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Coasti, Monterosso reminds me of the kid who murders his parents and then pleads for mercy from the judge because he is now an orphan.
What was JM endeavoring to do by creating nearly $200M in bogus paper? Globetels auditors picked up on the dubious invoices, but why didn't Globetels accountants call those invoices into question?
Obviously, the accountants accepted them at face value and posted the receivables into the ledger.
Did anyone pick up on this....beneath the name of the defendant, it says, in essence, "A Foreign For Profit Corporation." Are the Plaintiffs referring to Globetel as "foreign" because they are a Delaware corporation or perhaps it has been moved offshore?
Leinwand
Leinwand
Leinwand
...just practicing, Nil
Merlin, Leinwand, Leinwand, Leinwand....I stand corrected. I look at the keys when I type and Leinwand comes out Linewand. I think it could considered an honest mistake.
Nerd, if what you say is correct, and I have no reason to doubt your word, I wonder if Huff could get stiffed by the IRS into paying those taxes or at least a substantial portion thereof?
Nerd, I didn't say that a BK would keep the IRS wolves at bay. Im not a lawyer nor an accountant. It is, however, my understanding that some IRS personal tax debt can be discharged through a Chapter 7 BK. I don't know how a corporate tax debt would be handled under Chapter 13. Im sure there are rules of which neither of us are cognizant of.
Suppose TAO completely defaults on their contract with Sanswire. Sanswire allegedly shipped the entire Stratelite airship to Germany. Then, TAO scraps the Palmdale Strat. Could that not be considered a complete financial loss for Sanswire - to the tune of several million $$?
In other words, Sanswire owes back taxes, but took a heavy deductible loss when the Strat was scrapped???? The Germans cant write off the loss but just perhaps Sanswire could!
Even if a write-off were to take 5 years, 1/5th of $2M would be $400K - perhaps sufficient enough loss to eradicate the IRS payroll tax debt.
Now don't laugh too hard at the aforementioned. The King of Rock n' Rolls daughter wanted to sell the rights to her fathers' music to the King of Pop for $200M. Had that sale gone through, she would have had to pay an enormous tax to the State of California. However, what they did was to get married as husband and wife. A year later, she files for divorce and gets the $200M as her part of the settlement and the King of Pop got the rights to the music of the dead King of Rock n' Roll. His ex-wife walked away with $200M and DIDN'T PAY A DIME IN TAXES.
See, there is ALWAYS a way around a business problem. And, if I thought I could save a dollar on my next tax filing, Id marry you!
There still is a company named Platforms Wireless International who was trying to do the same as Sanswire. The highest their stock ever got was 2 bucks and they have been around for the past ten years. They too got Wells Notices and several of the execs, including the CEO, got tagged by the SEC for fraud. They were selling 'borrowed' stock on a Canadian exchange. I think they closed today at 1/5th cent.
This so-called SEC investigation is beginning to resemble an episode of Peyton Place. I think Mide did good in reporting what was told to him. Now he is personna non grata.
If the Mitchell situation was such a big secret, why didn't LINEWAND keep HIS mouth shut? He would have been the only person, other than his wife, who knew anything about Mitchell.
So, somebody told something to someone else and it got out. I don't see how Linewand could expect to lead the SEC down the Primrose Path by leaking that kind of news. That would have been a golden opportunity for Sanswire if it had been kept under wraps.
I can only imagine what it would have been like for Linewand to have sprung that little mongoose tidbit of information to a jury.
Im beginning to think that the only solution for Sanswire would be to file a Chapter 11 reorganization bankruptcy. Linewand has the creditors and the IRS chomping at his heels and an overseas operation which he has virtually no control over. I dont think Kroplin will be taking any verbal orders from Linewand until all the money is on the table.
I don't believe one word of it, Cole. Mides loyalty to this company goes without question, however, sometimes people are unknowingly duped into doing or saying what someone else wants them to do or say.
I dont think Mide would knowingly post something that he knew to be false or untrue. I think someone is spoon feeding him information that they want posted onto this board.
All I could say to Mide is PROVE IT. It may be 100% true, but there have been no facts presented to substantiate any claims of stratospheric flights to 65,000 feet. Until I see some sort of proof, perhaps in the form of an independent news article or recognition by some civil or military aviation organization, I remain skeptical.
I think Mide reported what he believes to be the unembellished truth from a source whose credentials have yet to be validated.
Sanswire-TAO have never been to 65,000 feet. They would have PRd that feat to no end had they done so. Why doesn't someone pin down Linewand to a specific date as to when an altitude attempt will be made? No genralities....a specified date.
Please tell me where I can purchase such a system. Not everything in the world is off-the-shelf. An autonimous system for an F-16 wouldnt necessarily work for a stratospheric airship. And, since no one has put up an airship with any type of appreciable control system other than direct radio control, I sincerely doubt if any such autonimous system is sitting on a store shelf.
A system would be designed around a specific type vehicle. Fuel quantity and consumption for one system would not directly translate into battery status and electrical drain for another. The simplest of solutions for Sanswire would be to write their own program. The entire system could be put into a box the size of a cigarette package.
I am also sure that any type of autonimous flight control system and/or its programming would be highly classified by the military. Whenever a flight of F-16s overfly a sporting event such as NASCAR, those airplanes are flying on an internal guidance system WHICH IS HIGHLY CLASSIFIED. Pilots insert a disc into the aircraft computer which contains the entire flight profile including WHEN they are to be over a given target. These systems are somewhat autonimous.
Talk about bending the facts....the PR hints that Sanswire is at the forefront of unmanned aircraft technology. Sanswire isnt even close. Obama wants to put up pilotless drones in lieu of manned fighters and bombers. Don't think for a second that the Russians and Chinese arent working on scrambling the signals used to control these type vehicles such as the Predator. The only safeguard would be to build completely autonimous vehicles that function independent of radio control. There hasnt been a single word out of Sanswire in that regard.
There are no off the shelf autonimous flight control systems on the market today. Sanswire will have to develop their own. There should be 3 groups involved with the Stratelite. The first group would be the aerodynamicists and airframe team. The second group would be the propulsion experts and the third would be the flight controls/payload division.
Yet, Linewand tends to lump everything into one package....the Stratelite as a whole. Not once has he ever commented on any particular component of the total vehicle yet he wastes money on this deflated marshmallow PR which says virtually nothing.
Here is what I would like to read in a Sanswire PR: "John Linewand, CEO of Sanswire, Inc., announced today the successful computer testing of the Stratelite onboard flight controls system. The system met or exceeded engineering expectations when subjected to a variety of inflight situational challenges." OR WORDS TO THAT EFFECT. Something like the aforementioned would have some substance - not generalities.
The PR also hints that Obama wants to spend money on autonimous vehicles for use in warfare and Sanswire will be standing there with its hand out.
Cygnus, I don't disagree with you. However, there was a guy put on death row in Texas by a prosecuting attorney who was having a tryst with the female judge hearing the case. If that isn't inapropriate behavior, I dont know what it.
I agree that Sanswire doesnt have the proverbial pot, but they do have a legal angle that might bear looking into.
I wonder how that will play out? If it doesnt turn into a major scandal for the SEC, I dont what will. No wonder the SEC hasnt moved on this case. If this prosecutor does turn out to be a rejected suitor, Linewand has the SEC by the....
I think it might fall into a sub-category of 'selective prosecution.' Perhaps the prosecutor is taking out his revenge on Linewand. Im sure the SEC will hand over this case to another attorney, but the damage has already been done to the SEC. Talk about getting caught between a rock and a hard spot.
This show is getting better and better.
Yeah, I dont think the SEC will shut them down either. The SEC behaves more like a castrated paper tiger. They let Huff off with a little slap on the wrist and he walked away with $1.5M dollars. Maybe Monterosso and Vargas will get off with a little community service - picking up trash along the freeway.
It is hard to believe the creditors will simply write off the debt....especially if it is accruing interest. They either force Sanswire into BK or eat the debt. Since, as you said, the creditors decided not to proceed with the forced BK, it looks as though Sanswire will get a free ride.
But wont that have a serious effect on their income taxes? It seems to me that those debts, if not paid, would become taxable corporate income. Dont they already have problems with the IRS?
Correct me if Im wrong, but cant the IRS shut down Sanswire even if they have no cash or assets at all?
As I see it, if something positive doesnt happen soon, I foresee Chapter 11. Maybe Linewand is awaiting some good news out of Germany. If that doesnt happen soon, about the only alternative he will have is BK.
That wouldnt be too bad except the shareholders will end up on the losing side. Sanswires creditors would get new corporate stock in lieu of cash when the company emerges and the shareholders get squat.
If they do declare 11, Im heading for the hills.
I think all the money Sanswire poured into the San Barnardino and Palmdale ventures went straight down the tubes. Additionally, Sanswire was left deep in debt by these people.
The big question I have is how Stuttgart expects to build an airship with no money. If Sanswire had spent those same dollars in Germany instead, they might have a stratospheric airship today.
It appears to me that Huff was too busy swapping stock for cash loans than performing his job as CEO and maintaining control over the projects. Ask Huff if he knew about the Centerline invoice debacle. He would have to deny any knowledge whatsoever in order to keep his skirt clean. If he were to acknowledge that in the affirmative, that he had knowledge of Centerline, would be a clear admission that he either lost control and/or was in collusion with it.
I tend to believe that Huff was in on it all along. Why did he and Jones form their own aerospace corporation? Shortly thereafter, Huff gets demoted to CTO. I read somewhere that there was a rift of some sort among the engineers that occurred at Palmdale. Jones gets axed and Murch takes over. Huff gets demoted and Jones gets fired - both had set up a new corporation earlier as partners. See the connection?
I also believe that the Internaftra Russian deal was a make or break situation for Huff. It was a last chance for him to redeem himself with the company. I think he was grasping at straws in a last ditch effort to emerge as a hero. When that failed, the whole venture came cascading down like an avalanche.
My personal belief is Linewand is building a Pearl Harbor File against Huff, Monterosso and others that will demonstrate the company and its directors were deliberately misled by into believing that all was well with its divisions as well as its income. All the while, it was being bled dry.
Another question: Why would a small company like Sanswire need to have private jets at their disposal? It is by far cheaper to board an American Airlines jet and go anywhere. All that Huff has demonstrated is his ability to squander money which is precisely why I think Linewand is building that file. It wasn't the company at fault, per se, it was the renegades who were running it. They got too wealthy too quickly and greed overtook them.
I really don't care what Huff and Monterosso do. As far as Im concerned, they are water over the dam, past tense. All I see are the problems created by former management and dumped in the lap of Linewand.
I have to give Linewand a lot of credit for being a fighter. He could have folded up this venture and walked away from it a long time ago. Yet he chooses to move forward as best he can. He might have his own ulterior motives....who knows?
The one inescapable fact is the company is still alive. What its actual vital signs are at this moment is up for debate. I think Sanswire will be moved overseas as a measure to stave off its creditors. If Sanswire/TAO do float a stratospheric airship, the stock will skyrocket and the 2 million it owes in past debt will be chump change. Perhaps that is what Linewand is thinking.
I didn't want to post anything because I didnt know if it was true or not. The more I think about it, the more believable it seems to me.
Since Huff only got a little slap on the wrist by the SEC, why not use him as the fall guy? I don't know Monterosso or the other guy and do not know what their defense strategy might be. If Monterosso says that Huff told him to write those invoices, PROVE OTHERWISE. See what Im saying? All that Huff could say is "Yes, I told him to write them," or "No, I never said anything of the kind."
The defense lawyers would then have a field day with Huff because he accepted a plea deal of sorts and paid a hefty fine. In other words, Huff is already a 'bad boy.' Not only that, Huff engineered the failed Russian deal as well which cost Sanswires insurance carrier several million dollars.
Fifty-five grand socked into Sanswire....thats 10 times more than me. But....if it goes.......whoa nelly!
A little 'bird' told me something that may or may not be true. If it is, it is NOT good for the past GTE execs:
What I read was this: Huff told Monterosso to fake the invoices. Like I said before, I don't know if that is true or not. From what was written, that is Monterossos defense strategy. Take it for what you think its worth. Quite frankly, I don't know.
It seems strange to me that Globetels accountants didn't pick up on those fraudulent invoices at all. They let them ride. See what I mean?
I am curious about something....did Huff borrow the stock from the company that he used as collateral for a personal loan? If he did, shouldn't he repay the company? If he 'borrowed' it and didn't repay the company, and used it in a fraudulent manner, couldn't that be interpreted as a form of embezzlement? It would seem to me that Huff might owe the company.
Correct me if my assumptions are wrong.
Mr. Bigsky....why don't you pose your questions directly to him? I've always believed that knowledge is power...and that is what I tell my high school students. I'm a science teacher and interested in such things as high flying airships. There is no crime in reading a 'white paper' on the Air Dragon concept. It is well written and very informative as to the problems Stuttgart is facing in designing such a vehicle.
Also note that the NASA engineers never put out such a study. This paper shows that there is some detailed thought being put into the project and they are trying to solve problems before they occur. That is not to say that unknown problems might manifest themselves during a flight, but the best precautionary measures are to put as much thought into each problem before committing to a flight.
From what I've read, their biggest problem has to do with the extreme low temperatures effect on the articulating joints. Should any one of them fail, they might lose the entire vehicle. I can tell you that steel becomes brittle at -40F and the temperature at the target altitude is around -70F. That rules out a lot of different materials for use as 'couplers.'
Vern has an email address at mistressphaedra@yahoo.com I won't guarantee he will answer you but he has replied to all of my email.
I don't know if I should take your post as a compliment or as an intentional slap. Sorry, but I'm not Vern. I bought in to GTEM long after Vern got axed. I thought Jones would finish the job, but it looks as if he got a taste of the same axe too. Then along came Murch and he's down the road as well. One thing is for sure....whenever you speak of anyone associated with this company, it is always in the past tense.
I got in at a basement price and if it goes, I win. If not, I'm only out a few thousand. One thing is for sure....my money is better off with SNSR than with PLFM.
Is Sanswire planning to hold any shareholder meetings anytime soon? Ive never been to one. I used to own PLFM stock and they were trying to put an airplane up to 65 thousand feet and do the same thing as Sanswire. The big dogs with PLFM got charged with fraud by the SEC and paid some hefty fines as well as being banned from holding corporate office. After the convictions, they were all hired back by PLFM as "consultants." Their stock is currently trading at .004. (four tenths of one cent). The highest PLFM stock ever got was about $2.
They are now trying to do what Sanswire is attempting to do except they are concentrating on lower altitude tethered aerostats for use in disaster areas. They might sell a few of them to the unsuspecting and unwary - who will soon learn all about flying tethered balloons in thunderstorms.
Didn't old Ben Franklin, the guy who invented the Franklin stove, wrote and published Poor Richards Almanac, created the first library in Philadelphia, one of the signers of the Declaration of Independence....also invent the LIGHTNING ROD? No college degree here either. How did they manage????
I think Vern was correct in saying that the Sky Dragon would be good for police work, searches, etc. Sanswire could build and sell a few of these to put some money into the coffers and work their way up to stratospheric flights.
The first step leading to a lunar landing began with the first flight of the Wright Flyer a long time ago. You start out small and work your way up.
The link you provided is to a study. If you read it as I have done, there are some major problems associated with articulated flight in the stratosphere. Some possible solutions have been brought forth while a multitude have yet to find an answer.
One such problem has to do with the adverse temperatures at extreme high altitude and their affect on articulated joint sections. Those were in TAOs own words....not mine. I have no knowledge of such solutions and have nothing to offer.
But given TAOs own words, there are many problems to solve and construction won't even begin on a high altitude vehicle until those solutions have been found.
Do the math!
On Wikipedia, it says Vern has a degree in naval architecture.
Ferdinand Graf Von Zeppelin did not posess any engineering degrees or skills whatsosever. He learned about balloons as an observer during the Civil War.
Thomas A. Edison did not have a degree in electrical engineering, and therefore did not know what he was doing, but he did start up a small company named General Electric.
Alexander Graham Bell never earned his degree in electrical engineering either.
Anthony Fokker did not have a degree in aeronautical engineering but his triplane fighter design was one of the best of WWI and several of his tri-motor planes crossed the Atlantic ten years after the war. One of which carried Amelia Earhart as a passenger. Fokker was only an aircraft mechanic. Don't forget that Fokker invented the synchronized aircraft machine gun firing system for WWI German fighters. All those accomplishments without any university degrees.
Abraham Lincoln did not have a law degree and most of his education was self-taught. Therefore, Lincoln must have been a shyster.
Glenn Curtis, aircraft designer, also did not posess any degree in aeronautical engineering, but Jimmy Doolittle, who did have an advanced degree, only flew Curtis's aircraft designs to record speeds. The first aeronautical engineering degrees were awarded in 1939 by Purdue University.
Wilbur and Orville Wright did not have degrees in aeronautical engineering as well. While traditional mechanical engineers were saying that man could not engage in powered flight, the Wright brothers proved them wrong. Orville earned the 1st pilots license ever issued...and had never taken a single flying lesson.
Howard Hughes did not earn his masters degree in business administration. J. P. Morgan, Vanderbilt and Rockefeller did not posess degrees either. Hughes designed airplanes, created airlines, directed motion pictures, and built corporations that have endured decades after his death.
George Westinghouse never earned any degree in electrical engineering either. But, there is still to this day a small company with his name on it. There is also little sign on the wall next to the Sing Sing electric chair. It says, "You can be sure if it's Westinghouse." (Actually, Edison supplied the equipment. It was manufactured by Westinghouse and obtained by Edison with some fraudulent invoices - sound familiar?).
General George Washington did not graduate from West Point. How could he possibly command an entire army?
Michaelangelo and Leonardo DaVinci did not posess degrees in fine arts.
The jist of the aforementioned is this; Anyone, anytime can pick up a book anywhere and learn anything they wish to learn. A university medical degree would be a prerequisite to anyone wishing to perform brain surgery, but the lack of any such degrees in most other disciplines does not preclude anyone from attempting to fulfill their ambition.
Like I said, the only record Sanswire can achieve now is to put up a larger payload to a higher altitude and remain up there longer. My question is, where are they going to get the money to do this?
It would seem to me that the Air Chain or Sky Dragon or whatever you call it would need to be powered at all times. In other words, the engines could not be completely shut down because of the articulated construction. If the motors were turned off, the entire vehicle might contort itself into an unmanageable configuration. If the motors were running 24/7 it would eat up its batteries quicker.
I don't know....what do you think?
The 145 foot long HiSentinel, carrying a 60 pound payload, reached an altitude of 74,000 feet and maneuvered in the stratosphere for 5 hours before being brought down in December of 2005.
About the only accomplishment for the Sanswire airship would be an extended endurance flight in excess of 5 hours at that altitude or to carry a heavier payload....maybe even go higher.
I got an email reply from Vern. He said that no one is looking for him and has not been contacted by anyone. He visits this board from time to time to catch up on the latest gossip. His favorite poster is Cole Thornton.
He also said that the Sky Dragon, in its present form, will not qualify as a candidate for extreme high altitude flight. But, he did say that it could have significant value as a tool for law enforcement. It would be significantly cheaper to operate than manned helicopters. It could stay aloft much longer and on considerably less fuel than helos. He said that jet helo costs per hour in fuel and maintenance is near $400.
The air dragons maneuverability would give it a distinct advantage over conventional blimps because it can turn circles in tight radius and orbit over a specific location for hours on end.
As far as the people who ran Globetel, Vern says he is not sorry to see them go. Most of the financial antics they were performing happened before he went to work for them. Since the new company is fighting off their debt as best they can, there might be some light at the end of the tunnel.
I heard that they are trying to locate Vern. Dont know if that is true. Nobody can find him. Last I heard he still has the mistressphaedra yahoo email address. I sent an email but havent got a reply yet.
All I do know is that the company stock was at the highest when he was running the show and it went down the tubes when he left.