DD Support Board and Research Team

[coastiretired]

Prior to the WSGI shenanigans, Phipps and his recycled Global Telesat assets worked another penny stock called GlobalNet (GLBT). They issued $21 million in shares for "consulting" work that was never done and the Company wrote off the $21 million loss. One of the consultants was Robert Sensi's brother.

"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."

-GLBT Financials

Other WSGI assets were shuffled off to another Honig/Brauser play called Drone Aviation Holding Corp (DRNE). It follows the same type of share selling scheme.