never materialized.
Some not so nice thoughts:
Yesterday’s PR stated that both individuals were brought on as an interim solution. This implies a temporary solution until some other event occurs. What event will that be? If it is to hire a successor, just say so, otherwise you invite more negative speculation.
Regarding the pending class-action lawsuits - how will the company protect itself from those? The word from the last SHM was that they could not respond until November. Since then, the delisting, SEC investigation, CEO and COB replacements do not help our case either. If the cases go south, could the company use a reorg under Chapter 11 as protection? If you start seeing names mentioned like Alix Partners or Blackstone Group – run for the hills because there will be nothing left for us common shareholders without a fight.
Since Caterham owns a large amount of common at a loss, you would think they would want it to appreciate. But, if their sole intent is to recover their investment and minimize losses, are there other means at their disposal to do so where they have everything to gain at the expense of the common shareholder? What sort of financing deals or coporate moves could raise speculation that a fire sale is about to begin?
Mide, I want to thank you, very much, for serving as a conduit to Mr. Bleckman for the benefit of your fellow shareholders. As the messenger, I appreciate the neutrality which you convey in reporting your conversations.
I realize that you have other things to add and am very interested in your take on why Mr. Huff was not the proper person to market GTEM's products.
lowtrade, maybe there are a few more levers to pull. Khoury is an unknown entity at this point. Maybe the strategy is to release the negative news first (AMEX delist, SEC investigation, move to pinks, BOD shakeup), and then wow us munchkins with some really positive stuff. Being the new kids on the block, I would think they would want to give people a warm fuzzy feeling by countering all this turmoil with some Oz-like bravado. JMHO.
trunk, there was no "I think" in his statement. His conviction in the following statement convinced me he has the goods. So either Bob Jones is in on a scam or he is for real, IMHO. We really need an update on this project to put all the speculation to rest. Maybe Mide's anticipated update will hint at what's going on.
Jim Goldman: "Still. that doesn't discourage the engineers behind the Stratellite sometimes accused of being full of hot air, before"
Bob Jones: "I told people about it, and they kind of laughed at me, HAHAHAHAHAHA. But I don't think they're laughing anymore, HAHAHAHAHA"
Jim Goldman: "But now ready to make money from it"
Mide, thanks. If Joseph Seroussi is still on board, I hope that bodes well for the stored value program since he is listed as President of that.
Here is Khoury's company.
http://www.ics-uk.com/ICS/English/englishHome.htm
If the reference to GLOBETEL Miami in the client list is our GTEM (was that their previous location?) then they have some history with us. Not sure if that is good or bad given where we are at now.
JimProfit, thanks for bringing that message over from the German board. I would assume Klaus Bonn has an understanding of his operations finanacial status and that he is not being kept in the dark by the US ops - but you never know.
Regarding the auction, am I correct in assuming that those wishing to participate have until 11/8/2006 to register?
Also, without knowing German, I cannot tell how the auction process will be handled. For example, the spreadsheet shows Globetel Wireless Europe Gmbh, Kabelfernsehen München Servicecenter GmbH, Landesbetrieb Daten und Information, MaterniSiebzehn GmbH, and WiMax Services GbR are all requesting spectrum in Mainz. I wonder how it will be awarded and can they share spectrum or is there only one winner and the others are out of luck?
Thanks again.
OT: Pumpkin power for phone networks in Africa:
http://www.msnbc.msn.com/id/15222140/from/RS.3/
Bday, on your home screen for TD, do a GET QUOTE at the botton with the GTEM symbol. It will show BID/ASK of .28/.30
You need to do a manual refresh.
For some reason, the BID/ASK does not appear in Streamer.
Maybe the symbol will be GTEM.PK? According to the following, the first 4 characters are the base symbol? Also, the code suffix: "M" is not mentioned:
Nasdaq Equity Symbols
Nasdaq assigns symbols for all Nasdaq and OTC issues including OTCBB and Pink Sheets. Nasdaq symbols are up to 5 characters with no suffixes. The first 4 characters are the base symbol for the company. If there is a 5th character it represents one of the following:
A - Class A
B - Class B
C - Issuer granted an exception to NASDAQ-quoted company standards for a limited time
D - New
E - Delinquent in filings with the SEC
F - Foreign
G - First bond
H - Second bond
I - Third bond
J - Voting
K - Non-voting
L - Misc
N - Fourth preferred
N - Third preferred
O - Second preferred
P - First preferred
Q - Bankruptcy
R - Rights
S - Shares of beneficial interest
T - With warrants or with rights
U - Units
V - When issued and when distributed
W - Warrants
X - Mutual Funds
Y - American Depository Receipts
Z - Misc
globetel-europe.net is not accessible, but the globetel-europe.de site still works. Maybe they are upgrading?
Cab, I hope they put their money where their mouth is and purchase some shares for themselves.
This is painful, but there seems to be some upward pressure on that wall at .28
Does the possible restatement of intangible assets correlate with the failed Russian deal? If Hotzone's intangibles were valued at 7M with the Russian deal factored in, should the percieved value have been backed out when the deal failed to materialize?
On another note, if you go to the IP-Ware website, the product reference to the GlobetelX line is no longer there - although there is a reference to it in the NEWS section. I am wondering if GTE changed its mind about using IP-Ware? The recent review of the GlobetelX device from VOIP-info, while positive, mentioned a price point of $109 - more expensive than the CPE cost mentioned at the SHM - what was it? Something like $30?
Although it is possible that a partial or entire cost of the CPE would be eaten by GTE and made up with the subscription fees.
Possible Heilbronn, Sanswire, and India news on deck - GTE, please give us a sign!
Question: I am just trying determine if insider share activity at GTE can give us some indication of the success or failure of current operations.
Insider transactions are obviously a measure of how confident or pessimistic insiders feel about the business operations at GTE.
On Yahoo, it shows, Huff owning 4M, Siegel 2.3m, and Leinwand at 480k. The information seems old and really does not show any activity since 05/ Q106. What has everyone been doing during all this turmoil and price decline? Lack of buying obviously means lack of confidence, but more importantly, lack of selling could mean that they see more value in their shares than the current share price.
What have you folks observered with other companies going through hard times? If a company's future is that bleak, have you observed insiders selling the majority of shares in the hope of at least getting some value for them, or have you seen them holding on until the end and getting nothing?
kevinaok, nice observation. I think you might be correct. I remember some of the dotted lines, but this pic seems more complex. With the globetel-europe site being down, maybe there are updates being applied.
Ken W, I think I caught your drift on the Sanswire link. Are you refering to the fact that now you can click on the pic of Sans 1 and it links you to the Sanswire website?
Good catch.
Pokestake, they do look very similar. Sanswire - SWS - hmm. I would think some sort of news would be released to clarify this.
I was just browsing the site and notice the new addition:
SANSWIRE/GLOBETEL: A publicly traded, Research and Development corporation, SANSWIRE/GLOBETEL and BMT AMERICA have signed a collaboration agreement, whereby BMT AMERICA has agreed to represent the Products and Services offered by SANSWIRE/GLOBETEL including the revolutionary Stratellite, through specified regions of Africa, South East Asia and the Middle East. Exciting and inspiring technological breakthroughs by SANSWIRE together with BMT AMERICA's marketing expertise, have created an international buzz bound to transform the Telecom industry as we know
Guys...BMT America is a GTE partner!!!! Something is brewing with the Strat, I think....
http://www.globetel.net/networks-technology/sanswire.html
something is causing a stir-eom
Thanks, Dakota. Either the hiring of Patrick Heyn is a tactic for the benefit of tomorrow's AMEX hearing, or GTE expects to continue on the AMEX and is putting the necessary controls into place to keep AMEX happy.
Would an addition such as Mr. Heyn be necesary if trading on the OTC?
Maybe docS's genie was correct.
Design, yes. Some of those are buys at the bid. FWIW I put in a limit order to buy at the bid of .45. So far, they have executed 19 partial fills against it, and most of those were in 100 share increments.
I am wondering if there is a way you can tell a short sale on level 2 or time and sales?
This may refer to Voz Brazil and the Forestry project....but we can hope for some new ones, can't we?
You would think with the previous problems with border programs - to the tune of 450+ million - the DHS would want a pilot done before committing the whole budget.
According to the pic on Sanswire's website, 14 Strats could be used to cover the entire border of the US. No firm pricing on the Strat, but even at 30M each, there is a lot of padding before you reach the 2B mark.
Wishful thinking says, if the strat works as touted, and proves to be a cost effective alternative to the Boeing model, I would hope that Sanswire would benefit from getting a piece of the pie.
Looks like Boeing is getting the SBInet contract. They are proposing a ground-based, 1800 tower network of sensors and cameras.
http://www.msnbc.msn.com/id/14913858/
LOL willcan. I am sure many of us would settle for even a fraction of the $145.
This Boston Exchange thing....grasping at straws here, but could the private placement of $1,075,000 have anything to do with funding a spinoff of one of GTE's subsidiaries to be listed on the BOX? The listing requirements call for $1M in stockholders' equity and 3M in tangible assets and 2M intangible assets. Westor can do up to 3M in private placement under the terms.
The wall at .42 grows larger or gets replenished when orders are executed at the ask. Size on the bid remains even as orders are executed at the bid. I would think that the bid could be taken out pretty easily, yet it remains at .41.
How do you interpret this action?
Also, if GTE is delisted from the AMEX, are we better off listed on the OTC BB or could we be listed on the Boston Exchange? I am so used to thinking in terms of AMEX, NASDAQ, and NYSE....but is BOX an option?
Does anyone know why the CNBC piece was pulled from the Sanswire website? No response, yet, on email inquiry made to GTE.
Also, does anyone else think that the statements made at the end of the piece foreshadow positive developments:
1) CNBC reporter states the company was being accused of being full of hot air, but are now ready to make money from it.
2) Bob Jones saying people who laughed at him about the idea are not laughing anymore.
Fingers, toes, and eyes are crossed in the hope of getting some positive news about any of GTE's divisions.
Pit, I was wondering if you or your contacts have any opinion on the quality of the participants in the recent placement - Nite, Castle, and Nutmeg are Chicago based - do they have any sort or rep? BOL and thanks.
I share the opinion that there will be positive news tied to this financing deal. When will it be released - hopefully, sooner rather than later.
So, what are these financiers actually being charged for their investment? I see the .36939 figure and scratch my head, but then the language below makes me think they could actually be paying more based on the following:
"The investors will receive one Class A Warrant to purchase one share of common
stock for every two shares that the notes were convertible into on the closing
date as well as one Class B Warrant to purchase the identical number of shares.
The Class A Warrants are exercisable for a purchase price equal to 150% of the
market price on the day prior to closing and the Class B Warrants are
exercisable for a purchase price equal to 200% of the market price on the day
prior to closing. The Warrants have a 5 year term"
Thanks Esyns and Mt bigsky EOM
Question for the board: When it comes to filling an order on the AMEX, are there specific rules governing the priority of one order over another?
For example, I placed a limit order to purchase shares at .49 at 12:35 ET. I did not receive a nibble until I got a partial fill at 14:38 ET for 600 shares. Another order then appeared to be filled on L2 for 20,000 shares at .49 at 14:48 and yet my order for the remaining shares is still open.
Does the specialist pick and choose which blocks to fill rather than using the baasis of first come, first served?
Thanks in advance.
docS,
I think Colombia is still in play based on the following:
1) The recent AP article about S2 says that Bob Jones recently returned from a trip to Colombia. How "recent" is the big question.
2) The acquisition of Lexigton Global Net from the recent 10Q points to GTE's interest in the Colombian market. Looking at Lexington's website, they do have a contact office in Bogota. GTE is probably going to use the acquisition of an inexpensive and established business as entry into Colombia.
http://www.lexglobal.com/index.htm/colombia.htm
Just wanted to add my 2 cents about the S2 construction. I was looking over the slides from the SHM and noticed a few things:
1) Slide 16 looks like a large black circle with 8 distinct ares with what look like rivets. Could this be the nose assembly of S2 made out of some composite material?
2) What could be inserted into those 8 areas? How about carbon rods? Notice the raised areas between the 4 rivets..looks like they are rounded like the carbon rods depicted in slide 17.
3) Speaking of slide 17, what is that scaffolding like object? Does anyone who attended the SHM remember? Could this be the structure used to hold the equipment such as the fuel cells and transmitters?
4) If you look at the artists rendering of the S2 from the 7/14/06 S2 Delay announcement, you see a black nose area with 8 black lines extending from it. Seams or carbon rods? Hmm.
5) The fin assembly seems to be attached in the vicinity of 2 lines encircling the tail section. Again, seams or carbon rods?
6) In the photo of Bob holding the fin, and slide 30 from the SHM, you can see 5 hoses attached to the 5 gas chambers.
What I am trying to say is I agree with a previous poster who said the S2 may have an EXOskeleton rather than an ENDOskeleton. Imagine a rigid, cage-like structure of carbon rods wrapped around the white lifting gas chamber.
Now if this is the case, do they cover the carbon rods with Tedlar or leave them exposed?
It's all JMHO and I have no idea how the 'taco shell' in slide 28 fits into this, but it's an alternative to thinking about this AMEX stuff. Good luck all.
Within the last few hours, they changed the Sans 2 renderings on the new website from the Sans 1 style to the drawing from the 7/14/06 release. It is interesting that the Sans2 technology demonstrator is of a different design than the renderings depicted in the SAAMS page too.
If you go back to the slideshow of the SHM, there was a photo showing the floating, white object. In one photo, there appeared do be some sort of hose attached to the underside. IMHO, this and Rocky's email from Tim would seem to confirm that it is one of the gas containment chambers. The tapered end of the gas chamber would seem to conform to the shape of the backside for S2 based on the artist's redition. The next few weeks should be interesting.
I would agree with the logic behind releasing some positive news this AM. If it were negative, I would think that it would have come out last night with the Strat delay news and the halt would have occurred after hours and then lifted in the AM. Why wait until the AM to release more bad news?
My WAG would be a significant Hotzone agreement with China involving the receipt of cash. It was a significant 90-day pilot project, not just a DECT phone link within a .5 mile range. GTE even mentioned that they were in discussions for a joint venture for constuction and operation of a wireless network. I hope this is it.