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Jim: I failed to notice that the attorney was court-appointed. We don't have that option in US Bankruptcy courts. That's a good rule in Germany.
JIM, This is getting stranger and stranger. If there was a first meeting yesterday, then a Chapter 11 or the German equivalent had to have been filed. The filing fee had to have been paid, notices to creditors mailed out and about 30 pages of petition had to be filed. If GTE.Eu is represented by this lawyer, he had to have been paid a considerable up front fee before filing, since after filing, the court has to approve lawyer's fees which takes considerable time and a court hearing. If Klaus is that mad at GTE, he must have deep pockets to play this game, which will eventually result in his being charged with numerous offenses and result in hefty fines and possibly prison time. He would have to be crazy to do this. Maybe he is. I've seen this happen with personal bankruptcies where someone faked his wife's signature or used a false name or social security number, but never a corporation. Wild.
"Up to $4,000,000" is not $4,000,000, but between $0 and $4,000,000. I would bet they sold the farm for the assumption of its debt.
THANK YOU ALL FOR VOTING. THE NEXT 2 YEARS CANNOT BUT BE BETTER THAB THE LAST SIX.
Doctor Hinton??
I won't be calling Rob. Anyone who wants it can have my 10 minutes.
Don't forget that Jones was a partner with Huff in Delta Aero, which is about as transparent as Delta Force.
Question re Bob Jones went unanswered.
Centerline would show a profit if it could eliminate the overhead. But it can't do that, can it?
:( 1 time dividend to shareholders as of 10/1/06)????
And what about the creditors? Do they get anything? We are the runt puppy of a very large litter. Get your certificates and frame them because that's all you will get from GTE unless you are a stockholder of Caterham.
The reason you don't hear from GTEM is 1) they have adopted a bunker mentality and just hunker down until the artillery quits, and 2) they aren't obligated to tell us anything, even material events, if there are any such things other than dissolution of the company, and finally 3) it's their party and they can do anything they want to do. We minority stockholders have the same rights as all other minority stockholders: go along, sell out, waste money opposing current practices or vent our emotions on increasingly irrelevant message boards. Take your pick; the outcome will be the same.
I'm not being snarky, but those financials look like they were written on a napkin in Sratbucks. I doubt that they are more than a pro forma.
Vern, I believe Huff and Jones intended to trade on Jones's status as a veteran in order to get some SBA preferential treatment regarding gov't contracts.
If the shorts haven't covered by now, they're nuts.
"this company has at this moment more than $85mil. in revenues!!!!!"
How do you know that? I can unload a million $10 bills for $5,000,000 this afternoon. What's the significance?
This is good news. We should have picked up on it when Chris Meyer resigned. He is an astute reader of the wind direction and got out in time. We never knew anything about Huff other than his sketchy work history, and Dumas has morphed into a caricature of the English gentleman. I wish Richard Branson and Paul Allen would get involved with this paradigm shift and take it to the next level. Thank heavens GTE didn't stagger along until 2009 when GWBush will be looking for work.
Wait until they go to the pinks. Once free of any restraints, they can release whatever they please so long as there is a modicum of truth in it. Right now, they are probably too busy taking the phones off the hook and not allowing visitors in.
That's a nice, well-reasoned post, but the reports from Byron, Seth et al were correct. Forget the minor errors in nomenclature blimps: hot air balloons, aluminum skin-the conclusions were correct. Whether or not GTE rises from the ashes depends on the ability of the next CEO to perform rather than predict. If there is a next CEO.
I'm talking about the purchase of assets used in the business.
That would be true for the cost of the next one, but the one you bought in the past is history and cannot be rewritten.
Time to start checking Monster.com for GTE employees circulating resumes. This did not have to happen. But it did and consequences will follow. Recommended reading: Younger Next Year. Get in shape for the next run.
I'm with you, Logan. You've never been wrong.
I would not touch Blue Horizon if I were Huff, and I don't think he did because it looks to me like GTE said we'll do all the work and provide the gear, but we want to be paid up front. What makes me think this? GTE has never mentioned, to my knowledge, the CA proposals, and Blue Horizon's description of GTE is nowhere near accurate.
You are correct. I'm just speculating.
Logan, I doubt that the agreement with BMT is an event at all. I think it's an agency agreement whereby BMT can sell GTE's solutions to a defined area, and perhaps to a defined class of customers, probably on a straight commission basis. Not a big deal.
It doesn't benefit GTE unless it supplies Delta and gets paid.
It wouldn't be a GTE news release without some misstatement of fact. Now, I guess they'll have to spend the money to publish a correction to the 8-K. Folks, it just doesn't get any better than this. Makes the Three Stooges look like existential philosophers.
Msturgeo: The guy is not being hired to keep the books; he has accepted an appointment to the board of directors, which oversees management. The fact that he is a CPA would indicate he brings a certain expertise in the finance area.
If you happen to be in Hamilton, Bermuda, you will find a very nice building with a lot of little brass plates carrying the names of American companies. That's where their registered address is in order to avoid paying U.S. taxes. I believe there is a move in congress to close this loophole. We'll have to see how much lobbyist money it takes to prevent it from happening.
Is every outfit in the wimax business "a leading provider of advanced wireless solutions"?
Keep your eyes on Delta Aero
Chrysler hired a recognized winner. Gallarega had the benefit of tremendous medical expertise, plus an enormous will to win. O'Grady did what he was trained to do, plus he had the benefit of some outstanding Marine rescuers. GTE will not be an addendum to this story. If they succeed, it will be through the interference of outside forces. This is a publicly owned company without the owners' participation in company affairs save to rubberstamp the policies of a faltering leadership which has wiped out a large chunk of shareholder savings. This company, with its present management philosophy, cannot succeed. Where is the cavalry when we need it?
I would also tack onto those conditions a guaranty of payment from a reliable bank or insurance company. And I would have Cleary, Gottlieb handle the negotiations and not invest one minute in beginning the operation until I had a letter from Cleary, Gottlieb that the parties had entered into a binding contract. Many people, including (gasp!) me said at the time the document was published that it wasn't a contract and failed for lack of consideration. Finally, an agreement from the Ministry of Communication or whatever it's called indicating that the project had the backing of the government who would assist in implementation of the project as necessary.
Gilbert: GTE does not even have a license to operate a we-max system in Germany. Jim Profit will let us know when that happy day comes to pass.
Bill Zeckendorf was a famous real estate investor in the '50s and '60s. He once remarked that he would rather be alive at 36% than dead at the prime. That's probably the situation here. The interest on the convertible note will cost GTE about $75,000 per year, plus the interest on whatever extra money Westor generates, and these notes aren't likely to be converted soon. I've already decided that my investment is gone, and any future news will be good news.
What do you make of this, found in IT Business.ca?
Incumbent carrier Telus Corp. on Monday announced it will take its entire business into an income trust model in a bid to increase its investments in broadband network infrastructure and grow shareholder revenues.
The “Fund” will replace Telus's current two-tier structure that was left over from its previous owner, U.S.-based GlobeTel Communications Corp.
Monday's announcement follows a four-year, $600-million investment in broadband network infrastructure that Telus announced last week as part of its effort to beef up its next-generation IP network in Canada for delivery of services such as HDTV. Telus also announced on Monday a three-year, $150 million deal with cellular phone manufacturer Nokia to provide new broadband networking equipment and installation services on its network.
See Rule 56 of the FRCP.
Pokestake: You are correct.
I just got back from South Carolina, and I discovered to my great surprise that the state has nothing to do with GTE. In fact, not a single person in the communications technology department in Columbia had ever heard of GTE. The receptionist noted that due to the current state of education in our fair country, the capital of South Carolina is often confused with a certain South American country. There is little hope that this mistake will be corrected in the near future, so there is a movement to change the name of the capital to Bogota so as not to confuse posters to various internet message boards who are so deeply into their so-called DD that they cannot spell COLOMBIA. Lots of nice people in SC, and their barbecue is first rate.
See any black helicopters hovering overhead? You can't hear them, so you have to leave the building to see them.
What were your reasons for buying the stock, if, indeed, you actually did?