GALTECH SEMICONDUCTOR MATERIALS CORP. (GTSM) Message Board

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Technology Stocks : GALTECH SEMICONDUCTOR MATERIALS CORP. (GTSM)

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To: gammaray who wrote (337)	6/12/2002 9:55:31 PM
From: Mahatmabenfoo	Read Replies (1) of 394

GTSM got a "loan" and gave shares for it. But it'll never pay back the loan, so really it was just money for shares called a loan to change the way it appearred in SEC statements. And you want to make a big deal of that distinction? And you think this is a company that pays back "loans" or ANYTHING? Ha! - Charles ======== resorting to SEC statements again ======== December 31, 2000 and 1999 NOTE 5 - COMMITMENTS AND CONTINGENCIES On December 18, 1992, a judgment was entered against the Company for $40,563 for non-payment of an account payable. This amount has been included in the accounts payable for December 31, 2000. The Company has written off other accounts payable which were incurred prior to 1990. The Company's legal counsel has represented that the statute of limitations for collection of the payables which were written off has expired. The Company does not intend to pay the liabilities which were written off, however there is no assurance that the creditors will not make claims against the Company

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