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It will be a long time before reliable financials are released, if ever.
I wonder why there was no mention of No Mas Cables? Maybe they're leaving No Mas to do its own horn blowing.
I think GTEM thinks we cannot handle the truth, which is truly stranger than fiction after all.
Globetel does not have to file bankruptcy unless thay want to try to make a clean break from the creditors. As far as I know, none of the debt of Globetel is guaranteed by anyone connected with the company, so they can just shut the doors and let the creditors fight amongst themselves over non-existant assets.. If they wait one year after transferring the corporate assets (Centerline, Money Magic, et al) they have a slight chance of getting away with the transfers. In any event, this is a dead duck. One of the business pundits will no doubt comment on the demise of the paradigm shift in communications and the whole episode will be just another money-losing turn at the tables. Live and try to remember not to repeat this mistake. Just my opinion.
Glow: I reread Rob's post and you are right. He isn't going to stray from the company's position. He's a lot better communicator than I am a reader, it seems. Sorry about that.
The man in charge of communication said "diverge" instead of "divulge"? No wonder we're all confused.
Vern: Who signed the checks when you werein charge of Sanswire?
The info turned out not to be factual in most cases. In other words, we were conned.
Unfortunalely, like most of us, you gave them your money before getting any information of value.
That's what I meant by watching the calendar. When what's been done can't be undone, your prediction will be fulfilled. This is, of course, only my opinion, but it's based on 50 years of watching people make the same mistakes over and over.
They are not hiding anything. They are watching the calendar. That's where you'll find the schedule. Look for the date with the red ring around it.
High-ranking officials have been pretty cagey about helping anyone lately. Wouldn't count on contacts to push the deal.
State: You won't get an answer to your clearance question here because no one knows. A lot of opinions and guesses, but nothing you can take to the bank. JeanLuc's brother-in-law is your best bet. IMO
Now we know why Joe M. was terminated without the sugar coating.
I believe if this puppy craters, there will be little if anything for the creditors except Sanswire and some small stuff. I suspect the assets of the JV are pledged to Caterham or another friendly entity as collateral for Globetel's payment for its 49% interest. Therefore, when Globetel ceases to operate, the holder of the security interest will assume the interest of Globetel and the JV will sail along with no change except the substitution of the name of the holder of the minority stake. The JV will be immune from creditors because of the prior security interest given in exchange for value. Sanswire and the rest of the corporate tentacles will fetch garage sale prices on the auction block. The shareholders will have their certs to remember the dream At least, that's my opinion.
Serious! is a lady who has been invested in Globetel et al for several years. She is, as her handle implies, serious about this company, although she does possess a sense of humor when she's not being insulted. Listen to her; she will not mislead you or embellish the facts. I respect her posts and look forward to more of them. Respectfully, Wingshot.
Pachuca is a university town of 250,000 people and has more than two hotels, and No Mas Cables does not cover the entire town yet.
No, but Telmex probably covers all the hotels.
JFBURK: Thanks for putting into coherent language what I posted earlier. The JV is an investment for the parents, but not necessarily a provider of cash flow.
Dividends to the owners of the JV will be distributed as directed by the majority interest in the JV. The immensely wealthy Peralta group, who controls 3 of the five seats on the BOD will decide when and how much of the JV's profits, not revenues, will be paid as dividends. Don't look for any dividends soon. It wouldn't make any sense; if the JV shows a profit, it will more likely be invested in expanding the JV's business. Globetel is in the same position with the JV as we are with Globetel: minority shareholders who can either go along or sell out.
Uli is still owed $1,335,000 from the sale of Hotzone to Globetel. That is leverage for Uli.
$45,000 is the monthly consulting fee, not the cost of the boxes.
I don't think Globetel ever paid Uli the full sales price of the company Uli sold to them. Perhaps this is a way to cure the problem. Otherwise, if I am correct, Uli would have some legal recourse down the road. I know that Globetel PRs say that Globetel owns Hotzone, but it does not say they own it free and clear of any obligation to Uli.
It appears the plaintiffs are going to get what they would have gotten had they not been cajoled into joining the suit. Nothing.
Okay. If you say so. I believe the rest of the post is correct.
Sure, go the the county courthouse where Tim lives and get a copy of the deed. The transfer tax will indicate the sales price of the house. If there is a mortgage on the house, the amount will be shown. If there is a car listed in his name, the Dept. of Motor vehicles has a description from which you can check the NADA value online. That assumes he is foolish enough to have stayed in the U.S. and put the assets in his name. But why do you want to know? He didn't embezzle any funds from Globetel, and he can sell his stock without filing anything with the SEC now that he is a free agent.
I cannot find any proof that any division of Globetel is profiting and paying the bills. I find a few facts that indicate at least some of the bills are not being paid. Does anyone have any real evidence to the contrary? PRs by Bleckman are not evidence.
Where did you get your information regarding $5M being too small amount to contest? If that is true, we can all recoup $5M simply by filing a spurious lawsuit against Globetel and gettimg a default judgment. These suits and their outcomes are made a part of the D&B file on Globetel with its concomitant effect on our fair company's creditworthiness.
You forgot to mention the wealthy Peralta involvement in your last post.
Anyone want to predict what the exercise price will be when the next round of warrants/options kicks in? 15 cents is my prediction.
Mt Bigsky: Thank you. Maybe I can fiddle with the colors or something to make the answers legible.
The website for the JV popped up, but the answers to the questions were so faint I couldn't read them. Hence, there will be no carping in re the website from here. However, I would suggest that the next update be in black and white so that we visually as well as investment savvy-impaired can be (lol) updated.
Schnizzle. If you wait long enough and have 1000 shares, you will see $10. Helium from the moon, eh? Underneath the cheese deposits, no doubt.
He's a billionaire and you think he's interested in pocketchange?
Do you think he started out a billionaire? Perhaps he saved his pocket change to go into business? Do you think Warren Buffet tips more than 15%? Pocket change grows when it's invested wisely and not left on the dresser.
Vern 11USC547 explains the sale of assets prior to bankruptcy.
The companies you mention are large corporations. Globetel does not fall into that category. If it files Chapter 11, and it may not, but if it does, the odds are against it coming out of it. To my knowledge, Globetel does not have a banker lending it money, and that tells you a lot, because they would need a line of credit approved by the court for post-petition needs. The company may make it through by paring down their overhead further, disposing of any remaining cash drains and finding a sugar daddy out there willing to take a chance on the company.
The race may not be to the swiftest, nor the contest to the strongest, but that's the way the smart money bets. JMHO
Far and away the majority of Chapter 11s are converted to Chapter 7 when it becomes apparent there is no plan of reorganization that will ever be accepted by the credotors or the court. However, the Chapter 7 trustee will be able to dispose of Globetel's interest in the JV to be highest bidder she can find, which, of course, is likely to be VPN. Who would want to own a minority interest in a company controlled by a Mexican conglomerate? JMHO
Glow: Check out Level II. Sells are way ahead of buys, but whoever is making the market is doing a good job of keeping the share price fairly stable.
Remember, Huff did not instigate the Internafta flop. He inherited it from Altvater, and rather than looking into the bona fides of the Russians, ran with Uli's baton and never looked back until it was too late. Huff can connect red wires to red wires, but he cannot trust everyone he comes in contact with, and that has resulted in broken promises and the rest is history. A good example of a gullible CEO who met his Peter Principle. Given the opportunity, he'll do it again, because we tend to repeat our mistakes over and over.
I doubt that will happen, as many of us would see that the purchase of Centerline would be in effect severance pay for Huff, who needs to spend more time with his family at his own expense. I see Globetel continuing to implode and as its assets evaporate, the JVs will grow to the benefit of the partnership(s).
The JV is operational, and high-priced technical talent who is tarnished by a lawsuit is no longer needed. The techies can follow the blueprint for future buildouts. Tim is now free, by mutual agreement, to move about the telecommunications field to do his thing to other companies. Thank your lucky stars.