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» Allstocks.com's Bulletin Board » Hot Stocks Free for All ! » GTEL to become GTE (Page 60)

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Author Topic: GTEL to become GTE
imakmony2005
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gotta stop crying on my keyboard.lol
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BchOus
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Has anyone else noticed the correlation of the stock dropping in price and a new employee coming on board? If I had time I would go back and check the charts with the news release of new personnel added. I think I noticed this before when they added prominent employees. Of course I could be wrong...have been before....
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Edster
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Lots of bad news happening over the last couple weeks. Lost almost a $1.00 in share price since begining of April. Motley Fools articles/fraud claims, lawsuits, Russian deal collapse, bad financials for CY2005. Could all this lead up to the possible de-listing from the AMEX??? That would drive the dagger thru the heart of all the GTE faithful of which I was one.
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BchOus
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Why would they add the new tech engineer for the Sanswire if they were going down the tubes? Why would anyone that brilliant be willing to join the company? I think this is a temporary setback..(Bad news comes in 3's)....so they will be up and running soon...I'm still holding for Sanswire launch in June
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jordanreed
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im holding till 10 bucks...

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jordan

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Edster
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quote:
Originally posted by jordanreed:
im holding till 10 bucks...

Hope I can hang in there with you jordan but $10 is so FARRRRRRRR in the future. I'd be happy with $3 within a month.
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Pagan
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GlobeTel Communications Corp. Responds to Sarraf Gentile Lawsuit

FORT LAUDERDALE, Fla., May 04, 2006 (BUSINESS WIRE) -- GlobeTel Communications Corp. today stated that after a review of the complaint filed by Sarraf Gentile LLP, GlobeTel management and the company's attorneys have determined that the lawsuit is completely without merit and factually inaccurate.
Timothy Huff, CEO of GlobeTel Communications Corp., stated, "After reviewing the press release and additional information concerning the Sarraf Gentile lawsuit, our Board concluded unanimously that not only is this a groundless suit that is designed to benefit no one but the litigators and those parties with whom the litigators appear to have conspired, but this is also a highly damaging act of libel perpetrated against GlobeTel and its more than 37,000 shareholders. Use of the word 'sham' in the Sarraf Gentile press release in connection to our dealings with LLC Internafta and to 'so many of GTE's other business ventures' is not only inaccurate but libelous, and will be dealt with accordingly.
"Shareholders were openly solicited to join this suit by a known short seller of GlobeTel's stock. Furthermore," continued Mr. Huff, "it is our unequivocal position that the Sarraf Gentile lawsuit possesses not one shred of evidentiary support for any of its claims and that their action was motivated by a clear attempt to extort money from the company based on nothing more than the previously libelous articles spun by Motley Fool writer Seth Jayson. Indeed, those articles constitute the entire evidentiary basis of their claim. Our assumption of the lawsuit's reliance on Motley Fool articles was considerably strengthened when we learned that a Sarraf Gentile staffer commented to a GTE shareholder that the lawsuit was directly motivated by the Jayson articles. The disclaimer within the Motley Fool web site clearly states that not all of its writers know about the stock market and that it reserves the right to be 'wrong, stupid and even foolish.' The fact that this type of media outlet is mistaken for serious reporting is another issue entirely, but the fact that its content -- drafted by a completely uninformed freelance writer whose articles Motley Fool has posted on its public website -- is being used as the basis of a lawsuit is laughable. Yet it is simultaneously, a very sad commentary on the abuses to which small U.S. public companies are subjected by a poisonous cabal including some members of the legal profession, stock manipulators and tabloid journalists. In fact, it is disgusting.
"In the past, we have refrained from responding to libelous Internet banter and, instead, have chosen to concentrate on our businesses. But this has now gone too far and all the parties involved in this abuse must be held accountable for their actions. We feel very strongly that we must do what we can as a company to combat this very disturbing misuse of the legal process resulting in serious damage to a small business simply trying to grow. All of our announcements at GlobeTel are made honestly and ethically. Our mistakes and our successes are equally communicated to our shareholders and to the public markets in an attempt to keep them fully informed about who we are and what we are energetically trying to achieve."
About GlobeTel Communications Corp.
GlobeTel Communications Corp. develops and provides an integrated suite of telecommunications products and services, leveraging its advances in Stored Value, VOIP and Wireless Access technologies. Individually, each of GlobeTel's five business units function as distinct, strong stand-alone entities. Together they form a powerful alliance of human talent and technological innovation resulting in the SuperHub(TM) worldwide VoIP network, Sanswire Stratellite(TM) platform and products enabling simpler, cheaper transmission of voice, data and money. GlobeTel has historically focused its business development on markets outside of the United States. Current and pending operations exist in Asia, Europe, South America, Mexico and the Caribbean.
For more information, please visit: http://www.globetel.net.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: GlobeTel Communications Corp.

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It is impossible to make anything foolproof because fools are so ingenious.

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Edster
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It's about time the GTE set the record straight on this. It was long overdue!!!!!
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imakmony2005
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nice up!!!!!!!!!
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Edster
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quote:
Originally posted by imakmony2005:
nice up!!!!!!!!!

question is - will we be able to hold these gains thru the day - or will they gradually bleed-off like they have done so many times before.
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Edster
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quote:
Originally posted by Edster:
quote:
Originally posted by imakmony2005:
nice up!!!!!!!!!

question is - will we be able to hold these gains thru the day - or will they gradually bleed-off like they have done so many times before.
WOW - didn't think my question would be answered so quickly - there goes the gains!!!!!!!!!!
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imakmony2005
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were holden
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imakmony2005
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1.47 close
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jordanreed
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i love this co.!!!i know i shouldnt fall in love with a stock, but i cant help it...

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jordan

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imakmony2005
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Lets just hope this is the new trend.
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imakmony2005
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so far so good.
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Edster
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WOW AMEX has 221,800 shares on the ask at 1.48 --That should be a cap on any further price increase above 1.48 for the day.
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imakmony2005
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Edster gave you 5 stars why you got just 2.
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George
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Someone was out to rip someone else off....

GlobeTel's Failed Partner Has $369 Charter Cptl-Vedomosti

MOSCOW (Dow Jones)--Russian company Internafta, which defaulted on a $600 million deal with U.S. company GlobeTel (GTE), has only $369 in charter capital, Vedomosti newspaper reported Saturday, citing tax authorities.

The paper also said the address which the Federal Tax Service gave for the company contains only a warehouse of metal-producing company Metalloinvest-Market - which claims to never have heard of Internafta or its managers, chief executive Yevgeni Yevtukhov and founder Maksim Chernizov.

Internafta, which promised to invest $600 million to construct a wireless communications network in Russia with GlobeTel, defaulted late April on the agreement, causing the U.S. company's stock to plummet and leading to shareholders filing a lawsuit against GlobeTel, accusing it of fraud. Vedomosti reports that Internafta was registered as company only on Nov. 30, 2005, or exactly one month before it entered into the deal with GlobeTel.

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If all goes well then great, if not, make it work.

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imakmony2005
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momma.
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jordanreed
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it'll come backkkkk...sometime

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jordan

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Pagan
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quote:
Originally posted by jordanreed:
it'll come backkkkk...sometime

True. It appears all the shoes have dropped for the most part. Should be some PR's released soon, 1Q numbers, Strat updates, what not. Should start trending up anticpating news. GLTA!

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It is impossible to make anything foolproof because fools are so ingenious.

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Edster
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quote:
Originally posted by George:
Someone was out to rip someone else off....

GlobeTel's Failed Partner Has $369 Charter Cptl-Vedomosti

MOSCOW (Dow Jones)--Russian company Internafta, which defaulted on a $600 million deal with U.S. company GlobeTel (GTE), has only $369 in charter capital, Vedomosti newspaper reported Saturday, citing tax authorities.

The paper also said the address which the Federal Tax Service gave for the company contains only a warehouse of metal-producing company Metalloinvest-Market - which claims to never have heard of Internafta or its managers, chief executive Yevgeni Yevtukhov and founder Maksim Chernizov.

Internafta, which promised to invest $600 million to construct a wireless communications network in Russia with GlobeTel, defaulted late April on the agreement, causing the U.S. company's stock to plummet and leading to shareholders filing a lawsuit against GlobeTel, accusing it of fraud. Vedomosti reports that Internafta was registered as company only on Nov. 30, 2005, or exactly one month before it entered into the deal with GlobeTel.

You would have thought that GTE would have done some DD background checks on Internafta before signing up to such a huge deal. Hopefully in the future this won't happen again.
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Edster
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quote:
Originally posted by Pagan:
quote:
Originally posted by jordanreed:
it'll come backkkkk...sometime

True. It appears all the shoes have dropped for the most part. Should be some PR's released soon, 1Q numbers, Strat updates, what not. Should start trending up anticpating news. GLTA!
With GTE you never know how many shoes are waiting in the wings to be dropped. The 1Q numbers may not be good enough to overcome the bad taste some people have for GTE. Who knows whats happenin with the strat - other than some objectives set up for HUFF there hasn't been any concrete info on the strat for a long time. Would be interesting to see what the current "shorts" are in GTE.
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Hannibull
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8K out

http://investor.globetel.net/phoenix.zhtml?c=67726&p=irol-sec

http://investor.globetel.net/phoenix.zhtml?c=67726&p=irol-SECText&TEXT=aHR0cDovL 2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NDE1MDg2MSZkb 2M9MCZhdHRhY2g9b24=

Globetel has terminated its agreement with LLC Internafta to build wireless
networks in 30 Russian cities, due to Internafta's failure to pay the initial
funds due under the parties' agreement

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JHenry
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Scott+Scott, LLC Files Class Action Lawsuit Against GlobeTel Communications Corp. on Behalf of Investors
Tuesday May 9, 4:56 pm ET


COLCHESTER, Conn., May 9, 2006 (PRIMEZONE) -- On May 9, 2006, Scott+Scott, LLC filed a class action lawsuit in the U.S. District Court for the Southern District of Florida against GlobeTel Communications Corp. (``GlobeTel'' or the ``Company'') (AMEX:GTE - News) and certain officers on behalf of GlobeTel securities purchasers during the period December 22, 2005 through April 11, 2006, inclusive (the ``Class Period''), for securities law violations. GlobeTel provides an integrated suite of telecommunications services. The complaint alleges that during the Class Period defendants made false and misleading statements regarding the Company's $600 million deal with Moscow-based LLC Internafta to provide internet services in Russia. As a result, the Company's stock price was artificially inflated, thereby harming Class Period investors.
If you purchased GlobeTel securities during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than June 27, 2006. Any purported class member may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott partner David R. Scott (drscott*scott-scott.com, 800/404-7770, 860/537-5537) or visit the Scott+Scott website, http://www.scott-scott.com, for more information. There is no cost or fee to you.

Throughout the Class Period, the complaint alleges, defendants publicly touted the $600 million joint venture with Internafta to install wireless networks in Russia's 30 largest cities. The Company announced the ``binding agreement'' in a December 30, 2005 press release. CEO Tim Huff stated: ``This presents an amazing opportunity for us, for Russia and for our Russian partners. The Russian Internet market is severely limited by a lack of infrastructure and by the high cost to individual users of obtaining high speed internet access, even in those relatively rare cases where it is available. The GlobeTel Wireless network will provide city-wide high speed, wireless connectivity . . .'' On this news, GlobeTel's stock price surged from $2.19 to $3.68 per share, an increase of over 75%, on extremely heavy trading volume.

According to the lawsuit, however, the deal in reality was a sham. The complaint alleges that almost immediately after the deal's announcement, in January 2006, Internafta failed to pay GlobeTel the first $150 million installment required under the joint venture agreement. Over the coming months, Internafta repeatedly failed to meet the agreement's payment deadlines. On April 11, 2006, The Motley Fool published a shocking report, revealing that the Company's joint venture with Internafta lacked any real sense of credibility. With this news, the Company's stock price plunged 15%, on unusually high trading volume, falling to $1.78 per share.

The plaintiff is represented by Scott+Scott, a firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.

More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca

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JHenry
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This will be a sure test of credibility. It will be interesting to see the answers that come out of this. - I'm holding.
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JHenry
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I was considering selling in after hours trading (before 6:30pm) but decided to hold.
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JHenry
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Shalov Stone & Bonner LLP Provides Additional Information on GlobeTel Class Action
Tuesday May 9, 7:27 pm ET


NEW YORK, NY--(MARKET WIRE)--May 9, 2006 -- The law firm of Shalov Stone & Bonner LLP recently commenced a securities fraud class action lawsuit on behalf of those investors who acquired the securities of GlobeTel Communications Corp. (AMEX:GTE - News) during the period December 30, 2005 to April 11, 2006 (the "Class Period"). The lawsuit is pending in the United States District Court for the Southern District of Florida and names as defendants GlobeTel and certain of its top ranking executives.
According to the complaint, the Defendants issued several statements during the Class Period which touted the consummation of a $600 million deal with a Moscow-based company named LLC Internafta to install wireless networks in Russia's 30 largest cities. It is alleged, however, that the Russian deal was repeatedly described by the Defendants in a false and misleading fashion. This is the first complaint filed against GlobeTel for securities fraud violations in connection with its purported deal with Internafta.

Following the commencement of this action, additional information came to light. On May 1, 2006, GlobeTel announced a formal default with Internafta. Also, according to Russian newspaper Vedomosti, as reported by Dow Jones, Internafta was registered as a company on November 30, 2005, exactly one month before it entered into the deal with GlobeTel, and has only $369 in charter capital according to tax authorities. According to Dow Jones, the address given for Internafta by the Federal Tax Service contains only a warehouse of a metal-producing company named Metalloinvest-Market, which claims to never have heard of Internafta or its managers.

Plaintiffs are represented by the law firms of Shalov Stone & Bonner LLP and Sarraf Gentile LLP, both of which have extensive experience in the prosecution of class actions on behalf of investors. For more information about the firms, please visit their websites at: www.lawssb.com and www.sarrafgentile.com

For additional information about the lawsuit, please contact Thomas G. Ciarlone, Jr., at Shalov Stone & Bonner LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail: tciarlone*lawssb.com).

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JHenry
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Shares Short (as of 10-Apr-06)3: 7.44M
This could be a very dirty shorting play. Taking advantage of the questions riased by Motley Fool and others to play it to their advantage. Even if the Lawsuit fails they could say their were enough questions raised to base a lawsuit on. They could make millions covering the shorts on a play like this.
GTE could also halt trading on this in the AM to avoid a panic sell-off. I doubt it though because this mess won't be cleared up for some time. Just a thought.

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JHenry
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After hours trading shows more buys than sells. After hours last shows $1.30 as it does on Yahoo after hours. This is not showing me evidence of a panic sell-off but I could be wrong. If there were a panic sell-off their would be a heck of a lot more sells than that. I would bet that this does not go below $1.10. Anyone else have any thoughts on this? I believe there will also be a huge short to cover in the AM poised to strike.

19:32:53.176 S 1,380 1.3000
19:32:53.176 S 120 1.3500
19:32:04.188 B 500 1.3600
19:31:06.621 B 3,000 1.3600
19:15:47.578 B 1,202 1.3600
17:39:42.126 S 242 1.3400
17:22:02.925 B 458 1.3300

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Edster
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OUCH - looks like there is a panic sell-off going on. Down .15 in the first half hour on heavy volume. Don't now how far this will drop today but the low 1.10's isn't unrealistic.
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jordanreed
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support at 1.14...lets see what happens

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jordan

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Edster
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quote:
Originally posted by jordanreed:
support at 1.14...lets see what happens

The 1.14 support level is very, very weak - only reached that low one time in the last year (mid Sep 2005)just prior to the run-up on the Russian Deal. I do hope it holds!!!!!!
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Bill2Drunk
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I bought in at $1.15 with $2,000.....didn't see $1.06 comming......how low will she go......???? I'm going to wait a few more hours before dropping a BOMB on her ($10,000).

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R1Man

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