World Surveillance Group Inc (fka WSGI)

[andtheretheygo]

While I'm all for removing the "ambulance chasing" attorneys in our society, and these guys (GTE lawsuit) look the part, I believe the premise behind your "counter suit" is as weak as their frivolous claim. Did any GTE shareholder lose money because of last Friday's lawsuit PR? The FACTS say that's highly unlikely. GTE's pps closed at $1.73 on Friday (4-28-06). The PR was released after the market closed the same day. Twelve minutes after the market resumed trading on Monday, GTE released it's default PR, stating that the $600MM deal with Internafta was being called off due to lack of payment from the Russians. It was THIS news that resulted in Monday's selloff. Increased volume and an early selloff prior to Friday's close related to the lawsuit PR? Well, there certainly wasn't an increase in volume. On Thursday, volume increased to almost 2MM shares traded, and GTE's pps closed at $1.91 from an open of $1.73. Friday, volume DECREASED to 1.2MM shares traded, and GTE closed back to it's previous day's opening price of $1.73. And in fact, during the period of April 12 thru April 28, GTE traded in a narrow range of between $1.67 and $1.78, so Friday's closing price of $1.73 was just another ho-hum close on rather weak volume, and very much within the trading range of the previous two weeks. Before Monday's selloff related to the default news, GTE had also taken a hit on March 13, when the pps dropped from $3.23 to $2.56 on news that GlobeTel was giving the Russians one more week, or else (default). Subsequent updates that kept the deal alive resulted in a trading range of $2.56 to $2.10, until April 12, when Motley Fool came out with their "Silent Treatment" article, which dropped the pps from $2.10 to $1.78. (All of these price movements along with volume numbers can be viewed at http://finance.yahoo.com/q/hp?s=GTE ) So, in summary, while these so-called "lawyers" are apparently the kind that give a bad name to their profession, the news from Russia, along with a helping hand from the Fools at Motley, are the primary "culprits" in slowly bringing GTE's pps to where it trades today. IMO, the notion that the lawsuit news is a factor in the pps decline is incorrect, and simply not substantiated by GTE's trading numbers.