Global Gold Corp (PINK:GBGD) is $20,917,023 in debt, so what does Mr. Van Krikorian, the President, CEO and Director of the Company do? He conspires with his fellow directors and officers of the company to reclassify $6,463,255 of that debt, which is owed to them, as secured promissory notes, to the detriment of its other creditors and secured creditors.
Van Krikorian announced on November 1, 2017, in the company's June 30, 2017, 10-Q report, that these secured promissory notes were issued on July 1, 2017, and interest and principal were due on September 1, 2017. What was the security granted to Mssrs Van Krikorian, Drury Gallagher, Ian Hague, Nicholas Aynilian, Lester Ceasar and Jan Dulman? Everything. And now these newly issued secured promissory notes are in DEFAULT.
These officers and directors have been involved with the Company almost from the beginning where the stock climbed to a high of $3.80 in May 2006 and now rests on its deathbed at $0.015.
The strange thing about this transaction is that the assets of the Company were previously pledged to CRA on $2.2 million in Secured Fixed Rate Convertible Notes issued in 2012 and guaranteed by GBGD. But scorpions are scorpions and GBGD declared the $7 million in equity investment and loans that GBGD received from CRA for its Toukhamnuk Gold Mine as a fraud, kicked CRA out and signed a new deal with Linne Mining and Industrial Minerals in 2013.
After defrauding Linne Mining and Industrial Mineral out of $5,956,028 Linne is now suing GBGD's subsidiary in bankruptcy court in Armenia for USD$39 million.
In response to all these debts and bankruptcy threats, Mr. Van Krikorian conspired with his fellow officers and directors to secure all the assets of the Company in their personal names and take all the benefits for themselves, while leaving behind an empty shell of broken dreams, promises and debt.