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Let me count the ways to loose money:
Part of my GTEM loss was related to straight out fraud. I bought shares of Sanswire pre GTEM directly from Michael Molen. He was posing as President and CEO of Sanswire when in fact according to GTEM attorney now CEO, Mr. Molen did not even work for the company any more. It had just been sold. He signed and delivered a Purchase agreement and Jane Molen signed as sec. of Sans, I wired the funds to his bank and after countless failed promises to deliver my shares I never got the first thing from Molen. Last I heard he was working on another FRAUD (IMO) in London. I have sent all my paperwork to the SEC and have talked to their lawyers on different occasions. I am going to nail this crook if I can find him. It is my personal openion that this whole GTEM/Sanswire company has been a scam from day one. Almost like the movie with Robert Redford, The Sting. Anyone remember that movie? Thats how I feel today and $40k short.
Let me count the ways to loose money:
WCOM -$195k
Gtem -$40k
Look -$30k
Mrkl -$12k
The next 4 bought just befor the bubble burst in 2000
Csco -$12k
Orcl -$5k
Coms -$4k
Lu -$10k
Wcom my biggest loss, GTEM 2nd biggest.
Thankfully, I have enoung cap gains ( I hold over 30 good stocks with solid gains over the years) to use up these losses on tax payments. ALso hold several American Fund mutual funds that have had hugh gains that I will owe tax on. Of all the losses, GTEM has left me with little faith in these small cap unproven companies. I will never invest in another.Good louck to the longs who have stuck it out....but have lost big.
Vern.... Off Topic
Another poster here a month or so back told me you might have an adress on Michael K. Molen. I had a business deal with him that is still pending and I cannot get a response via phone. I would like to write him a letter. Thanks if you can help. Did you work with him at Sanswire? What kind of guy is he? If you can help, send me a private email. Thanks. Juv
>>>>mr_schnizzle: I don't see a resolution to the SEC
investigation until at least July 1st.<<<<< Well what the heck..... I have been waiting for some kind of pr on this dog for about 21/2 years. Since I dont think the company has ever released anything that came true, I will wait for the SEC to have a shot at describing what has happened here...... And I would like to add a name or two to the list of those who "get their dues" but the guys at the SEC say I cant do that. I did call and ask.
Juv
How do we put posters on ignore?
Vern, could I ask for your help?
I am looking for the address of Michael K
Molen past president and CEO of Sanswire and his wife Jane L. Molen. If you or any other poster knows, please send me a private email.
Thanks, Juvinator
Mr. Schnizzle, looks like I'll hold too
At this point I have no other choice. I invested $35K in GTEL and today that investment is worth $1560.00. The first $15k I invested directly with the prior CEO/President of Sanswire, Mr. Michael Molen. I was to recieve 13,500 shares of GTEL stock when the Sansware holders were converted to GTEL. I held 187,500 shares of SANS bought at 8 cents. Well I never got those shares and I found out that Mr. Molen was not even employed with GlobeTel when he sold them to me. I purchased 6000 shares of GTEL now GETM open market and that is what I have to show for me $35K invested. All kinds of talk on this board. Truth is, no one knows what is going on. I have been coperating with the SEC in this investigation providing documentation ect. I have spoken with Attorneys there and the investigation is still active and ongoing. They can not tell me anything further. Having said all that, I think this whole affair is a con game. That is my own opinion based on what I know and the people I have talked to inclucing Bleckman, sopkesperson for Leinwauld, Mr. Molen and the SEC. I know a lot of these posters must have much more invested and cannot seem to grasp the situation we face so they hold out hope. That is their choice and I wish them luck as I am a bag holder too. To close I would like to ask even the die hard belivers, WHAT HAS THIS COMPANY TOLD YOU IN THE PAST 2 YEARS THAT HAS COME TO PAST? Furthermore, do you hold any other stock that you have so many unanswered questions about? The market cap of this whole company is $28 million. Less than the net worth of many single investors here...... Not a basher, chicken little or anything else. Just a bag holder like you.
WD 40. Can you give me any info on Michael Molen including current employment, address or any info.
Thanks,
>>>Tim had some ideas that he scribbled on a napkin".
Well, in trying to stay positive, Southwest Airlines started that way. It was a "Cocktail Napkin" to be exact. TRUE story!
LE<<<<
WorldCom also started that way. It was then known as LDDS. Long Distant Discount Service. It ended in an 11 billion fraud and Bernard Ebbers is serving 25 years (life since he is already 66) sentence. I lost just under 2 million on that one. I have a hugh loss on GTEM as well. As a matter of fact, I never even got 187,500 shares of SANS I purchased from the former President C/E/O of Sansware. In fact, he really wasnt the President C/E/O at the time he sold me the shares. Yahoo hadnt updated and I was conned. The SEC is working on it now.
It is my personal opionion that GTEM is a sham as well.
WIDD, still "stuck" long. Frankly I don't think we will ever have a chance to get rid of this dog. Too many lies. House of cards. IMO
GTEM has been disected back and forth on this board but still most of it is guessing. I have been involved in many failures in my 30 years in the market. WCOM, ENRON, TYCO, PHNX, 3COM, ect. I think I have finally come to realize this market is crooked and the average investor is at the mercy of the big boys. This means we loose our investment in the long run, IMHO. GTEM is no exception. Cut it any way you wish, in a year you will have nothing left. Sorry for such a dire prediction...I have seen this type of situation over and over and in the end the average JOE gets the shaft. Hope I'm wrong. I dont think so on this one.
trunkmonk, the only one that can dupe a person is not always themselves as you relay to holen. Like he said, so many promisess and then missed dates. I invest in dozens of companies and press releases and business plans are a main factor in making investment decisions. I thingk GTE falls very much short of the mark of reaching the stated goals and business plans that intices me to invest with them. That was not my mistake. To take things things as fact are part of reasonable investing in this or any other company.
Juv
vkoenig, you asked >>> Got a question for the legal eagles. If GTE were to file Chapter 11, would that not put to rest all of the pending class action lawsuits? 11 is only a reorganization, but doesn't it allow GTE to get out from underneath some contracts as well? And, does it not allow them to renegotiate others?
Gauging from the dwindling financials, going Chapter 11 might turn out to be a blessing in disguise.
I'd appreciate any thoughts pro or con<<
Yes, Chapter 11 could help GTEM get out of some pending contracts and possibally renegotiate others. These are civil matters. As to the class action lawsuits they would be handled differently. If criminal wrongdoing was involved in these pending lawsuits, Cht 11 would not dismiss the suits.
Furthermore, Cht 11 would not dismiss the following:
Posted by: eqbeck
In reply to: vkoenig who wrote msg# 46538 Date:10/14/2006 8:22:57 PM
Post #of 46646
Vern, you're getting pretty negative. Are you upset that you and your boss at the previous company didn't receive additional shares that you had already sold to other investors and can now no longer cover. Wait, that would be criminal to sell something you don't own. If you don't provide those shares, you would be guilty of stock fraud. You would have a vested interest then in the value of GTE going even lower so as to keep yourself out of jail. But then, that is only speculation on something I would know nothing about.
You may not even be associated with private stock sales discussed previously on this board. You may only wish to gather back technology you provided after all the flaws have been corrected for your own personal gain at the expense of the GTE shareholders. That's assuming you are who you claim to be.
ShakeyGuy I signed a purchase agreement to purchase the shares from Michael Molen, President Sanswire. Problem was, at the time he was not President of Sanswire. In my DD Yahoo had him listed as such but that info was outdated I later found out. The guy started Sanswire and I thought he was on the up and up. That is why I think this whole GlobeTel thing is a sham. I believe what's left will be shifted to another shell company and another group of investors will be fleesed just like the investors on this board have been fleesed. Huff and crew are nothing but a bunch of high roller con men. They spent $400k wineing and dining last quarter to gross $470k in sales. Look where the company is today. Kicked from AMEX, money nearly gone, not even a mention of Stratt any more. And the SEC didnt come knocking because they didnt have anything better to do. MF did not make up all those shell companies. Bob Jones get his payday when we bought his material. Delta Aero was a shell company made up by Huff. Face it. People post here day and night and they are all trying to justify the money they have invested. The hard lesson they are learning is that they have been had. Its that simple. But it is too hard for most to admitt to themselves...... Yet.
Huff and Dumas hugh bonus last year plus large expense from day to day operations. Appears they went first class in everything...at the shareholders expense. With all the failed deadlines on nearly every project and many of them just disappeared altogether, it would appear to me that all the shareholders have been had. I keep thinking of the movie "The Sting". I never even got most of the shares I purchased. The ones I purchased direct are now worthless. These people should not be allowed to just walk away.
Not surprised by AMEX delisting or SEC investigation. If you read post 44112 you will see why. Mr. Molen told me his was President/CEO of Sanswire on 2-8-06 and back dated a purchase agreement for a large block of SANS stock so that it would qualify for the GTEL purchase distribution. When he got my money he has yet to send the shares I purchased 18 months ago. I talked to him on the phone in June of 05 and he told me he had sold Colombia 5 strats himself. When Bleckman hired on at GTE he finally told me Molen did not work for them. Then we have companies that were suppose to be partners when actually Huff created them. Then we learn that we purchsed for $100k from Bob Jones part of the product he was suppost to be bringing to GTE. These people have already got their payday from GTE even if it goes to zero. This is all my opinion and everyone decide for themselves. I rode WCOM down not beliving Bernie would lie the way he did. I also had an indirect loss in a gas stock that was hedged to ENRON so I have seen this kind of behavior before. There is some news. If wrongdoing has taken place the laws have been changed now and someone will pay dearly for it.
mide, anyone, do you know Michael Molen? I read your post 44065 expressing your concerns and questions about Delta Aero and Apogee. I too have some concerns and questions about Mr. Molen. I talked to Michael Molen on 2-8-05. He had for sale a large number on Sanswire share that he claimed were eligable to be traded for GTEL shares prior to the 5-30-04 cut off date when GTEL purchased Sanswire. He said they were eligable because they had been sold but the buyer never paid for them. He represented himself to be President/CEO of Sanswire. I later learned GTEL had named a new President months earlier. I researched GTEL and with all the things going on I felt it would be a good investment so I wired the money to Michael Molens account. He told me I would get the shares within about 3 weeks. Six months passes before I contacted Molen. He explained that my name and 3 or 4 other names had been mistakenly left off the list for the first distribution conversion to GTEL but assured me I would get the shares. Long story short, it has been a year and eight months and I have still never gotten those shares. Mr. Molen has told me time and again they would be available within a few days, weeks, ect. but each time some problem always comes up. Now he tells me I am unreasonable to ask for a refund of the purchase price or the shares I purchased without further delay. He says he is working on a deal to get me the shares (which have reverse split and been renamed GTE). His timeline to get me those shares reminds me of the delays we have had with the rollout of products and the Strat delays at GTE. (I hold GTE shares seperate from this transaction). Could someone give me some advice as to what I need to do since I have been unable to get Mr. Molen to refund my money or send the shares I purchased. I am not accusing anyone of wrongdoing. This just doesnt seem right to me and I would like to talk with the correct regulatory agency if anyone knows. Thanks.
I wonder how much of this $5,040,485.28 loss in share price is paper loss. Does anyone know how much out of pocket investment Mr. Huff has in GTE?