Movie Producer Dadon, Son Barred from Operating Publicly Held Company; Largest Shareholder Regains Control of Global Entertainment Holdings/Equities, Inc.

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The largest shareholder in Global Entertainment Holdings/Equities, Inc. ("Global," trading symbol GAMT.OB) today announced that a Miami-Dade Circuit Court Judge recently adopted the recommendations of a Special Magistrate and barred two California movie producers, David Dadon and Jacob Dadon, from continuing to exert control over the company after an apparently failed reverse merger transaction.

the plaintiffs also presented compelling evidence of false sworn testimony by David Dadon and Jacob Dadon

    In ruling in favor of plaintiff Bryan Abboud, Global's largest shareholder, the court adopted the findings that the defendants had "wrongfully obtained control" of the publicly held company, failing to transfer all issued and outstanding shares of the acquisition company, Bayshore Media Group, to Global as required by the merger agreement. The court also referred the matter to federal investigators and, in response to what it characterized as "gross and flagrant" failures to comply with discovery and other requirements, struck the defendants' pleadings.

Miami-Dade Circuit Court Daryl E. Judge Trawick further expressly agreed that the matter be referred for investigation to the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the U.S. Attorney for the Southern District of Florida. The ruling had found that "the plaintiffs also presented compelling evidence of false sworn testimony by David Dadon and Jacob Dadon," and recommended referral both for investigation as to the potential of perjury charges as well as investigation as to the individual defendants' management of Global.

In his findings of fact, the magistrate stated that his "recommendation that the matter be referred to federal authorities is bolstered by the fact that this appears to be another in a long line of cases involving David Dadon wherein he has attempted wrongfully to acquire public corporations, attempted to take investors money, attempted to falsely accuse others, and has had his testimony rejected by the courts of this nation."

Hogan & Hartson attorney Alvin Lindsay, a partner in the firm's Miami office specializing in technology in litigation, handled this matter for the prevailing plaintiff.

The complete ruling can be viewed by clicking here.

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John P. David
David & Garcia PR
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