Replies to post #64763 on World Surveillance Group Inc (fka WSGI)

[justfrank]

You're both confusing the SEC Investigation with the AMEX delisting proceedings. Association with someone with past regulatory misconduct could be part of the among other things but only the parties involved know. It's misleading to discuss it as if it was a focus of the investiagtion

GlobeTel Announces SEC, Audit Committee Investigations, AMEX Delisting Decision

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 6, 2006--GlobeTel Communications Corp. (AMEX:GTE) today announced that it has learned that the Securities and Exchange Commission has issued a formal order of investigation concerning, among other things, certain accounting issues, including the treatment of certain acquisitions and the valuation of certain intangible assets.


GlobeTel Receives Notice from AMEX of Noncompliance with Additional Continued Listing Requirements; Appeal to Be Heard September 28, 2006

FORT LAUDERDALE, FL--(BUSINESS WIRE)--Aug. 23, 2006--GlobeTel Communications Corp. (AMEX:GTE) today announced that the American Stock Exchange (Amex) provided the Company with a letter dated August 17, 2006 that supplements and updates the Exchange's original July 18, 2006 notice of its intention to de-list the Company and notifies the Company of the Staff's determination that the Company is noncompliant with a number of additional continued listing requirements.

The August 17 letter identified the following concerns as underlying its determination: (i) failure to make timely, accurate and complete disclosure of material corporate developments, as well as engaging in a pattern of issuing materially misleading and overly promotional public disclosures; (ii) failure to comply with Securities and Exchange Commission reporting obligations by filing incomplete, misleading and/or inaccurate information in its public filings; (iii) failure to provide information to the Exchange; (iv) providing materially false and misleading information and statements to the Amex staff hindering its investigation of the Company's compliance with Amex listing requirements; (v) acting to interfere with the operation of a fair and orderly market by issuing public statements not warranted by the Company's affairs that were intended to affect the price of its common stock; (vi) association with an individual with a history of regulatory misconduct that rises to the level of a public interest concern; and (vii) serious internal control weaknesses that rise to a level of a public interest concern.

[coastiretired]

Thanks Spy,

I had noticed the large sells for Madalay Industries but hadn't looked into the company. Its interesting to learn of the Taboada connection back to that company. The shares Madalay filed to sell were issued by Globetel for "services." http://sec.edgar-online.com/2005/02/03/0001144204-05-003211/Section35.asp.
I wonder what kind of services Madalay provides for their those amounts that were paid in stock. There's a period of time when Globetel issued fistfulls of Globetel stock between Mandalay (services Taboada) and Fordham Financial (brokerage fees Taboada). They are also cranking them out for King (ISG Jet).