Global Diamond Exchange, Inc. (GBDX)

[Tacoz]

Easy as 1-2-3. If you examine the SEC documents & PR you will see that there is no T.O. for the shareholders. http://www.secinfo.com/d14D5a.u1gBe.htm The keys to understand this is where it says:

1.) "There are no guarantees at this time that a transaction will occur, just that the company has been approached for a potential takeover."
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2.) "In the event an agreement between the two companies is reached, an appropriate announcement will be made and the necessary forms will be filed with the Securities and Exchange Commission. At that time, we will state: 1) the final transaction structure, and 2) the disclosure needed to fulfill management responsibilities ensuring all shareholders rights and other obligations are met."
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Now all you need to do is look at the last PR on the coroporate website for gbdx:

September 17, 2007 - 7:30 AM EDT
3.) "Global Diamond Exchange Inc. Changes Ownership
Management for Sib Almaz is pleased to announce that it has completed the purchase of the controlling interest in Global Diamond Exchange Inc. (PINKSHEETS: GBDX). Sib Almaz is now in full control of the company with new management already in place."

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Lets review:

There was a possible takeover announced.

There was a takeover in Sept 2007 and its over.

They did not make any filings or explain the share structures and terms of the buyout to the shareholders as they promised. Most people were able to understand this eventuality to mean that the hype about a buyout was only to generate more sales of shares (ergo the raise in shares from 375,000 to 1,950,000,000 shares) by generating interest in naiive investors to buy up a dream of owning a part of the diamond business for a fraction of a penny per share.

They were not legally obligated to disclose anything about the takeover- but by saying they "planned" to do it got lots of people convinced that only a legit business would say that. Those types of statements are a dime a dozen however. Just like the promise that they would audit and give out all their financial data right after the first shipment of the diamonds! They lied so that more suckers would buy into their worthless stock imo! But then why did they announce the takeover was done without carrying out their word to announce the terms of the buyout? If they told you that then maybe no one would want to own this worthless shell. imo

So here we are-