Turbine Aviation Inc (TURA)

[Penny Stock Trader]

GLGT would have done better without the PR. The chart was looking great but all the PR did was raise CREDIBILITY ISSUES with me. Enough so that I sold my position.

The PR paints a rosy reason for the reduction in OS....

"Global General Technologies Reduces Shares Outstanding by 17% to Enhance Financial Flexibility for Ramping Up Business Plan"

A little in-depth DD reveals the likely "REAL" reason...

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000939802%252D06...

NOTE 4
"On April 24, 2001, Mr. Steve Burke, former President and CEO of the Company, purchased 24,000 shares of Common Stock of the Issuer at a price of $.05 per share utilizing a loan, in the principal amount of $600,000, made pursuant to a Promissory Note dated April 25, 2001. According to the terms and conditions of the Promissory Note, Mr. Burke agreed to pay the Company a principal sum of six hundred thousand dollars ($600,000) together with interest on the unpaid balance thereof at a rate of six percent (6%) per annum with the principal of the note due in full by December 31, 2004. No interest is accrued on the note until it is paid. The notes receivable are partial recourse notes in that each investor is unconditionally obligated to pay 10% of the amount of their note in addition to the return of the shares of common stock in the event of default under the terms of the notes."

Do the math, and the $600k debt converts into about 8.34 million shares at around .07 per share. IMO, the "REAL" reason the shares were retired is because Mr. Burke could not repay the debt! Did he repay any interest? I doubt it.

You might also want to take a look at the OS reported in the 10-Q (16,473,663). Now, after the share reduction reported in the PR, there is 44,703,000 or... look more closely... The PR states 44,703,000 million (LOL). 44,703,000 million = 44,703,000,000,000 shares. Surely a typo but just as surely it is very sloppy work.