World Surveillance Group Inc (fka WSGI)

[cygnus_1]

This is from Coastie in response to Nil and Mide claims............................This post is being CC

Nil is claiming that, "SNSR traded on the OTCQX tier while pink, did it not?"

No, it did not. It traded in the "Pink Sheets Limited Information" tier until they got their financials current. They then traded in the "Pink Sheets Current Information" tier until their move to the OTCBB was approved. They now trade in the PB tier "Pink Quote OTCBB." The OTCQX is still a step above their current listing.
http://www.otcmarkets.com/pink/otcguide/investors_market_tiers.jsp

Mide is claiming that the Commission offered to settle with the company for $1.6 million and claims the information is, "in the public domain" and "happy hunting."

I've seen most every document concerning this company that is in the public domain and don't recall coming across what Mide reports as fact. I do recall a report from the court mandated mediation conference held August 14th:

"As to Defendant GlobeTel Communications Corp., the matter was adjourned for further discussions"

Then there is this report from the scheduling conference held last week:

"Counsel for the Commission and counsel for GlobeTel, Lynch, Monterosso, and Vargas participated in mediation on August 14, 2009. As to Defendant Monterosso, the matter was impassed. As to Defendants GlobeTel, Lynch, and Vargas, the matter was adjourned for further discussions. As a result of these discussions, there appears to be no reasonable likelihood of settlement between the Commission and these defendants."

The "further discussions" ended with an impasse and "no reasonable likelihood of settlement." One problem could be this clause in the subpoena the company received back in September of 2006:

"Important policy concerning settlements. Please note that, in any matter in which enforcement action is ultimately deemed to be warranted, the Division of Enforcement will not recommend any settlement to the Commission unless the party wishing to settle certifies, under penalty of perjury, that all documents responsive to Commission subpoenas and formal and informal document requests in this matter have been produced."

The Court documents show that the Company has had some issues in producing documents for the SEC and I doubt anyone left with the Company is dumb enough to certify that they have complied with all the SEC requests. There is even a hearing scheduled for March 4th concerning sanctions against the company for their failure to produce documents requested by the SEC.