Wednesday, April 13, 2005

Global Links Corp

Capital Raised: $ 4.67million
Capital Burned: $ 4.45 million
Previous Executive Compensation: $143,627 annually (2004) for the current CEO

As broken down companies go, there's nothing exceptional about Global Links' balance sheet. It's the same old thing we see in a lot of these candidates for stock hospice. Millions raised, millions gone, and a nice salary for the man at the top.

What has made Global Links entertaining to watch has been their creative approach to common stockholder dilution and how they've managed this share dilution while effortlessly keeping control out of the hands of the shareholders being diluted.

Global Links made headlines when, after their February 1, 2005 reverse stock split, a Form 3 was filed by Robert C Simpson claiming to have acquired nearly 1.2 million shares of Global Links. This was supposed to have constituted 100 percent of Global Links' outstanding shares. Despite this acquisition by Mr. Simpson, millions of shares of Global Links common continued to trade, thereby fueling accusations that "naked short sellers" were somehow involved and actively seeking to harm Global Links. The story made more headlines when Senator Bennett of Utah referenced Global Links and Mr. Simpson in a Senate banking committee.

Unfortunately, Senator Bennett did not do any research on Global Links before he made his ill-timed remarks to SEC Chairman William Donaldson.

Had Senator Bennett done his research on Global Links, he would have immediately recognized their M.O. For the fourteen months prior to the February 1 reverse split, Global Links had diluted their previous common stockholders by some 90 percent. The company is a perpetual share issuing machine. In the sixty days that followed their reverse split, Global Links diluted their stock by over 70 percent.

Had Senator Bennett done his research on Global Links, he would have found that there was an amendment to a previous share offering filed with the SEC for 600 million shares that stipulated that the offering would not be affected by any future splits of the company's common stock.

So much for Mr. Simpson's 100 percent stake in Global Links.

However, this sundae has a very special cherry on top of it. Dig further through Global Links' SEC filings and you will find one of the most offensive notes ever seen in a company's annual report.

Global Links has an issue of Series B Preferred Stock outstanding. Some of the issue was given away to management in lieu of compensation in 2003, more was handed out in the time that followed. For bookkeeping purposes, the company has assigned a value of $15,000 for the entire 15 million share issue of Series B Preferred.

Here's the fun part.

Each share of Series B Preferred has the right to TWENTY votes for any vote involving the company's common shareholders. According to a Financialwire article in March, Mr. Simpson expressed concern that there might be a form of preferred shares that could prevent him from taking control of the company. Mr. Simpson had good reason to express concern as we shall see when we review Zann Corp tomorrow.

10 Comments:

Anonymous Anonymous said...

You should have a look at Universal Express, symbol USXP.

10:26 AM  
Anonymous Anonymous said...

The good Senator was led down the garden path by his fellow Mormon Bishop who heads GBLL.

I doubt he was briefed on the now over one million dollar past due property taxes on the property that Global intends to develop.

Property that the company conveniently bought from the Con Man CEO.

4:47 PM  
Anonymous Anonymous said...

The good Senator was led down the garden path by his fellow Mormon Bishop who heads GBLL.

I doubt he was briefed on the now over one million dollar past due property taxes on the property that Global intends to develop.

Property that the company conveniently bought from the Con Man CEO.

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