Grifco Inc (GFCI)

[cyofish]

What people here fail to realize about Global Dividends is that even if RG is withholding the payment, based on GAAP the payment would appear on Grifco's books as a receivable. SEC mandates that all public company use the accrual method of accounting. In an accural method income is not recongnized WHEN you receive payment (cash basis) it is earned when a transaction occurs and substantial portion of the transaction is completed. In this case, Grifco transferred GOT to Lyamec. The moment this occured Grifco recognized income (gain from sale of an asset). Instead of booking cash, Grifco would book a receivable.

Having said that, there is absolutely no rational reason for Lyamec to withhold the money...NONE!!!! RG made it sound like he was withholding the payment for the benefit of GFCI shareholders while Grifco gets through their "rough times". IMO, his explaination was totally B.S.!!!!

Let's assume RR received a judgement in their favor (more than likely). RR would be entitled to receive the proceeds/receivable to the extent of their judgement well ahead of the shareholders. If there are any fines, penalties, sanctions, unpaid liabilites etc....they will get paid before the shareholders.

In short everything is not so elementary. as "we will get global dividend soon..."or, "we will get paid out of SEC fair funds...". Expecting a big payout for Global, GFCI, FTXN, UERI, PDI, etc. is not very likely when you take a closer look at these failed ventures.