There is a memorable line from Godfather III (perhaps the only memorable line from that notably unmemorable film), uttered by Michael Corleone, after he realizes that his attempt to retire from the Family business has been futile. “Just when I thought that I was out,” he lamented, “they pull me back in.”
Sometimes, corporate executives have just as much trouble bidding farewell. Take, for example, Christine Favara, who has parted ways with the Company now known as Global Business Markets, Inc. (GBMI) more times than we can recall – only to return, again and again.
Ms. Favara’s most recent departure came on July 29, 2003, when she sold her controlling interest in Christine’s Precious Petals (the Company’s most recent previous incarnation) to an individual named Edward Miers in exchange for $50,000 – payable in restricted shares of the Company’s common stock. At the time she also resigned as an officer and director of the Company, in favor of Mr. Miers, who became the sole officer and director. See UPDATE: Christine’s Precious Petals, Inc., (f/k/a Sunshine Ventures, Inc., f/k/a Core Solutions, Inc., f/k/a Premier Axium ASP, Inc. – One More Time.
Or did she?
On September 8, 2003, Global Business Markets filed its Form 10-Q for the quarter ended June 30, 2003. The quarterly report, which indicated that the Company had no current assets and no revenues in 2003, did not include any certification from the Company’s president, CEO or chief financial officer.
On September 16th the Company filed an Amended Form 10-Q, this time including certifications dated September 15th, signed by Christine Favara, as both President and CEO.
So which is it? Did Ms. Favara resign on July 29th, or did she remain? Or has she returned, once again? And if she did resign, how can she certify a public document, dated almost two months after her resignation?
Who is Edward Miers, and what does he plan for the Company? Global business has not yet revealed its new direction. As for Mr. Miers, an Internet search of the Company’s telephone number ((407) 884-6859) led us to a website for Sungold Entertainment Corp. (OTCB: SGGNF), a Vancouver, Canada based gambling business with minimal revenues ($446 in Canadian dollars for the quarter ended May 31, 2003). An Ed Miers is listed on the Sungold website as the Company’s “Investor Relations” contact.
And there is this, intriguing information. Global Business lists its current corporate address – in the new Miers era – as 1180 Spring Centre South Boulevard, Suite 310, Altamonte Springs, Florida. At least two other OTC Bulletin Board companies share that address, including the suite number; Fortis Enterprises (OTCBB: FRTE) and Signature Leisure, Inc (OTCBB: SGLI) (Ff/k/a Valde Connections, Inc. (OTCBB: VLDE). Fortis and Signature also share something else, their president, Steven Carnes. (For more on Valde, see Valde Connections, Inc., Part I - Just Styling; Part II - The Time Machine; and Part III - In Search of Spa-ing Partners.
In any event, Mr. Miers is now at the helm of the Company (with or without Ms. Favara by his side), and is proving himself perfectly capable of signing SEC filings. On September 26th Mr. Miers, in the capacity of President and Director, signed a Form S-8 Registration Statement filed by Global Business Markets. The Form S-8 registered 250 million shares of Global Business common stock for the Company’s 2003/2004 Benefit Plan (the “Benefit Plan”).
Under the Benefit Plan, the Company is entitled to issue up to 12 billion shares, or options to purchase shares. Those shares may be issued to employees, directors, officers, consultants or advisors of the Company
The Company has not said who will be receiving the first 250 million shares under the Benefit Plan – the one registered on the September 26th Form S-8 – but those shares represent overwhelming control of this public company. As of June 30, 2003, there were only about 665,000 share of the Company’s common stock outstanding – after several reverse-stock splits dramatically reduced the holdings of exiting public shareholders. See Update: Core Solutions, Inc – Where’s The Sunshine?
Is Mr. Miers now the sole officer and director of Global Business, or will Ms. Favara make another appearance?
Stay tuned.
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