Replies to post #156621 on World Surveillance Group Inc (fka WSGI)

[tallman042]

Thank you Indy for the response. The "details" make a big difference and leave little for interpretation. If you hear of anything that you can share positive or otherwise, please do. Thank you again for clearing things up and for the help you have provided. Tallman

[Madmonks]

I would benefit, however, if some folks here speculated about certain real questions--

1. Gotcha and others say there seems to be a SP price floor--is there? Why? How?

2. Glenn is the last Director standing--what does that mean in Delaware law?

3. I was looking at my calendar and had a week blocked off for SH meeting. But I had to clear it. No 10-K, no notice to SHs, no SH meeting, right?


I'll take a stab at #1 and #3.

As it relates to #1, the reason there seems to be a share price floor in part is because I haven't yet unloaded my millions of shares. If I do, look out below!

As for #3, I highly doubt that there will be a shareholders meeting. Doesn't make sense to have one. There is the expense of having to rent a place. Plus, I'm sure Glenn has no desire to face any irate shareholders who bother to show up.


I have my own real questions.

- Does WSGI have a snowball's chance in h*ll of surviving?

- Why did WSGI agree to settle with DeCarlo and La Jolla if they didn't have the money?

I believe rattlewatch bought back in based on the settlement with La Jolla. I, myself, was surprised that they agreed to this settlement so far in advance of a trial date (Sept. 2015?). Why didn't they just drag this out and settle in September right before the trial began? It would have bought them some time. Sure, they may have had additional legal expenses, but now they owe La Jolla an extra $100,000 anyway. Also, it doesn't make any sense to me that they didn't at least pay in full DeCarlo or La Jolla. Why did they choose to default on both? Now they've still got two headaches to deal with.

- Where did all the money go? How much did they make on the sale of their DRNE stock? Why didn't they sell their TRKK stock if they were short on funds? And why weren't the shares in DRNE and TRKK distributed to individual shareholders like myself in the first place?


I don't know the answer to all these questions, but I'm fairly certain that gross mismanagement can explain most of this debacle.

[tallman042]

If indeed WSGI still has the assets as discussed. Then possibly they have a way to bail themselves out of this mess. Assuming that they have a product or products to market.

[Acumen]

I'm sure Phipps told you to tell whoever would listen that the outdated, never validated, non income producing appliqués were worth $900k a piece. Now normally I would say consider the source, but since we're talking about the Dude who has always been a leading provider of SatCom solutions to individuals and governments world wide it's extra special. Just think, one appliqué sale could have paid for that oceanfront condo rental he milked investors for.

You are irrelevant now Indy and everyone, especially the little Marine knows it.