Globalnet (fka GLBT)

[calitrader]

Surf here is the long and short of it. This was in the ibox already.

From 8k on 6/1/06 The Investors have contractually agreed to restrict their ability to convert the Notes and exercise the Warrants and receive shares of our common stock such that the number of shares of the Company common stock held by them and their affiliates after such conversion or exercise does not exceed 4.99% of the Company's then issued and outstanding shares of common stock (seems they can't convert more than 615 million because current float is 12.3 bil)

They can only convert a very limited number of shares. This loan is designed to be paid back one day imo.

The investors have given a loan to GLBT and as a sweetener they pretty much get 100,000,000 shares per month at 85% discount from market price(roughly an $8000.00 incentive). The only dilution has been this and equaling 3.5 billion shares for the last two years. Also mentioned in IBOX already. WE currently have 12.3 billion outstanding not bad.

If you look at the volume vs the naked shorting numbers also in the ibox you can see that they short away at any chance of a rally so far. Like i said before I filed a complaint with the SEC about the naked shorts on this stock is that our price would be much much higher right now if naked shorts werent hammering us everytime we get volume.