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No wonder, did you know that your summation is roughly equivalent to the plot line of Mel Brooks' "The Producers", a hit movie and broadway show?
Money in the bank was the goal of the Producers, they just didn't want to have to pay back any of the investors because the show was supposed to go close and go broke after the first night. Trouble was, people loved it.
New twist to this version, the Producers proceed to do everything they can to make people stop loving it, but the cops who never show up, show up and put a halt to it. Then the stage hand (Jon) takes it over and makes it have the longest run ever on Broadway...and the investors live happily ever after, yeah right.
What a blue streak of purple BS.
Mr. Dumas, you were full of it and so was I.
Notice how the tests started a week ago and were not announced until AFTER they were done. No more announcing the schedule in advance and then stumbling through delays and failures like used to happen with the old crew.
Hopefully this pattern of 'here's what we did' versus 'here's what we want to do' will continue.
Let's start from the position that both Joe and GTEM each get a Wells Notice, which we know is true. Then compare the way in which each party has chosen to respond to their respective Wells Notice.
That is what Wells Notices are all about after all, they are intended to give the subject of the notice the opportunity to respond and react before further action is taken, hence the use of the word POSSIBLE.
In one case public verbal attacks are made. In the other case the shareholders are kept informed to the best extent possible and much time and effort is expended in working to satisfy the issues the SEC has.
We saw the outcome for one of the parties yesterday. The jury is still out on the other. I'm inclined to believe there is a much better outcome POSSIBLE for Globetel because of the way in which it has been managed. There is the obvious possibility that having isolated the criminal activity, the SEC will be satisfied with accurate adjustments to Globetel's filings so as to account for that criminal activity. There could be additional criminal activity exposed, however so far the SEC appears to be taking the approach of dealing with the individuals and requiring the company to make the appropriate adjustments. So far so good. Do I know this? No, but it is a fair conclusion based on what we know, imo. We shall see.
Sam, I didn't say everything was false, I said everything may be called into question in light of the SEC's accusations. I then went on to state an opinion that allowed for the possibility that it was not false. Your opinion in that regard is yours to keep.
Generally speaking, I see an imbalance in the rigor that you apply to those whose actions are the object of your criticisms as compared with the rigor that you apply to the actions of those who may support your criticsms.
Not the work of an impartial judge, if that is what you wish to be.
Sam,
Are you aware that the document you are referring to came from among the many documents posted on the JM website?
As such, would that not call in to question the authenticity of said document in light of the SEC's accusations against the creator of that web site?
Also, even if it can be trusted as an authentic document, does it not represent the insurance company's side of the story in order to back up a position they may have wished to take with respect to limiting their liabilities? Wouldn't you wish to hear the other side of the story before using it in the way you have, or don't you care about that?
I think the SEC just pulled the stool out from under your position on this, don't you?
Re the PR. Nice to know someone's still in there. Thanks to management for the info and for hanging in there. Shareholders appreciate the effort. These are high seas we are sailing in and it now looks as though someone at least has a chart to follow.
To doubters, we now know just how closely the SEC is watching this company, so I doubt that words, fluffy or otherwise, are bandied about lightly lately.
thanks for that, mide. It was a real boost to see the seal of the SEC at the top and to finally read exactly how they have taken matters in hand. Who says the SEC never does anything? They certainly do, and I am glad of it.
It is encouraging to see developments that have the potential to ultimately clear the company of it's own checkered past and yes, move forward with a potentially clean slate, possibly under a much needed new name. Not a prediction, just a potentiality that must be balanced with the alternative potentiality of going splat.
Of course you are correct in your follow up post saying we need to hear from the current leaders as to how this is going to be handled going forward.
From WilliamFl's post:
"Monterosso and Vargas knew that the fake invoices and CDRs relating to Centerline's "off-net" revenue would be presented to GlobeTel's independent auditors. Therefore, Monterosso and Vargas made, or caused GlobeTel to make, materially false and misleading statements to its independent auditors in connection with the 2004 and 2005 audits."
They made Globetel believe all was on the up and up. That made Globetel do what they did. In other words I think the SEC is talking about it as though GTEM was conned. Granted the investigation is continuing, but as of now I think they are giving GTEM the benefit of a doubt, but not those other two guys.
The SEC does not hate the shareholders, unlike some of the people around here, so hopefully they allow GTEM a way out of this, if there is one.
What an outrage this is..and to think I thought he would make a good CEO after the JV came out. Apologies to all for that one. I have poor judgment being invested in this to begin with.
Did the SEC give him one last Turkey day before lowering the boom? Interesting timing on the first day after the holiday.
One observation that I have is that at least Lienwand took the CEO job when he did. He knew the true position the company was in at that time I assume, yet he took it anyway. Would that be an indicator that he at least knows the pathway out of this mess? I admit this is a hope born of desperation.
Thanks Nando. If there is nothing further after June, then perhaps things are moving smoothly since then; let's hope.
Anybody know what these are about? No Mas Cables appears on both lists.
http://www.aduanas.gob.mx/aduana_mexico/2007/Padron_Importadores/2007/Mayo/Rechazados_25mayo07.pdf
http://www.aduanas.gob.mx/aduana_mexico/2007/Padron_Importadores/2007/Junio/Rechazados_22junio07.pdf
It's the "Hey, we're up in the air about our name" thing.
Read a little more carefully, you'll find I said a good deal more than merely 'it's all MF's fault".
MF was only inerested when it was fat and juicy. They had their payday, so now it's "who cares if pancakes lie". Not saying Globetel is lieing, just that MF doesn't care if they are while it isn't going to go any lower (good news actually, if that's what they're thinking). Let it get fat and juicy again on poor management and misleading promises again, and they will attack it again. Money is money and that is all they (or I) care about, although I do despise the naked dimension of all of this.
Believe it or not, by the same token imo they would pump a long play if it started making money and had a bright future, imo.
Well, here goes 80% of the Pachuca market. At least someone thinks it is worth 20,000,000 to go after with wired service:
http://voipservices.tmcnet.com/feature/articles/14682-telecom-provider-axtel-expands-mexican-operations-into-city.htm
November 15, 2007
Telecom Provider AXTEL Expands Mexican Operations into City of Pachuca
By Anil Sharma
TMCnet Contributing Editor
--------------------------------------------------------------------------------
Mexican telecom company AXTEL is continuing its expansion plan this week by commencing operations in Pachuca, the capital city in the Mexican state of Hidalgo, the tenth new city added to its breadth this year.
The company now provides local and long distance telephony, broadband Internet, data and built-to-suit communications solutions in 27 Mexican. Starting operations in Pachuca represents the conclusion of a very successful year in which AXTEL both expanded significantly and improved its profitability.
During the inaugural ceremony, Andres Velazquez Romero, AXTEL's Mass and Business Markets Executive Director, announced that AXTEL would invest approximately $20 million in Pachuca during the next 5 years.
The initial Pachuca network covers 80 percent of the population, offering integrated telecommunications services to the residential and business customers, as well as financial institutions and government entities.
“The Company is confident that remaining focused on customer service orientation while delivering innovative voice, data and Internet solutions will consolidate Axtel's presence in this important state capital," said Roberto Reynoso, Axtel’s Southern Region Director.
Since December 2005 Axtel reported 885 thousand lines in service and 107 thousand Internet subscribers as of the end of the third quarter of 2007. The company participates in residential and business markets, and generated $9,066 million pesos in revenues during the first nine months of 2007.
Just a point on the wording of the Wells Notice.
On October 5, 2007, GlobeTel received a "Wells Notice" from the Securities and Exchange Commission (the "SEC") in connection with the SEC’s ongoing investigation of the Company. The Wells Notice provides notification that the staff of the SEC intends to recommend to the Commission that it bring a civil action against the Company for possible violations of the securities laws including violations of Sections 5 and 17(a) of the Securities Act of 1933; Sections 10(b), 13(a), and 13(b)(2)(A) & (B) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5, 12b-20, 13a-1, 13a-11, and 13a-13 thereunder; and seeking as relief a permanent injunction, civil penalties, and disgorgement with prejudgment interest. The staff is also considering recommending that the SEC authorize and institute proceedings to revoke the registration of Company’s securities pursuant to Section 12(j) of the Exchange Act.
This wording is significant. If it weren't then the latter sentance describing the 'considering of proceedings to revoke' would have been combined with the former sentance describing the 'intent to recommend civil action'.
Some have lumped them together when the SEC clearly took pains to place them under different levels of potential SEC action, with the latter being worded to communicate less of a level of possibility than the former, imo of course.
Pagan...good catch. Nice throw.
Interesting that the judged said "I hope that this didn’t happen because it’s a scheme of tremendous proportions" which is the same major point Patrick Byrne makes in his recent presentation.
http://www.deepcapturethemovie.com/
I'll never forget the time when the press attacks and BONY error took the price down in chunks like a feeding frenzy. I know Globetel was ripe and juicy (possibly even set up to be from the inside imo), what with no strat and a very dubious Russian deal, but it came so hard and so fast that it certainly had the appearance of a motivated, coordinated, professional effort.
Now after years of howling shareholders and a few brave CEO's, it looks as though the loopholes may be noose-ening. (instead of loosening, get it?)
well Cole, it would appear that the schedule has been overhauled, but not upgraded.
It was a rhetorical question. I answered it in the same post.
Would they be obligated to cover the medical bills for a claim that was not cancer related? I believe they would.
That is why I believe the said 'reserves the right', because there may be a type of claim that they are obligated to cover.
What if your claim was for a heart attack?
trying to take an objective look at it...if Carolina takes premium payments from Globetel then as a business matter would not some form of coverage be owed to Globetel? It does not say any claim will be rejected it says they reserve the right. Otherwise why not just cancel it?
That leads me to believe they would evaluate the claim and if it stemmed from the unreported information, they reserve the right to reject that type of claim. You will argue the wording as unequivocal, however if that were to stand as such and they took money, then they would be engaging in a game of 'gotcha' that doesn't make sense to me.
100% growth for DECT devices in this article, also the description for DECT applications sounds similar to today's PR from Globetel. Looks like we're on the right track if we're not derailed.
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20071029006173&newsLang=en
DECT 6.0 Market Share Surpasses 17 %
New Era of Communication Devices Broadly Accepted by the Entire Value Chain Less Than Two Years after Introduction
DECT Forum at Fall VON
DECT World Conference 2008
BOSTON--(BUSINESS WIRE)--The DECT Forum, the international association of the worldwide DECT industry, announces today at VON that DECT 6.0 communication devices have reached a 17.9 % value share in the United States based on September 2007 data from The NPD Group/Retail Tracking Service.
According to recent market figures from The NPD Group, DECT 6.0 cordless telephony and communications devices have achieved over 100 percent growth in share since the first products launched in early 2006.
DECT 6.0 is the interference free wireless communication technology for family homes and small- and medium-sized enterprises. Since the allocation of DECT 6.0 by the Federal Communications Commission (FCC) for Unlicensed Personal Communications Services (UPCS) in 2004, DECT 6.0 has become a broadly accepted technology for cordless telephony. With DECT communication devices utilizing the frequency band of 1920 – 1930 MHz, DECT devices can readily coexist with Wi-Fi systems without interference. This guarantees consumers interference-free communication within their homes and enterprises. Additional benefits of the DECT 6.0 technology include brilliant, high quality voice transmission, secure communications between base and handset, greater range enabling entire house coverage, and better power management ensuring longer battery life. And, unlike other cordless communication technologies, DECT 6.0, while developed specifically for voice transmission, can support future IP broadband connectivity, enabling enhanced internet-based services and applications directly to the handset or device.
“DECT 6.0 communication devices offer superior performance to those based on 2.4 GHz and 5.8 GHz radio technologies. The increasingly rapid adoption rate we have experienced so far provides proof positive that the consumer values this performance. As in the rest of the world where these technologies have competed, we fully expect that DECT will replace these systems as the preferred means to provide digital cordless communication, now and in the future,” says Erich Kamperschroer, Chairman of the DECT Forum.
“These recent NPD figures show that there is growing acceptance of the DECT 6.0 technology in the US. This is especially impressive considering it was officially launched less than two years ago. The rapid US marketplace embrace of DECT 6.0 is a great success story for the entire industry and its value chain – from the chip vendors and manufacturers through to the operators, distributors, and retailers”, says Mike Rude, Chairman of the US Working Group of the DECT Forum.
DECT Forum at Fall VON:
October 31, 2007 in Boston: DECT Phones Update
4.30pm – 5.30pm
Speakers: Rick Krupka (Vtech and VP of UTAM), Mike Rude (DSP Group and Chairman of DECT Forum Working Group USA), Herman Hugo (Infineon), Erica Martinez (Panasonic). More info at: http://www.von.com/2007/boston/web/expoPresentations.htm
DECT World Conference 2008:
January 30 and 31, 2008 in Amsterdam (Hilton Hotel)
The only global DECT event. More info at: www.informatm.com/dect
About DECT Forum:
The DECT Forum is the international industry association embracing suppliers and operators of CAT-iq/DECT based terminals, systems, and networks. With more than 670 million devices sold and growing to more than 100 million devices per year, DECT, DECT 6.0 and CAT-iq are worldwide adopted technologies with high relevance for cordless voice and broadband home networking. The DECT Forum is located in Berne, Switzerland. Full members of the DECT Forum are currently: American Telecom, Ascom, Avaya, Binatone, CCT, DSP Group, GN Netcom, Infineon, Kirk, NXP, Panasonic, Philips, Plantronics, RTX, Sagem, Siemens, SiTel, Suncorp, Telematrix, Thomson, Topcom, Unical, Uniden, Vtech, Xingtel.
DECT Forum is the owner of the brands DECT 6.0 and CAT-iq. DECT is a trademark owned by ETSI (European Telecommunications Standards Institute). For more information please visit our website at: www.dect.org.
I do understand that, yet when one looks at many of the high profile corporations of the world, their names are unique more often than not, and that is by design.
Aerocom...Your partner in worldwide pneumatic tube systems.
Sorry, it's taken. Good though.
So let me get this straight, if I were to heavily invest in this company, my portfolio would be full of Sky Hi Interoperative Telecommunications shares?
SkySector includes your 'Sky Hi' concept in the sense of when you think of a sector of the sky that fans out from the point of an airship that's way up there. Then you have the "tower on steroids" idea working along with the instant infrastructure concept, like we used to see on the Sanswire site.
Just a name discussion here, not a pump, none of this even exists. Don't get your backs up. I would only recommend my suggestion for a name to a company that has actually and successfully marketed the products it is meant to signify, which Globetel has not.
Ok, here's mine:
SkySector Communications
Apparently unused. Broad enough to cover either wireless or airship possibilities, or both. Easy to say. Invokes images of blue skies, airships, (wifi) clouds. Carries the idea of controlling a sector, as in market sector or even a military sector of operations. Has the appealing sounds of "k" and "i", which are known to be good for marketing. Generally positive associations.
Ok that's the talk, what about some walk, whatever the name.
You are in denial. Once again you depict this entire CWID process and organization as some kind of worthless exercise by a bunch of corrupt dopes.
You really are making yourself look silly and I am through with the thread.
None of that changes the fact that the US military evaluated Globetel's Hotzone product and formally went on record saying that it is a great product.
I particularly like the part about the DECT phones because it can give anyone in the field a functioning telephone system plus the benefits of broadband, without relying on the cell phone services which typically go down in an emergency.
Cole, you are now being very careful not to be insulting to the military, but you are also making them out to be a bunch of disingenuous nincompoops, which they are not.
You are also speaking for the military, which I'm sure they are more than capable of doing by themselves, as demonstrated by their resounding approval of the Hotzone trials.
This developement, where an objective third party (US Military in this case) evaluates a Globetel product and publicly announces the results of that evaluation is totally unprecedented for Globetel.
This is not the same ol' same ol'. There is nothing in the long litany of Globetel false starts and failures that is the same as this achievement.
It's not the big payday we all wait and hope for, nothing to the bottome line, but it is not "for the sake of the announcement" and it is a real product that somebody might actually want to buy, since according to the objective third party, it works extrememly well.
Please Globetel, don't blow this one after overcoming so much.
"I'm saying they're being polite just like the times they were nice enough to send representatives to Strat test flights"
There is a huge difference between sending representatives who politely say nothing and career professional going on record with positive, specific announcements about what they saw. Huge difference.
"I'm not saying HotZone can't do some things but do you really think our military is going to place the safety of our troops in the hands of a company like GlobeTel."
Do you really think they would, just to be polite?
Do you think this announcement by the military was just for the sake of the announcement itself? You are insulting our military, and they don't deserve it.
Perhaps the reason it has worked out so well in the military setting is because everyone involved from the highest offices to the boots on the ground actually worked as hard as they could to make it happen.
That could have actually been the very first time that everyone involved held up their respective end and efficiently planned and completed a project, and got great results.
Cole you state the obvious as though it is supposed to be enlightening. Yes, it hasn't happened and it might not if there is bad management. CWID trials were not organized and executed poorly, imo. Maybe the bad management is gone. Maybe not. At any rate good job Globetel on the CWID results.
No one gets any guarentees here, but you sound like you want one.
Hotzone appears to me to be a technology that could make a simple DECT telephone have all the functionality of a cell phone, PLUS provide broadband internet(cell phones don't do broadband).
That has always been one of the attactions for me. Yes it is rare, but it does happen. Past failure is no guarentee of continued failure any more than past success is a guarentee of continued success. You gotsta make your own decisions and realize that you can't predict the future.
yes, exactly, the DECT. Indeed the DECT. That has been described by an number of posters to be a disruptive element in the mix that could 'flash over' and knock the cell industry for a loop. There may be reasons why in can't that I don't know about, but it just seems possible that it could.
...and it is a regular pattern for technology that gets it's start in the military / civil defense type sectors to become applied in consumer level applications, although I do recall that the DECT was described by Huff to be a consumer telecom product long before these developments came along.
rewhapi2003...werhapi2007! Thanks! This is a substantial development. GREAT FIND.
"The HotZone technology expands the ability of both military and civilian communities to communicate without the delay of repairing a previously established network. This system, once deployed allows the command team to respond anywhere in the effected area, without location restriction, streamlining the operational decision-making process and providing more reliable communications."
This is the heart and soul, the Holy Grail if you will, of emergency management. Now we begin to see the value of the technology and perhaps an explanation for a few of the things that have been going on around here.
Looks like the non-sellers and the non-buyers got no better and no worse than what they expected. That just leaves the message boarders to attempt an exaction of toll.