In a message to shareholders, Huff, a native of the "show me state," realizes that investors are wary and need to be shown results and holds that "2006 is a year we have to perform." His confidence in this goal is clearly noted in that he still retains a majority of his shares, even though he admits he "could have taken millions off the table."
-----February 2006
As per the SEC:
"In early 2005, Huff obtained loans totaling $2.17 million as a result of two non recourse loans for which he pledged about 643,000 (post-split) GlobeTel shares as the only collateral."
In July 2005, Argyll declared the loans to Jiminez and Huff to be in default.
"GlobeTel did not disclose that Jiminez and Huff had defaulted upon their loans and lost control of more than one-quarter of the shares thal they each claimed to own."
Because Huff s and Jiminez's loan defaults were never disclosed, GlobeTel's Form 10-K for 2005 made it appear to investors that GlobeTel's executives were holding all their stock when, in truth, Huff and Jimenez had cashed out a significant amount of their stock.
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