Replies to post #21898 on World Surveillance Group Inc (fka WSGI)

[Sanswired]

Also add...

From Rocky...

Jim,
A better question may be, "Why would you NOT register your shares so you can sell? I am assuming the shares Lynch reported in the 144 are most likely the conversion of Preferred C Stock he holds. You will note below his preferred converted to 500,000 shares. Those 500K shares represent a $250K investment. He held for one year and now can make a great return if he sells. One thing I always keep in mind Jim, insiders selling when the price is going up is a good sign, selling when the stock is declining or testing lows is not a good sign. IMO, I do not blame him one bit for selling all or part of his 144 holdings or do I read anything more into it, that is business. Even if you add the 500K shares in as a sell(which is not recorded as such)it represents about one half of one percent of OS#...back to my point, that does not in any shape or form come close to MF "heavy selling over the last year by insiders" statement...Ridiculous reporting, that is a fact...thanks

(from 3rd qtr 10Q)
"In April 2005, the parties agree to modify the conversion terms above as follows: For a period of one year after the first closing date, the Series C Preferred Stock shall not be convertible into shares of GlobeTel common stock. Beginning on the first anniversary of the first closing date and for a period of two years thereafter, the purchases may convert (in whole or part) its Series C Preferred Stock into GlobeTel common stock in at least 250 share increments. Each increment, at the time of conversion, will represent 7.5 million (or 500,000 shares after the 1:15 reverse stock split) shares of GlobeTel common stock. On the third anniversary of the First Closing Date, all shares of Series C Preferred Stock will automatically be converted into GlobeTel common stock (to the extent such shares have not been converted into common stock prior to this date)."

(from last years 10K)
"On October 22, 2004, the Company agreed to sell 250 shares of Series C Preferred Stock of GlobeTel Communications Corp. ("GTEL") to Lawrence Lynch for a total investment of $250,000. Mr. Lynch, an individual investor, is also the current Chief Operating Officer of the Company. The Company used this $250,000 investment for working capital and purchase of equipment necessary to expand the Company's stored value card programs."