Replies to post #93330 on World Surveillance Group Inc (fka WSGI)

[crashtestsuperstar]

Thanks for the clarification, Mad. You restore my hope in honesty.

[justfrank]

Exactly and Admiral is covering the claim for the Class Action and SEC investigation

[Jetmek_03052]

MAD201,

I believe you are incorrect. ALL the insurance parties have been named in the opening paragraph. This letter is to decide if EITHER of the named insurance companies have to pay.

"Dear Mr. Leinwand:

We have been retained by Monitor Liability Managers (Monitor), on behalf of Admiral Insurance Company ("Admiral") and Carolina Casualty Insurance Company (Carolina"), to evaluate coverage for an investigation commnenced by the United States Securitees Commision(SEC).

I wold think that any premiums paid for the insured period by Globetel would probably be returned (or kept, if any other payments were disbursed for other claims).

It IS a big deal. I do not see how you can say it isn't. GTEM was basically operating without insurance for that time period. If any further suits are brought for that time
(considering the number of suits brought to date...likely!), GTEM would be liable for payment.

Not that it makes a world of difference. They have no money, they would just go belly up and flip all the people suing them off!