No worries if "original contract with Internafta could have been written on the back of a vodka-soaked napkin for all it said" because THEN we already have the "inside scoop" from Pit that it's a done deal. LOL.
We're not sure when Cleary Gottlieb attys. became involved---we only know when it was revealed to us: 1/31 PR. However, I agree that involvement prior to then seems doubtful re your comment: "Cleary et al would never have allowed their client to sign that."
But that brings up another point. Huff not acting alone. It's not the poor befuddled telecom whiz who, oh dear, entered into a muddled business agmt in trying to bring his techno dream to market. This telecom whiz surrounded by board loaded w/ business IQ. Remember this 11/30 PR: FORT LAUDERDALE, Fla., Nov 30, 2005 (BUSINESS WIRE) -- GlobeTel Communications Corp. (AMEX:GTE) today announced the appointment of J. Randolph Dumas to the position of Executive Vice Chairman and Director. In this new position, Mr. Dumas will be expanding on his previous role as a joint venture partner in Sanswire Europe.
Mr. Dumas, a resident of London, England, has lived and worked in Europe for the past 25 years. He was a partner of Salomon Brothers International Limited responsible for the firm's European corporate finance, mortgage securities and real estate investment banking businesses for a number of years. Subsequently, Dumas founded and became the Managing Partner of two prominent private equity firms: Dumas West & Co. (a 50:50 partnership with the "Baby Bell" telecommunications company, US West) and Rubikon Partners, a firm focusing on European leveraged buyouts founded by Mr. Dumas, Henry Kissinger, Thomas McLarty and Leo A. Daly III. Dumas has had extensive experience working in virtually every business sector and in every country within Europe, Asia and in much of the Middle East. He maintains strong relationships in these countries at the highest levels.
And how about the business-pedigree on Dorian Klein (true, this is after the 12/30 Russian deal, but he had much better insiders than Pit---and comments that he had been closely watching Co for more than a yr: GlobeTel Communications Corp. Appoints Dorian Klein as its Newest Independent Director
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 11, 2006--GlobeTel Communications Corp. (AMEX:GTE), a premiere provider of communications products and enhanced value-added services, announced today the appointment of Dorian B. Klein to its Board of Directors. Mr. Klein will also serve on GlobeTel's Audit, Compensation and Nominating Committees. His appointment is effective immediately.
Dorian Klein has more than 25 years of professional experience in international finance and investments. He has a distinguished record as an investment banker having worked for more than 20 years in New York, London and Tokyo, including roles as Managing Director and Head of European Structured and Principal Finance at Merrill Lynch in London and as Managing Director and Head of Asset Finance at Bankers Trust in London. He also headed the Tokyo office of a highly successful boutique investment bank that he co-founded with his colleagues from Paine Webber during the 80's. During his career as an international investment banker, Mr. Klein structured or executed more than 500 complex securities transactions, in both public and private markets, involving every type of debt and equity security. Mr. Klein is currently the Managing Partner of Rubikon Partners, a private equity firm specializing in mid-cap European buy-ins and buy-outs, which he co-founded together with Dr. Henry Kissinger, the Hon. Thomas McLarty, Leo A. Daly and J. Randolph Dumas. He has also been a private investor in several European technology companies, including several in fields which are directly relevant to the business strategy of GlobeTel. Mr. Klein is also currently on the Boards of Investitori Associati (the largest Italian private equity fund) and Holding.com (a Dutch company with high-tech holdings throughout Europe). Mr. Klein is an alumnus of Yale University (BA in Mathematics) and the Harvard Business School (MBA in Finance).
"I have known Dorian Klein for several years, having initially met him through several of his Founding Shareholders at Rubikon Partners," commented Sir Christopher Meyer, Chairman of GlobeTel's Board of Directors. "He is highly respected by his peers in the financial services arena, and he carries with him the confidence that comes from having been successfully at the center of the most competitive industry in the world for many years. This experience and the solid judgments that come along with it, will be of tremendous benefit to our Board and to the continuing success of the company. This important addition represents another key step in the Board restructuring which I initiated during the summer."
"I very much look forward to my role on the Board of GlobeTel and to working closely with Tim Huff, Sir Christopher Meyer and with their management and Board colleagues," remarked Klein. "I have closely followed the developments at GlobeTel for more than a year, and I see it as a company with all the ingredients necessary to achieve great things. As this happens, I will do whatever I can to help orient the company's global strategic and marketing development in order to fulfill its substantial potential."
DJ Maxwell Murphy wrote in Monday's article (posted to board earlier today) "Given the deal's size, the Brazilian origin of the bank guarantee and the heightened scrutiny of any deal where large sums of money and Russia are mentioned in the same breath, Huff says the syndicate of banks brokering the
deal for Internafta want to know more about all parties involved. GlobeTel has presented its business plan and other requested information to the banks and GlobeTel hopes the deal will go through as Internafta has promised, he said. Huff said GlobeTel didn't anticipate the "level of involvement" of all the banks in the deal, and the company was caught somewhat off guard by the way the deal has been worked out in the public eye. The difference in the public perception of the deal and what it has "slowly morphed into," he said, need to
be rationalized. Make of the plausibility of this explanation what you will, but the seeming naivety of GlobeTel's management isn't encouraging."
"Encouraging," Maxwell??????? Given the business acumen of GTE board, downright preposterous--and unbelievable.
AI
