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Microcap & Penny Stocks : Global Intellicom--Symbol GBIT
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To: David E. Meyer who wrote (996)10/29/1998 1:20:00 PM
From: R. Gates  Read Replies (1) of 1096
 
A little g-bit of info:

I spoke with John Destler with GBIT Investor Relations yesterday. He indicated that there is some pretty intense financial negotiations going on to make the whole issue of the convertible preferred much less of an issue. He also said that the IGHS/GBIT merger is still very much a real possibility and both companies are working out the details of it. He also said that everyone would be very pleased with the 3rd quarter results. Finally he said that the SEC was looking into some possibly illegal shorting of this company. Some of those associated with the convertible preferred may have been involved with shorting this stock so that the price would be driven way below the convertible price expecting to make millions of dollars on their conversions. This is illegal, and the SEC is aware of this, according to John.

John was very confident, and said the company was taking every measure it could (including the above mentioned financing) to return shareholder value to this stock. He said we might get a press release about new financing arrangements even before earnings come out in a few weeks.

Best Regards,

R. Gates

ps- also it seems that GBIT is trying to distance itself from Liberty, though John didn't say that. The fact that I was referred to him and and not Liberty for shareholder info is a good sign considering the SEC charges against Liberty. No wonder Tom Raack at Liberty won't return my phone calls or talk with me when I call!
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