Replies to post #156346 on World Surveillance Group Inc (fka WSGI)

[coastiretired]

Just to clarify. . .you are now floating a yarn where a secret cabal of current and former WSGI insiders are loading up on WSGI shares through PUMA Capital?

Please share your data that shows this massive volume of buys. I see mostly sells. Even if every transaction was a buy--at current trading volumes, it would take years to wrest control the nearly billion shares outstanding.

[coastiretired]

Indy's four option breakdown. . .

FUNDING

Not enough shares left in the till. The shares that are left to issue retail for about a tenth of a penny. Financial deals get quite a discount off that price. Add their history of not paying their bills and defaulting on even the most toxic of funders, and the shares that remain to be issued are nearly worthless. Being delinquent in their financial reporting also severely hampers funding options that are allowed.

ACQUISITION

See funding above. . .It's like being at an auction with empty pockets and all your credit cards have been cancelled.

BANKRUPTCY

Only if forced by their creditors who would be wasting their time when there is nothing left to recover.

MERGER

The possibility of a reverse merger exists IF the Company can again become current in their financials. A private company could be merged into the WSGI shell to make that company public. That wouldn't help existing shareholders as the reverse split would probably be in the 150/1 range. The SEC has also been recently cracking down on these types of mergers.

MY most likely scenario hinges on whether the Company can again become current in their financial reporting. If they become current, it will probably be due to their desire to take another private company public like we saw with DRNE and TRKK which will involve a massive reverse split. If they fail to address their financial reporting status, the SEC will eventually deregister all shares in one of their recently stepped of efforts of OTC sweeps. Either way. . .existing shareholders get screwed.

Indy may be correct about one thing though. . .with the recent exodus of management. . .the truth could always be much more "elegant" and "interesting." ;)

[Madmonks]

Now all of the sudden you're interested in "the implications of governance" of this company? When I was sounding the alarm about Glenn being both CEO and COB, you dismissed my concerns and thought it was a good idea that he held both positions. I argued that Glenn couldn't be trusted and needed a babysitter. So who looks smarter now given what's transpired -- me or you? (And please don't lie to me and tell me it's you.)

We've got a rogue CEO who has hijacked the company and eliminated all threats to his authority. There is no oversight, no accountability, no obstacles. He can do whatever he wants. There is no one left to stand in his way. He doesn't have to answer to anyone.

Remember when I brought up the need for a 'poison pill'? Well, that might have come in handy right about now. A hostile takeover by Glenn and his secret associates is not out of the realm of possibilities. Who knows what's in the works? But one thing seems likely -- shareholders are once again going to get scr*wed.

So maybe you should practice what you preach for once. You're always urging shareholders to contact management with their concerns. I've done that many times, and I either get no response or a form letter. So maybe you should call or email Glenn and express your governance concerns.

Given that you now have no formal ties to management, it's time that you stop defending them. You're a common shareholder just like me with no access to insider information. So why don't you start acting like a common shareholder? Instead of defending management, you should be pressuring management to act in the best interest of shareholders. You should be an advocate for shareholders. You should be preparing the class action suit.

It's time to choose sides, Indy. You're either with us or against us. And if you're against us, I suggest that you sell your shares and leave this board forever.