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Even at this price, I still think WSGI is extremely overvalued. I gotta admit I am beyond happy seeing WSGI at this new low, and will be even happier when it goes under 0.001. This has been long overdo. What a worthless piece of crap this company is, it's definitely going a lot lower. I feel dirty even talking about this horrible, disgusting company.
I am sooooo glad I sold all my WSGI shares!
Any news about the missing blimp? Has the army asked for a replacement? Do we know if it is still on planet earth?
Something about this just doesn't add up. Not that I was surprised at all by this news when I first heard it, WSGI is so much funnier than just about any sitcom.
Can someone show me a company just like WSGI(insolvent, lien-encumbered, has unproven technology, no engineers on staff, delisted by an exchange, former executives were imprisoned, trades at or under a penny, kept afloat by death-spiral financing, history of fraudulent revenue....) that has won a DOD contract?
I keep seeing the word "contract" mentioned on this board, but that seems so unrealistic, all I ever do is laugh whenever I hear that word. Get real.
In my opinion.
Not zero yet but getting painfully closer and closer. What can you expect with a company that is in self-destruct mode? Perhaps you should consider yourself lucky that the share price can't be a negative number.
In my opinion.
muahahahahahahahahahahahahahahahahahahahahahahahahaha
Cole, it's so nice to see you in action again!
I fully agree with you. The information Coasti has uncovered about WSGI and its links with shady individuals should be front and center here, not ignored. That information(along with WSGI's history of fraud and imprisoned former executives) is so damning that I don't know how anyone can honestly say this company has a bright future ahead of it.
In my opinion.
Runand, I also favor the realistic approach. It is much needed here. I don't think it is possible to be a successful investor using anything other than realism. Investors should always be skeptical of company PRs, coming from any company, not just believe them and regurgitate them as if they contain the ultimate "truth".
I also expect the lien-encumbered disaster that is WSGI to fail, and for it to go below 0.005 at some point in the near future.
In my opinion.
It's almost over for WSGI, in my opinion. EOM
Some more Important WSGI FACTS:
FACT 1 - The former CEO of World Surveillance Group, Timothy Huff, was sentenced to over 4 years in prison for securities and tax fraud.
FACT 2 - The former CFO of World Surveillance Group, Thomas Jimenez,
was sentenced to a 36 month prison sentence on similar charges.
FACT 3 - The "revenue"(about $22.6 million) that WSGI reported from May 2002 to June 2006 was proven to be mostly fraudulent by federal investigators. The SEC eventually dropped the charges against the company and settled with World Surveillance Group for $300,000 plus conditions.
FACT 4 - World Surveillance Group(named "GlobeTel" at the time) was delisted by the American Stock Exchange in 2006.
FACT 5 - World Surveillance Group was sued by it's shareholders, and
shareholders were awarded $2.36 million as part of a settlement.
FACT 6 - World Surveillance Group has gone from over 50 employees back in 2005 to 4 or fewer employees at last count.
FACT 7 - The IRS has filed a lien against World Surveillance Group for
not paying federal payroll taxes.
FACT 8 - World Surveillance Group has been evicted from two separate locations.
Please note, World Surveillance Group used to be called
Sanswire(http://finance.yahoo.com/news/World-Surveillance-Group-iw-2500588992.html?x=0&.v=1)
which in turn used to be known as GlobeTel -
http://www.marketwire.com/press-release/GlobeTel-Communications-Corp-Changes-Name-to-Sanswire-Corp-903768.htm
For more details on the American Stock Exchange delisting -
http://www.sec.gov/Archives/edgar/data/919742/000114331306000383/gte20061117final.htm
FACT: Former WSGI CEO imprisoned - http://www.fbi.gov/miami/press-releases/2010/mm072610.htm
Remember, WSGI used to be called SNSR(Sanswire) which used to be called GlobeTel.
FACT 2 - WSGI was delisted by the American Stock Exchange.
They aren't sharing anything because it must have been a disaster. Besides, why check out the BIP(Blimp in a Box), when you can check out the former WSGI CEO in a prison cell? - http://www.fbi.gov/miami/press-releases/2010/mm072610.htm
That is a lot more interesting, in my opinion.
I just can't imagine WSGI ever getting a real government contract. It doesn't offer anything that its competitors aren't already doing or couldn't do. This delisted, lien-encumbered company has a terrible reputation, even if all the criminals that used to run the company have been imprisoned or are no longer there. Does current management still consult with previous management, like former CEO Timothy Huff for tips or business strategy, since they were running the company for so long and got the ball rolling on the airship projects? It would be a great question to ask.
Don't forget that when Huff was in charge, most of the company's revenue was fraudulent. Sorry guys, I am truly sorry, but I see no potential here. I don't even think it will last much longer.
In my opinion.
Nothing smells worse than WSGI. I don't see any potential here. It's amazing how much the "Stratellite" concept has been downgraded into a blimp in a box attached to a tether. And they used to hate it when anyone called it a "blimp".
Now it's all they've got and they admit it!
And as if they are providing a uniquely "new" product here, as if no other company can produce this. I remain unimpressed.
In my opinion.
I'm sooooooo glad I sold all my WSGI shares. It was like running out of a burning building.
In my opinion.
So Mide, I'm guessing you are extremely happy with everything that is going on at your beloved lien-encumbered stock. Any updates? I always value the information you share, even if I am not smart enough to act on it. Is it true that those involved in the private placement were told by the wizards running WSGI that this was going to a $1? Did they tell them it was going below a penny first? LOL
Let us know how Glenny, Babs and Wayne and the rest of the Dream Team are doing buddy! If I am ever in the area, perhaps we could all do lunch some day and discuss all the amazing progress WSGI is making. Ciao!
Warm regards,
Uncle Steve
WSGI will continue to self-destruct. The situation is completely hopeless. Subpennyland is inevitable, in my opinion.
Some FACTS everyone should know about WSGI:
FACT 1 - The former CEO of World Surveillance Group, Timothy Huff, was sentenced to over 4 years in prison for securities and tax fraud.
FACT 2 - The former CFO of World Surveillance Group, Thomas Jimenez,
was sentenced to a 36 month prison sentence on similar charges.
FACT 3 - The vast majority of World Surveillance Group's revenues,
over $22.6 million, was found to be fraudulent by federal investigators. The SEC eventually dropped the charges against the company and settled with World Surveillance Group for $300,000 plus conditions.
FACT 4 - World Surveillance Group was delisted by the American Stock Exchange.
FACT 5 - World Surveillance Group was sued by it's shareholders, and
shareholders were awarded $2.36 million as part of a settlement.
FACT 6 - World Surveillance Group has gone from over 50 employees back in 2005 to 4 or fewer employees at last count.
FACT 7 - The IRS has filed a lien against World Surveillance Group for
not paying federal payroll taxes.
FACT 8 - World Surveillance Group has been evicted from two separate locations.
Please note, World Surveillance Group used to be called
Sanswire(http://finance.yahoo.com/news/World-Surveillance-Group-iw-2500588992.html?x=0&.v=1)
which in turn used to be known as GlobeTel -
http://www.marketwire.com/press-release/GlobeTel-Communications-Corp-Changes-Name-to-Sanswire-Corp-903768.htm
For more details on the American Stock Exchange delisting -
http://www.sec.gov/Archives/edgar/data/919742/000114331306000383/gte20061117final.htm
I'm sooooo GLAD you held on to your SNSR shares too!
Important FACTS about Sanswire: http://ragingbull.quote.com/mboard/boards.cgi?board=SNSR&read=9638
Yes I'm very impressed. Now we can all be 100% certain that Sanswire will be a multi-billion dollar company soon.
I would react much the same way. At this point, I would be very impressed with this company if they achieved a significant technological milestone, even if they do not release a commercially successful product.
This technological milestone would need to be recognized by outside, 3rd party, objective observers as being a significant milestone, otherwise it doesn't count. Shareholders and management being "impressed" doesn't count(they seem to be very impressed with everything they "accomplish").
Regarding Sanswire releasing a commercially successful product, you said: "But I see this as a near-zero probability of coming to pass."
I agree.
So why did JL leave so abruptly, when he could have signed off on those financials, instead of making DC stick his neck out, and verify all the numbers? It seems JL did not want to sign off on them for "some reason", in my opinion.
Any ideas?
Anyone know if JL has any ownership in TAO?
You seem to imply something like a mutual exclusivity between the SEC going after individuals/former officers of a company and going after the company as a whole, when we all know the SEC started charging individuals before charging the company with fraud and seeking sanctions against the company. Do you have any facts to support this view? The SEC investigation is still ongoing and is over 2 years old. It was the SEC investigation of GlobeTel/Sanswire that lead to these 5 former officers getting charged with fraud in the first place.
Basically, to me and I'm sure other investors, it does no favors for a company if a company's former management looks incredibly crooked. Now I am not suggesting it is a FACT, but it is an opinion of mine, a possibility, that the SEC may deal even more harshly with the company after having dealt with the crooked individuals who ran this company for so many years. Now maybe Huff will even rat out JL(CEO until very recently) - this almost certainly won't be "good" for the company. You also suggest that all the damage has already been done to the company and it can't get any worse. No one really knows if it will get any worse or not.
To suggest that the SEC will *only* punish individuals and not the company as a whole, or that this punishing of individuals is "good" for the company, when it is currently investigating the company as a whole, is seeking sanctions against the company, has charged the company with fraud and issued it a Wells Notice, is disingenuous, in my opinion. The SEC investigation/charges against the company and its former officers is obviously very much intertwined in a way that makes for any neat separation of the two nearly impossible at this point. I could be wrong though. There's your answer.
In my opinion.
Pagan, I'll make this as easy as possible for you. You have the choice of investing in one of two companies, company A and company B, and they are identical in every way except that:
Company A's former officers have been charged with fraud by the SEC.
Company B's former officers have not been charged with fraud by the SEC or by any other government agency.
Which company would you rather invest in? If you choose B, then it really won't be necessary for me or anyone else to answer why it may be bad for a company if its former officers have been charged with fraud.
It's just common sense!
Now Pagan, I'm still trying to figure out how a company's former CEO getting charged with fraud for a SECOND time is "good" for the company. It hasn't been sufficiently explained(to me at least) how this is a "good" thing; it kind of conflicts with common sense, if you know what I mean.
What favors does this do for a company's reputation and their bottom line? Is it somehow much better for a company if its former officers get charged with fraud than if a company's former officers have never been charged with fraud?
In my opinion.
This is great news, Jetmek. I thought the SEC let Huff get off way too easy with that $30k fine and the injunction.
As you can see, it is a near consensus view(and my view) on this board that Huff was a crook and deserves to be punished to the fullest extent of the law. However, unless I'm mistaken, this is the same Huff person who was responsible for putting together the deal with the German TAO group, the deal so many Sanswire shareholders base all their hope on.
So if Huff was such an evil crook, wouldn't everything he did necessarily be crooked and illegitimate, or at least suspicious? Why would a crook make a real deal with a legitimate company, as opposed to doing what they normally do? Was this just a brief moment when he was not himself, was not acting crooked and dishonest, and made a real, legitimate deal with a legitimate company? To me, virtually everything he did as CEO was at least "suspicious".
For that matter, how does a scam company become a non-scam company?
Like you, I think it is possible that Huff may squeal and bring down JL(who recently resigned as CEO), and this may not be "good" for the company. It certainly doesn't help a company or its reputation if former executives get charged with fraud by the SEC for work they did at that company - especially if the company benefited from this fraud, and their "vision", their ideas and the deals they made are still of supreme importance to the company.
In my opinion.
There is often talk on this board about how Sanswire is "no longer a scam".
The scamy nature of Sanswire, well, that's all in the "past".
All the bad men are gone, so it is no longer a bad company.
In no way whatsoever, it is implied, will the future of this company resemble it's past. Nah, that's impossible since the past is the past.
That Sanswire/GlobeTel was a scam at least through part of its history is an idea that has near consensus support on this board, a belief held even by many if not most supporters/shareholders of this company. The critics of this company are told to forget this company "was" a scam by its supporters. All I ask of those who support this company is to show me how a company, which is considered to have been a scam for a significant period of time, can evolve into a non-scam company that has customers, revenues, and contracts. Show me a company that was delisted by an exchange, is under an SEC investigation, received a Wells Notice, has been charged with fraud by the SEC, has had 5 former officers charged with fraud, has been evicted, has no customers or revenues, has fewer than 10 employees, etc... And then after all this, went on to win a significant government contract, and/or revenues and customers.
Anyone have examples of companies like this?
We found out long after it happened why ex-CEO Huff resigned.
And why Joe M resigned...
And why Lynch resigned...
And why Jiminez resigned...
How long before we find out why now EX-CEO Leinwand resigned and why Kostro resigned from the board?
Oh and will Leinwand get a special severance package for a "job well done", you know, no revenues, no contracts, no customers? Not to mention, much more debt, the SEC expanding its scope of its investigation of Sanswire, and the share price being far lower than it was when he took over?
To shareholders of this company, no customers, no contracts, and no revenues means "doing an excellent job of turning the company around!" LOL
Thank you for posting that, Coasti. All that information is very valuable for investors. I think SNSR is extremely overvalued at its current price. Coastie, I think Sanswire will soon be toastie.
In my opinion.
I think it would be wonderful if the SEC revokes the trading of SNSR, in my opinion.
It's long overdue.
Warpcore, you're right, virtually all the court documents don't mention the Wells Notice. But at the same time the SEC in its court proceedings hasn't dismissed the Wells Notice or said anything to contradict it.
These things take a while, justice moves at a snails pace. I don't believe a Wells Notice was ever released and the SEC acted on it the next day or even the next month. In many, many cases maybe not even the next YEAR.
I don't believe there is any reason to believe that Sanswire is "out of the woods" with regard to the SEC investigation or the Wells Notice; on the contrary, the scope and discovery period of the investigation was recently expanded. And no I've never believed that the SEC would revoke the shares of SNSR by surprise without any warning.
In other cases I've seen it takes many years for the SEC to finally revoke the trading of certain stocks under investigation.
Pagan, you're essentially right, but I've never really argued against trading SNSR(which I've done many times myself), but rather have been very skeptical and critical of claims that it makes a good long-term investment. The stock is up(though still down over 96% from its old high) from where it was a few weeks back, and kind of tradable again. However, any bad news that comes out can destroy much of the share value that's been gained in the past few weeks, in my opinion. Some of this bad news may be related to the SEC investigation, or something else. Of course, good news or fluff news may come out as well.
I'll grant that if the SEC does intend to delist, it won't happen any time soon and that they will give sufficient warning for the traders and long-term holders to do their thing. Again in my opinion.
Congratulations to those who have successfully traded SNSR!
overadollar, the SEC is sort of like the "police" of the U.S financial markets, not a baby-sitter. No matter how you may try to slice it, when a company announces it is getting investigated by the SEC this is not considered a good thing by the market!
"The have been helping SNSR right the ship so to speak for some time."
No they investigate companies, they sue and prosecute, they fine them when they think its justified, and if necessary, turn investigations over to the Justice Department if the offenses are serious enough. They even revoke the trading of stocks they see as scams that may victimize new investors, not "right the ship" of scam stocks or terrible companies. For some time now Sanswire management has tried to portray the ongoing investigation as "not that big of a deal", and that Sanswire management and the SEC investigators are like the best of friends. Yet when we look at the court proceedings provided by Coasti, we recently saw that the SEC decided to expand the scope and discovery period of their investigation, before this they have even threatened to revoke SNSR's trading in the Wells Notice, and we find that the current CEO has been withholding documents requested by the SEC investigators. They've shot down SNSR's CEO's motions claiming attorney-client privilege, his justification for not providing the documents. 5 former officers have already been charged with fraud, and at least one may end up in prison. A friendly affair don't you think?
You almost make the SEC investigation seem like a good thing for the company, LOL.
In my opinion.
Heydude, you mean Sanswire shareholder "belief" that there will be a "settlement" with the SEC is proof that a settlement is in the works? If shareholders believe this, of course it might explain this recent run up, but that doesn't actually mean a settlement is more likely. In my opinion.
Mt bigsky, the Wells Notice was very explicit about this:
"Form 8-K for GLOBETEL COMMUNICATIONS CORP
12-Oct-2007
Other Events
Item 8.01 Other Events.
On October 5, 2007, GlobeTel Communications Corp., 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.
Under the process established by the SEC, recipients have the opportunity to respond in writing to a Wells Notice before the SEC staff makes any formal recommendation to the Commission regarding what action, if any, should be brought by the SEC. The Company is determining if it will provide a written submission to the SEC in response to the Wells Notice.
http://biz.yahoo.com/e/071012/snsr.pk8-k.html"
Not all companies that get investigated by the SEC receive Wells Notices, and I don't believe all Wells Notices mention the SEC may recommend revocation. So your contention that revocation has "NEVER" been on the table with the SEC is contradicted by the evidence. Or do you have evidence to back up your statements?
overadollar,
You are stating an opinion as if it is a fact by saying "when the SEC clears SNSR that the stock price will most likely run much higher". If this were to happen, you would almost certainly be right, but you have no way of knowing if the SEC will clear Sanswire. I have no idea either, but the SEC recently decided to expand the scope and discovery period of their investigation of Sanswire, which probably doesn't bode well for the future.
In my opinion.
Even if it goes up to 25 cents, or 50 cents or $1, let's not forget that the SEC said they "may" recommend the revocation of SNSR in the Wells Notice. In no way does upward share price action convince the SEC to not revoke the shares of a stock, if that is what they had planned on doing. In my opinion.
I see nothing in this latest PR that convinces me that TAO is playing a whole new ballgame here. I see nothing about revenues, customers or signing contracts. I see some details about some tests and technological "progress", and these seem to be so delicious to those who still believe in the dream that they are eating it all up. Who knows, maybe I am wrong and they really are making progress, albeit by baby-steps.
However, aren't these the same people(TAO) responsible for the photo flub not too long ago? (Strike 1) Aren't these the same people responsible for putting out those videos of an aged airship flying around, as if, I'm supposed to be "impressed" by this? Technology that in almost every way is virtually indistinguishable from airship technology from the first half of the 20th century? (Strike 2). All I see are words, and anyone can say almost anything in a PR. How about some demonstrations or more videos? Sure they can blind people with technological details all they like(a common tactic with such companies), and brag about it, but who here is experienced enough with airship design or aerospace engineering to know how much "progress" this really represents? I know I don't have experience in those fields, so until I see them selling something or signing contracts I'll continue to be skeptical. In my opinion.
Uncle Steve
jfburk, you are the person on this board, more than just about anyone else who is against talking about "the past" or challenges people who "only want to talk about the past"(even though this isn't true), but you continue to bring up the old NASA relationship and other old things as if that is somehow relevant today.
You even seem to be implying that TAO was "hindered" by the NASA engineers, as if TAO was "too good" for the NASA engineers(even though TAO hasn't sold anything). The old Stratellite/HAA project with the NASA engineers was indeed an abysmal failure, and the company was run by con-artists at the time but do you have any evidence that TAO or Kroplin believes the NASA people "hindered" their plans and helped to ruin GlobeTel/Sanswire? You seem to be making this up as you go, and how do you know it wasn't the other way around, maybe TAO hindered the NASA people?
You can't complain about others talking about the past so much when you yourself go on and on about the past. For the record, I have no problem with anyone talking about the past, if it has any relevance when it comes to understanding this company.
No Nerd, my "effect" isn't the point. What you don't get is that it just wouldn't be as fun for me if I didn't post as much.
And no, this isn't a "wounded horse", more like a demon horse with self-inflicted wounds.
All in my opinion.
jfburk, no I am not a vindictive person by any means, but if you want to believe I am that is fine by me. However I am very interested in finding out the truth here, and countering what I believe are misrepresentations of this company. Do I want justice to be served? Yes, but that is not vengeance. I don't want them to victimize a whole new generation of investors.
Your posts often seek to frame the discussions on this board with a false dichotomy which implies "vindictive", "evil" bashers versus the "good" and "virtuous" Sanswire shareholders and the company itself. This black and white way of thinking is truly laughable, especially when you consider all the times the "bashers" have been right. To you it seems as if the people who have been mostly right should have to apologize.
And no, I'm not a big money-loser, or a "whiner" since I was also a trader(not a very good one I admit) besides being a long, I pretty much broke even with my SNSR/GTEM investment.