World Surveillance Group Inc (fka WSGI)

[coastiretired]

And for those upset about how DRNE was set up with all those preferred shares and their conversion ratios, you should read how Phipps and his legendary con artist pal Robert Sensi set up GlobalNet (GLBT).

Preferred shares were given outrageous values and required monthly dividend payments.

Some of the preferred shares converted at a ratio of 1 preferred share to 2,120 shares of common.

http://www.sec.gov/Archives/edgar/data/810932/000116169703000471/form13d_aug222003.txt

And, that was before Phipps brought GTC into the mix. . .

- May 2003, Growth Enterprise Fund, S.A. ("GEF"), a Panamanian holding company controlled by Phipps, acquired the rights to purchase GlobalNet from Titan Corp.
- Dec 19, 2003 GlobalNet reverse merges with IDIAL to form pubic GlobeNet. (IDIAL = Erdberg)
-The SEC charged several Panamanians (GEF) with insider trading in regards to the IDIAL/GlobalNet merger- http://www.sec.gov/litigation/complaints/comp18584.htm (note that in the filing that the SEC did not know that Richard Marshall was actually Richard Hirschfeld another legendary con artist.)
- Jan 02, 2004 GlobalNet registers 300,000,000 million new shares and issues 100,000,000 each to three parties for "consulting:" Robert Sensi's brother, Ulisse, Zahi Salah, and Shimon Ben Shimol.
- Jan 07, 2004 GlobalNet starts announcing contracts to offer mobile satellite phone service to Iraq, Cuba, and Libya. The contracts are purported awarded to GlobalNet by GTC (note both controlled by GEF and David Phipps).
- The consultants sell their shares over the next six months and the initiative is later summarized in the GlobalNet financials:

"On January 5, 2004, the Company secured a contract with Global Telesat Corp., a wholly owned subsidiary of GEF, for worldwide termination of voice and data mobile satellite telecommunications traffic originating in Iraq. In conjunction with securing this contract, the Company issued 300,000,000 shares of common stock to International consultants valued at $21,000,000. The Company did not derive significant revenues from the Global Telesat Corp contract, the consultants failed to fully perform the contractually required consulting services. . .The Consultants performed some services in the first quarter of 2004, but little, if any, thereafter. Accordingly, the Company wrote-off a related entity receivable of $21 million in the first quarter of 2004."