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Van Krikorian's TOUKHMANUK Gold Project is BANKRUPT

While visiting the PDAC, the international mining convention in Toronto, I met representatives of the Armenian Government at the Lydian booth. It was confirmed to me that Global Gold's project in Armenia is BANKRUPT.
I have always said that the 2 million ounce GOLD resource that Van Krikorian was promoting at TOUKHMANUK was a complete fraud.
Global Gold Corp is now defunct and delinquent and no longer files any financial statements.

Don't be fooled by the $3.00 price quote, GBGD has rolled-back its shares 251x and now has approximately 386,000 shares outstanding. The company has transferred all its assets to its officers and directors and left $20 million in debts behind. Now its flagship asset is bankrupt, leaving behind unpaid salaries and unpaid bills in Armenia.

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GAME OVER: Van Krikorian and Global Gold Corp.

It's time to say goodbye to Global Gold Corp (pink: GBGD) and its sketchy President, Van Krikorian.
After years of defrauding employees and suppliers in the Republic of Armenia out of hundreds of thousands of dollars, swindling joint venture partners out of over US$12MM, and partially embezzling and money laundering these proceeds, its time to say goodbye to Global Gold Corp (pink: GBGD) and its President, CEO, Chairman, Director and Corporate Counsel, Van Krikorian.
On December 4, 2017, GBGD through the fraudulent actions of its President, Mr. Van Krikorian along with the complicit support of its Board of Directors, transferred all of GBGD's assets and claims to its officers and directors, consolidated its shares 251:1, ceased becoming a reporting issuer, and went dark, leaving behind US$20,917,023 in liabilities, broken promises. dreams and a trail of fraud.
I am sure that this tale is not over.  With the assets of GBGD in the hands of Van Krikorian and his accomplices, the…

The FRAUD at GBGD by VAN KRIKORIAN Continues

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, 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 th…

GBGD re-listed on the OTCQB with USD$20,350,985 in Debt

Global Gold Corp (GBGD) shares have finally been re-listed on the OTCQB from the PINK sheets. GBGD shares were dropped because it failed to timely file their year-end and quarterly financial statements.

Now that the F/S are filed, here are some highlights for GBGD:

The company has $54,164 in cash and $20,350,985 in debtsIts Armenian subsidiary (Mego Gold LLC) that owns their Toukhmanuk Gold Mine has been declared bankrupt by Armenia's Cassation CourtJV partner Linne Minning at Toukhmanuk, has filed a creditor claim of $30,000,000 in the bankruptcy of Mego GoldThey need $5,000,000 to fund their Marjan Project in southern Armenia What can one say about a company run by Mr. Van Z. Krikorian, President, CEO, Director and  Lawyer, and Mr. Ian Hague, Director and Principal of hedge fund Firebird LLC (www.fbird.com)?

Mr. Ian Hague had made director loans to Global Gold which amounted to $5,052,262, including interest. In order to clean up the books of the company, in 2010 Mr. Hague conver…

Global Gold Corp shares labeled as delinquent and demoted to the Pink Sheets with a Public Warning

As of TODAY, May 17, 2017, Global Gold Corp's shares have been demoted to the PINK SHEETS, labeled as "SEC Reporting Delinquent", "STOP OTC Pink no Information" and with a public Warning! This company may not be making information publicly available.


According to the OTC Markets website, the STOP warning means:


No Information Indicates companies do not provide disclosure. Publicly traded companies that do not provide information to investors should be carefully researched before making any investment decision.


Were GBGD's subsidiaries in Armenia declared Bankrupt?

I received a call today from my contact in Armenia confirming that this is actually the case. Not only that a declaration of bankruptcy was issued in April against all GBGD subsidiaries, but that a court appointed liquidator has been named too.

It is a holiday on Monday in Armenia and I expect to get actual court case numbers and other information by mid week.

Nevertheless, in typical Van Krikorian fashion The only reference to this potential bankruptcy was announced in the 10-K, which was filed on May 2, 2016.  No mention of the actual bankruptcy in subsequent events, and no mention of bankruptcy claims ever filed against GBGD's subsidiaries in Armenia, ever.

Mr. Krikorian discloses the following in the last 10-K:
https://www.sec.gov/Archives/edgar/data/319671/000143774916030518/gbgd20151231_10k.htm

Page 37
"General
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business or which constitute nuisance claims. In the opinion of ma…