Replies to post #45708 on World Surveillance Group Inc (fka WSGI)

[PNizzle]

Tim has said publicly a few times he would step down graciously if he wasnt able to achieve his goals. Well, all of this probably made him realize he is not equipped to be CEO and graciously stepped down to allow Mr. Khoury to put the company back on track. The release says Tim is staying, and he should because as an engineer, he is brilliant, and he's a brilliant visionary. I am happy for the way things worked out, and those do-nothing directors have resigned. I just wonder what is happening with Dumas.

[Squirt]

Of course

he was forced to resign. Many of us believed it was inevitable. How could he have survived, considering the horrible sequence of events under his leadership? As COB, Dumas was also out on the edge of the plank..

The following excerpt from the PR is a bit confusing though:

"In addition, the Company announced that Przemyslaw L. Kostro, former Chairman of GlobeTel Communications, returns to that position in the interim, succeeding J. Randolph Dumas. Independent directors Dorian Klein and Ambassador Ferdinando Salleo have also agreed to resign; their seats on the Board will be filled by Mr. Khoury and Mr. Kostro."

This suggests Kostro will replace Dumas and replace one of the seats vacated by Klein and Salleo.

Am I reading this wrong? Of course if Dumas remains as a board member it does make sense except it would have read better if they said Dumas replaced one of the two who resigned.