Replies to post #74651 on Global Technologies Group, Inc. (GTGP)

[gio01]

we are 25/10 ? see nothing ?

[Flat Foot]

$GTGP~Those Dirty Debt Notes are Now GTGP'S~~LMFAO!!!!

Assets ~ WRONG = LOL >> Let's try this again:

I can't IMAGINE WHY the Fallacaro's forget to include Falcon Entertainment in their BIOGRAPHIES = Maybe a BAD CASE of AMNESIA!! ;-) LMAO

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#2) Falcon Entertainment Corp

Before James and Corinne Fallacaro started Global Music Entertainment Inc (which later became Global Technologies Group Inc) in 2004, they were running another publicly traded company called Falcon Entertainment Corp

http://www.sec.gov/cgi-bin/browse-edgar?company=Falcon+Entertainment+Corp&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

The Fallacaro's took that entity public in 1999.

In 2004 the Fallacaro's sold the assets and liabilities belonging to Falcon Entertainment Corp to their new shell, Global Music Entertainment Inc (which later became Global Technologies Group Inc).

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=3316662

The assets which were valued at $265,000 came with a past due debt Note owed to the Fallacaro's by Falcon Entertainment Corp for $700,000. On top of that, when GTGP went public it also owed an additional $800,000 to the Fallacaro's for a grand total of $1.5 in debt Notes.

Funds are not and may not be available to pay demand note

We have issued a promissory note to our President, Corinne Fallacaro, in the amount of $1.5 million. The note pays interest at 6% per annum and is payable upon demand. Further, the note is secured by all of our assets. In the event demand is made for payment of the note, there can be no assurance that we will have the funds to pay the note and accrued interest. Failure to pay the note on demand may cause us to forfeit all of our assets. At the present, if the demand were made, we could not satisfy the note.

There may be claims made against our assets which we acquired by virtue of a default

Our assets, which we purchased from Corinne Fallacaro, were formerly owned by Falcon Entertainment Corp. (“Falcon”). These assets were pledged by Falcon as security pursuant to a Security Agreement for the payment of a $700,000 promissory note that was payable to James and Corinne Fallacaro and which was subsequently assigned to Corinne Fallacaro. The assets were acquired by our President, Corinne Fallacaro, in January 2001 after Falcon defaulted on a $700,000 promissory note dated October 3, 2000, by virtue of the provisions contained in the Security Agreement and pursuant to the various provisions of the Uniform Commercial Code of Connecticut. Because there was no judicial determination as to the validity of the transfer of title of the assets to Corinne Fallacaro, there can be no assurance that shareholders of Falcon will not assert any claims which challenge the validity of the transfer of assets. In the event such a challenge was successful, our operations would be severely impaired.

Falcon Entertainment Corp was revoked by the SEC in June of 2009.

http://www.sec.gov/litigation/admin/2009/34-60230.pdf

I noticed that James and Corinne Fallacaro do not include Falcon Entertainment Corp in their biographies.

#3) The lack of filings

Following in the footsteps of its predecessor, Falcon Entertainment Corp, GTGP has not filed a financial report since the period ending September 30, 2007. GTGP managed to file financial reports for 2 years after going public, then just stopped (very similar to the pattern followed by Falcon Entertainment Corp).

As of the last report, GTGP disclosed that the debt Notes had grown from $1.5 million to $1,995,554. Those same Notes had accumulated $277,396 in interest for a grand total of $2,272,950 owed to the Note holders which by all indications are exclusively the Fallacaro's.

There seems to be a lot of people that really believe in GTGP, but they seem to be basing that faith in press releases and not in the filings or history surrounding this shell.

I hope for their sakes that the debt Notes continue to remain debt Notes (not getting transferred to other owners then converted into free trading shares) and that GTGP starts to pay attention to their filing obligations a lot better.

Source of Post = ND

[236T568]

Who cares?

GTGP stockholders should care -

as the assets were not "sold", instead they were transferred out of Falcon to the Fallacaros personally, leaving an empty shell company for the Falcon stockholders to own:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79926297


So Falcon stockholders that bought during the hype and held on to the stock, AS GTGP STOCKHOLDERS ARE HOLDING NOW, where left with shares worth ZERO, just as GTGP stockholders will be left with ZERO in the near future.

LMFAO Who cares about a revocation many years later when the assets were sold long before that and all parties involved made profits!