Replies to post #142257 on World Surveillance Group Inc (fka WSGI)

[Renaissance]

Also, I think many of these payment plans are almost paid in full.

I have not gone back and looked in detail, but I think that these were disclosed final Q of 2011 or 1stQ 2012.

Brio Capital: entered into a settlement agreement to pay $57,661 in legal fees as required by the Court order

Tsunami Communications v. GlobeTel: the terms of the settlement, the Company is required to pay them a total of $60,000 over a 12-month period

GlobeTel Wireless Europe GmbH: Under the terms of the settlement, the Company is required to pay $80,000 over a twelve-month period


I also note that the Khoury case is gone. That settlement must be fully paid.


It will be nice to be able to divert these monthly allocations to more productive line items

[BareBaxBo]

Thanks R, I read that at the tail end of the report and without a proper D&O headline, it kind of blended right in with the other 8
paragraphs under "LITIGATION AND CONTINGENCIES".

I was hoping as well that more of those paragraphs would have been settled accordingly, but it is what it is (1 out of 8), and we are stuck with dealing with it until all the rats are out of the barn, so to speak. Thinking back over it, jail time for the crooks that got caught was less than these lawsuits!


So much for Seifert working for the company for nothing but shares, eh?

Seifert
A lawsuit was filed by Thomas Seifert, a former officer and director of the Company, on April 9, 2012 in the Circuit Court of the 17th Judicial Circuit in Broward County for $548,000 and 7.0 million shares of common stock for alleged unpaid compensation. The Company filed its answer and counterclaim after its motion to dismiss on venue was denied. The parties have begun preliminary discovery. The Company intends to defend itself vigorously in this matter, but the outcome of the action cannot be predicted.