Pretty serious charge if someone lied to a Senatate committee.
That's not what I said.
I pointed out that the anecdote that you posted from Financialwire, which was mentioned by the senator, is not entirely accurate.
The 13D filing by Robert C. Simpson states that he spent $5,205.00 of his personal funds on 2/3/2005 to acquire 1,158,209 shares of GLKCE, which (he claims in the filing) “make up 100 percent of the issued and outstanding common stock of the Issuer”
yahoo.brand.edgar-online.com
On February 2 there was a company PR announcing several material changes in the company’s status:
Global Links Corp. Addresses Change in Trading Symbol
Wednesday February 2, 9:00 am ET
LAS VEGAS--(BUSINESS WIRE)--Feb. 2, 2005--Global Links Corp. (OTCBB:GLKC - News) announced that it is currently trading under the symbol GLKCE (OTCBB:GLKCE - News). The "E" was appended to the Company's symbol by NASDAQ on January 14, 2005 as a result of the Company's non-compliance with Section 102 of the Sarbanes-Oxley Act (http://www.sarbanes-oxley.com). Section 102 of the Sarbanes-Oxley Act mandates that every public company's accounting firm be registered with the Public Company Accounting Oversight Board ("PCAOB") (http://www.pcaob.com/). The PCAOB oversees the new record-keeping and disclosure requirements of the Sarbanes-Oxley Act.
In the course of a random audit, it was discovered that the Company's former accountant was not registered with the PCAOB. As a result, the Company dismissed its former accountant and retained the firm of Lynda R. Keeton CPA, LLC to serve as the Company's new auditor of record. The Company is working with Lynda R. Keeton CPA, LLC to re-audit the Company's financial statements and to remedy the situation concerning its trading symbol in a timely manner.
Effective February 1, 2005, the Company implemented a one for 350 reverse split of its authorized and outstanding shares of common stock. The number of authorized and outstanding shares of the Company's common stock following the February 1, 2005 reverse split is 5,428,571 and 1,158,064, respectively.
But this is the GLKCE S8 filed on 1/3/2005 that registers 600 million shares:
yahoo.brand.edgar-online.com
This Post-Effective Amendment No. 1 to our Form S-8 No. 333-117712 is being filed to:
- Register an additional 500,000,000 shares and options available for issuance under our Amended Employee Stock Incentive Plan for the Year 2004 No. 3; and
- Register an additional 100,000,000 shares available for issuance under our Amended Non-Employee Directors and Consultants Retainer Stock Plan for the Year 2004 No. 3.
And that Stock Incentive Plan for the Year 2004 No. 3 specifically states that the shares issued under that plan "shall not be proportionately adjusted in the event of any increase or decrease in the number of the issued shares of the Common Stock which results from a split-up or consolidation of shares..."
sec.gov
So, GLKCE's own filings exempt the 600 million shares from the reverse. It seems reasonable to assume that company insiders and "consultants" are the source of the shares trading after Robert C Simpson's purchase. |
