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GlobeTel's Tim Huff Starts Again

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February 13, 2008 – Comments (2)

You all may remember that CEO Tim Huff -- the primary promoter of GlobeTel's bogus Wireless Blimp stories, as well as the infamous Russian WiMax deal -- was one of the middle rats to scurry off that sinking ship.

Last week, he got some sympathetic press from the St. Louis Post Dispatch, which ought to know better.

For those who don't remember his role in the sordid GlobeTel affair, reread the following:

GlobeTel's Australian Odyssey

The GlobeTel Silent Treatment

GlobeTel: Back to the Minors

Amex Rings GlobeTel Again

Amex Lets Air Out of GlobeTel

More Hot Air From GlobeTel

Just Say "Nyet"

GlobeTel Still on Hold

GlobeTel: Feel the (Cash)Burn

The End of an Ugly Story

Foolish Interview: CAPS Star Seth Jayson

2 Comments – Post Your Own

#1) On February 14, 2008 at 5:08 AM, Axelthe1 (< 20) wrote:

Dear TMF,

finally a new story about Timmy, the veteran network prankster. I loved the stories from the St. Louis Post Dispatch and others. But there are some minor things in this articles that should naturally set in perspective.

Our Tim will be a story for a long time. Here is one with my comments***

Network 1 Communications may be a new company, but the chief executive behind it has had a long and sometimes bumpy ride in the telecommunications industry.

Network 1 was launched last spring by Chief Executive Timothy Huff, a veteran network engineer who from 2002 to 2006 was chief executive of GlobeTel Communications, a small telecom company in south Florida.
*** Except for his own CV no one has confirmed until today that he is a real experienced battle hardened veteran in the communication business. The time frames of his employments are very suspicious and the work and successes Tim claimed he has achieved, can't be verified through papers or former colleagues. ***

Under Huff, GlobeTel launched wireless networks in Mexico, Brazil and Germany. But it attracted wide attention in December 2005 when it announced a $600 million deal to build networks in 30 Russian cities. That week, its stock price almost doubled.
***Tim has always launched Hot Air. No Chinese Network, no Brazilian network, no Mexican Network and no German Network has ever seen reality. Not one of these "networks" was close to an operational state. The reason was and is simple: Absolut no hardware involved. Globetel has never had a working piece of wireless hardware. Tim was very aware of that for a long time but he never took charge. The so called Hotzone based on a motherboard bought from GateWorks Corporation, 'enriched' with cheapest China radio crap and  a nonfunctional wireless OS was nonfunctional. The OS was made by a Greek two men company. Absolute no network management existed and so on. Everything was cheap and way below market standards.
In the beginning the Russian deal was real but Tim Huff(CEO)/Randolph Dumas (COB)/Larry Lynch(CFO)/Uli Altvater (CTO) and several others weren't able to establish a trusting relationship with the Russians. They all claimed they were financial  experts. Globetel offered a company based on British Virgin Islands as the counterpart for the deal and not Globetel itself. In the contract you will find a tiny bank from Miami instead of Citybank as requested. The Russians were pissed after a while. Every real bank approached said no ***

But by April 2006, financing had fallen apart. GlobeTel pulled the
plug on the deal, and its stock price, already battered by delay,
tumbled to new lows.
***The Russians pulled the plug and defaulted Globetel and not the other way around.***

This prompted a shareholder lawsuit asserting the Russian deal was "a sham." There were accusations by financial columnists that GlobeTel was a "pump-and-dump" stock scheme. In October 2006, the American Stock Exchange, where GlobeTel was traded, delisted the company, citing its "overly promotional" press releases touting the Russian deal. Huff resigned, along with several members of the company's board.
***Afterwards with way more news: Yes Globetel was a con system. Not one deal or product announced was real, all faked.***

In an interview Monday, Huff said the Russian deal collapsed because banks both here and overseas "got nervous" about financing such a small company in a country with difficult business conditions. Delays led the stock price to slide, then critics and skeptics pounced, questioning GlobeTel's ability to pull off the deal.
*** The banks got nervous? They haven't cared! Tim was never able to handle any kind of the deal. Globetel wasn't AT&T, no people, no knowledge and absolute no understanding of wireless technology.***

"Everything was done on the up and up," Huff said. It just "became really twisted."
After the class-action suit, he said, AMEX chose to make an example of GlobeTel. "They were trying to clean up their image," he said. "We were just a lightning rod, and they wanted nothing to do with us."
*** Not one press release was true, no earnings, everything faked.AMEX asked Tim about facts but he was not able to come up. Not one fact to prove his statements. ****

Now, Huff said, he is glad to be involved in a privately held company and is freer to focus on technology.
"I'm an engineer," he said. "I just want to build a network."
And does he have any plans of taking his new company public?
"No way in hell."

*** The Russians will wait until then ***

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#2) On February 14, 2008 at 8:41 AM, TMFBent (99.80) wrote:

I hope you sent your comments to the writer of that article in St. Louis. They folks there need to know just how thoroughly they didn't do their homework.

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