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Re: Chadman post# 238

Tuesday, 06/27/2006 6:57:58 PM

Tuesday, June 27, 2006 6:57:58 PM

Post# of 309
If you do get chosen to play in the next "$1,000,000 Shoot-Out" you might want to simply do so for the fun and experience of it. Just make sure that they pay for your transportation, room, food, green fees, etc., up front in realtime so you don't get stuck with the bill.

Per the last 10Q (about 2/3 the way down)

<<<WE ARE IN DEFAULT ON NOTES THAT WE ISSUED TO THE WINNERS OF THE 2001 WORLD GOLF
LEAGUE NATIONAL TOURNAMENT.

We entered into a Stipulated Injunction with the State of Florida, Office
of the Attorney General in July 2003, regarding a settlement of our unpaid
obligation to the winners of the 2001 World Golf League National Tournament.
During the fiscal year ended December 31, 2003, we executed notes payable to the
winners of the 2001 World Golf League National Tournament for an aggregate of
$300,000 bearing interest at 5% per annum. The notes became due in September
2004, and the remaining balance owed as of March 31, 2006 of $280,081 is in
default. As discussed under the heading "Legal Proceedings," an individual has
sued us alleging that they are one of the winners of the 2001 World Golf League
National Tournament holding one of the notes which is in default in the amount

<PAGE>

of $22,500, and such individual has obtained a default judgment against us in
the amount of $22,500. Other plaintiffs may file lawsuits against us regarding
the notes. If this plaintiff, or other plaintiffs who may sue us, are successful
on the merits of their cases, it could have a material adverse effect on our
financial condition, liquidity and results of operations.>>>

Seems to me that it might be difficult to find a buyer to back the promo and airing of a $1,000,000 contest when prior contest winners are suing for never having been paid their prize money?

GLTA.

(I did notice your prior two posts, within 30-days and then end of the month. Heck, I've been waiting since the Fall of 2002...ROFLMAO)





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