Golf Entertainment Delisted From OTCBB
by June 9, 2003 12:00 am 118 views
Golf Entertainment Inc., the Springdale company whose stock was the subject of a cease-and-desist order issued by the Arkansas Securities Department last year, was delisted on May 23 from the OTC Bulletin Board marketplace.
The broadcasting company had traded on the over-the-counter (OTC) board since resurrecting in December 2001.
Executives at Golf, which also does business as Sienna Broadcasting Corp., could not be reached for comment. The firm’s telephone service at 100 E. Emma Ave. has been disconnected, and no forwarding phone number is given.
Golf’s annual report was due on Valentine’s Day, 45 days after the company’s fiscal year ended on Dec. 31. On April 23, OTCBB notified Golf that its filings with the Securities and Exchange Commission were delinquent and that it had until May 23 to make them current or face delisting.
Tom Stephens, who owns the 7,500-SF office where Golf is located, said on May 29 that the firm is still leasing that space. Stephens said he did not know the name of the business that is operating there.
Arkansas Business Publishing Group published in August the first of several reports that detailed an apparent conspiracy to defraud shareholders by Golf and a closely aligned entity called Genesis Trust. In September, Arkansas Securities Commissioner Michael B. Johnson ordered Golf, Genesis and some of their officers to stop selling Golf stock in Arkansas.
Melvin Robinson, a trustee for Genesis, filed a $12 million libel suit Feb. 25 in Washington County Circuit Court against ABPG, one of its publications and three individuals associated with the Little Rock publishing company.
The reports about Golf include evidence of a material relationship between the company and Genesis — in the form of a shared brokerage account by Golf General Counsel John Dodge and a former Genesis trustee — that was introduced into a federal court by the state securities department.
Johnson’s order said his investigation had found that the 15 million shares of Golf stock that were issued to Genesis under the terms of a legal settlement were never properly registered.