Followingte, I had understood the Magic Money Card was sold off to Gotham for a mere, better said paltry, $4M "payable in 3 years, if they make money", after Caterham (along with its boy Kostro) explicitly plunked $10M in equipment plus another $5M for operating costs into GTEM for the establishement of this magic money business CIRCA 2004. All this in exchange for warrants, preferred shares and common shares of GTEM, not Gotham's!!
(I recall that later there were problems with the last batch of funds from Caterham due to the PPS being lower to the set strike price, and that's when GTE starts having operating cash problems, but never mind that for now).
So, somewhere along the line, it looks like GTEM basically gave away (wrote off) circa $11M of shareholder value in spinning off the magic card business to Gotham, a private co. out of the public eye.
I am starting to get the gut feeling that ol'Joe was just the fall guy (and he's also probably been settled in this latest PR'd lawsuit), and that the SECs look into adquisitions was focusing on this matter, rather, or better said in addition to Centerline and others.
If GTEM is trying to get magic money back into its fold, good for them and us...
But if they are slowly and quietly transferring everything of value to Gotham under the SECs nose, prior to providing the SEC with the updated financials with cero in GTEM and bankrupt - then that could be another reason why its taking so long to come up with the books.
FWIW, JMHO...
JapBrat
AI
