Replies to post #87622 on World Surveillance Group Inc (fka WSGI)

[owlnight]

yep.....but GTEM did NOT release that to the public....those are correspondence between GTEM and the sec....like i said they have never ever told the SH when they will be out.....they did tell the sec when they tought they would be out....not really sure why some of u have a hard time understanding such things....tho whoever did bring that up nice DD.....now if u could only understand what u find then u might be onto to something.

see like these are facts......joe ran centerline....joe became COO and still ran centerline......in Q1 Q2 of 06 centerline did make a small profit.....off the top of my head i think it was 100k......wow joe....considering it was supposed to be 2 mil...well ok there was a run up so it wouldn't have been 2 mil total.....but centerline was supposed to be making 300k a month or about a mil a Q.....however we got one excuse after the other as to why that wasn't happening.....for Q2 it was cuz they needed a new billing system to handle the new increasing revs....anyway joe gets the JV rolling.....but joe gets fired.....GTEM says they restating centerline revs....so if joe meet that 1 mil target for Q3 and Q4 and Q1 how come GTEM is out of money and canned centerline and joe?.....see those are facts followed by a question.....now a reasonable person might come to the conclusion....that joe did NOT meet those targets and continued to give management more excuses as to why centerline was NOT making money.....maybe management decided to look into it.....maybe they found joe padding the rev side....clearly u can't say u gonna make a mil on a mil....gotta atleast have the revs up.....so joe just sold minutes for the sake of selling minutes just to get the revs up....this was never going to lead to profits.....but joe figured management was retarded and bought his story so far....besides the russian deal would cover everything up and nobody would care.....opps......so just string them along....until joe can find a new deal.....oh like say mexico.....joe got to cover his butt.....joe work butt off to get mexico deal....he even loans them money for the JV....management think joe is cool....they gonna make him ceo..only one problem someone looking at the books real closely now.....opps joe.....they find it....call joe in....asked to explain.....joe blurts out, "i'm building chicken houses."LOL....thats a joke it was more like the accounts don't know what they are talking about...trust me i got u the JV and loaned u money.....joe fired anyway(can't keep joe around with the sec looking over your shoulder).....joe gets wells notice....joe really pissed his career in toilet now.....joe calls the P's and cuz a big stink......P's are like what the heck did we get ourselves into......GTEM new(but old and still stupid) management can't patch things up with the P's cuz GTEM management sux.....JV languishes.....GTEM really needs money and needs revs......solution get new CEO which is really just another dunderhead that was there under all the other screw-ups....why kostro thinks that will work, don't know.....maybe hes a third time a charm kinda guy....well thats how i put the facts together.....or u could go with joes wild fantasy....the K boys were out to get him......or u could come up with something completely dif.....but its still NOT a fact....just an opine.....tho some are better opines then others.

[followinsnsr]

Wizetradr, it has to be made up. Who in thier right mind would lie to the SEC? Maybe the SEC won't pick up on it.
Just today an 8K came out where the new CEO stated:
During the most recent fiscal year and through September 11, 2007, neither the Company nor any one on behalf of the Company has consulted with Dohan regarding the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, or any other matters or reportable events required to be disclosed under Items 304 (a) (2) (i) and (ii) of Regulation S-K
SEC QUESTION TO KHOURY:
4. We note that you have not discussed the restatement issue with your independent auditors. Explain to us why you did not consult your auditors in connection with the restatements.
Khoury's Response:
As disclosed in the Form 8-K Current Report filed with the SEC on April 16, 2007, the Company engaged Weinberg & Company, PA (“Weinberg”) as its independent auditors for the fiscal year ended December 31, 2006. Please note that Weinberg has not been engaged to audit the Restated Reports. As a cost saving measure, management elected to engage Dohan & Co. (“Dohan”), the auditors that initially audited the Restated Reports, to re-audit the Restated Reports. Management advised Weinberg and Dohan of their corresponding roles. As such, as management did not believe it was going to engage Weinberg to re-audit the Restated Reports, it did not believe it was necessary to discuss this matter with Weinberg.

[JeanLuc]

This actually sounds pretty genuine to me. Would anyone else care to comment?