Just Remember
1. IF the class actions get beyond the dismissal phase, the trial will be in front of a jury who will be looking at "a preponderance of evidence." (i.e. the standard for proving guilt is not as high.)
2. Globetel still gets to respond (13 more days).
3. The dismissal phase is scheduled to continue well into March. The case will grind out for a while.
Personally, I don't think the case will have much impact in the scheme of things. In the worst case, if the allegations prove to be true, I think that Globetel would be dissolved long before the case winds down. First, they have to face finding financing to continue operations, finding an MM to quote them so they can move off the pinks, becoming profitable, a Formal SEC investigation, a major reorganization, and who knows what else. They are currently involved in a mysterious move out of their corporate offices.
I am just interested in seeing some of the info that comes out (like Globetel's response in 13 days), so I can make better assumptions on what has been going on in the company.
We could waste time debating the issues raised in the lawsuit, but we don't have the evidence that the lawyers have. Their battle is the one that counts. Things will unfold how they unfold.
I take solace that if the worst-case-scenario comes about, the bankruptcy laws were recently changed in that Huff and others would face some personal accountability.
On a side note, I did recently receive this personal "thank you" from Mr. Bleckman:
"We at GlobeTel deeply appreciate your assistance, and those of other former shareholders, assorted bashers and shorters, in providing "transparency" to our shareholder base" .
AI
