SAM, that's easy. First of all, he told the Russians, mainly Mr. Chernizov that he can handle billions and that he understands a bank guarantee. Neither he nor Larry Lynch as CFO hadn't the knowledge as we know now. No bank was willing to cash the bank guarantee in as they have hoped. Their approach to the banks was full of errors.
The BG was valid and accredited via the European SWIFT system but the BG was based on assets and not on cash. SO Globetel had to pick up a loan and back it with the BG and shares. If he had the accepted a BG of 50 million in the first step he would have get the money.
But his and Larry's (and others too) understanding was that they show the BG and get the money and no further obligations.
I can proof that, it's sometimes a very funny read.
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