Many of you keep stating that Tim Huff has been relegated to the role of 'technical advisor' of sorts. First of all, Huff has been removed from both seats he had on the BoD. That is called a demotion.
I don't believe that Huff's demotion had to do with Internafta so much as it did with the Strat. Strat testing was supposed to commence in July 06, then came August, September and now we are in mid-October. Not one word other than a September AP story which clearly showed photos of an incomplete airship. THAT AIRSHIP WAS NOWHERE NEAR READY TO FLY. It didn't even have the engines on it - they were sitting on a table in another photo. Yeah, testing in late July.
The Strat flight tests could have been GTEM's saving grace and put the Internafta problem to rest. At the same time, GTEM's shares would have moved upward sufficiently to kill the pending class action lawsuits. The class suits are predicated on people buying GTE stock and then losing money. If the stock value suddenly moved upward, they would have no case. Despite this golden opportunity, the Strat remains in limbo and its' exact status unknown.
At the same time, Khoury is cleaning house. He'll probably end up loading the BoD with all of his British buddies and perhaps transfer the Strat project to England or Germany. Jones and his crew do not have a good track record at meeting completion and testing dates. So what is Khoury to do? Give Jones more chances? Had Jones been a few weeks late and started testing in early to mid-August, I think GTEM's shareprice would have improved dramatically. BUT, NOTHING HAS HAPPENED.
Instead of great news of a successful Strat test, you get the news of Timothy Huff's demotion as well as two others resigning from the board. If the Strat was NOW close to testing, they would have not terminated Huff. Good Strat news would most certainly offset much of the past dark news of Internafta, the pending class action lawsuits, and AMEX delisting.
If you carefully read Khoury's statement in the 10/12 PR, he clearly states that there is a major overhaul underway and that some projects will continue providing there is sufficient funds to do so.
That's my take on this.
No man should be considered totally useless....because he can always serve as a bad example.
