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US Judge Blasts Van Krikorian / Global Gold Corp and Overturns his $37MM Default Judgement Against Former Minister of the Republic of Armenia, Mr. Vardan Ayvazyan

I finally received a complete copy of the ruling handed down by Justice Paul Oetken, relating to the overturning of the Vardan Ayvazyan default judgement (link to copy of ruling here), that awarded Global Gold Corp. (otcmarkets: GBGD) $37MM. The order was overturned on November 21, 2013 by the same Judge who issued it, on the grounds stated below:

Because this Court lacks personal jurisdiction over Ayvazian, the default judgment is void and must be set aside. Equitable factors also support this outcome. Global Gold has had its day in court and has also had its day before the Tribunal that it contracted for, from behind a veil of ignorance, before the dispute arose. Faced with consistent adverse decisions, it now seeks to change the rules of the game. This is the rare case where the interests of finality and the interests of protecting a defaulting defendant are aligned: Global Gold may not circumvent the decision of the ICA Tribunal by returning to this Court, which lacks jurisdiction over Ayvazian. 
For the foregoing reasons, Defendant Ayvazian’s motion to vacate default judgment (Dkt. No. 15) is GRANTED, and the default judgment entered in this case on July 11, 2012 (Dkt. No. 9) is hereby VACATED. 
The complaint is hereby dismissed without prejudice.  
The Clerk of the Court is directed to close this case. 
Dated: New York, New York
November 21, 2013 
J.Paul Oetken 
United States District Judge

Since 2006, GBGD has been attempting to impugn the character of Mr. Vardan Ayvazyan by making outrageous and unsubstantiated declarations of corruption, all in an apparent scheme to gain advantage in negotiations with the representatives of the Government of the Republic of Armenia, so as to secure and maintain his exploration and mining licenses on the Marjan and Hankavan gold deposits.

No less than 3 times have the International Chamber of Commerce Court of Arbitration ("ICA Tribunal") and the United States District Court have ruled that Mr. Krikorian's dispute with SHA, LLC does not involve the former Minister of the Environment, Mr. Vardan Ayvzyan, since he was not party to his dealing with SHA, LLC or mentioned anywhere in his agreements.

Judge Paul Oetken, not only reversed his own decision that issued a default judgement in favour of GBGD, it slammed Van Krikorian and Global Gold, for abusing the legal system by trying to aggressively and repeatedly pursue Mr. Vardan Ayvazyan so as to get the ruling that it wanted. 

Judge Paul Oetken states: "Global Gold has had its day in court and has also had its day before the Tribunal . . . Faced with consistent adverse decisions, it now seeks to change the rules of the game . . . Global Gold may not circumvent the decision of the ICA Tribunal by returning to this Court, which lacks jurisdiction over Ayvazian."

More on The CONSISTENT ADVERSE DECISIONS that GBGD received and tried to circumvent by abusing the ICA Tribunal and the US District Court, in my next blog, Part II.

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Clear and Apparent Fraud at GBGD and Toukhmanuk Gold Mine

On July 5, 2013, GBGD and Mr. Van Krikorian (President and CEO) signed a deal with Linne Mining to act as the CONTRACT MINER for the development of its Toukhmanuk Gold Mine, in Armenia.
By November 2015, Van Krikorian announced in its SEC quarterly filings (10-Q), that the Toukhmanuk project was delayed because the contract miner "requested" to be relieved of its obligations under the mining contractagreement.

To this date, Van Krikorian has failed to post a copy of Linne Mining's letter or provide any clarification to investors, why Linne Mining requested to be "relieved" of it obligations. 

Three months later, the reason for Linne Mining's actions have started to become crystal clear. Linne has been swindled by Van Krikorian and GBGD. There is no gold worth mining at the Toukhmanuk Gold Mine. Here is the proof.

Two documents, which were prepared for Linne Mining, surfaced on the web last week. These two documents outline that the database provided by GBGD and…


That's what Mr. Van Z. Krikorian said to me and my brother (John Mavridis) in October 2010 while we were trying to resolve the dispute between Global Gold and Caldera.  Little did I know that he was serious and that his scheme was already put in place weeks before!

Mr. Van Z. Krikorian, the Corporate Counsel of Global Gold Corporation, authorized his lawyer in Armenia Mr. Hrayr Ghukassyan, to file a criminal complaint against me for theft and fraud on September 15, 2010, for allegedly stealing the shares of Marjan Mining Company.

Below is the signed complaint filed by Global Gold Mining, the subsidiary of Global Gold Corporation (GBGD) that was filed with the Prosecutor of Yerevan City, Mr. Badalyan.

Translated from Armenian

To: Mr. Badalyan,
Prosecutor of Yerevan city

From: Hrayr Ghukasyan
Global Gold Mining LLC
Representative of the Armenian Branch

Address: 2a/2 Tumanyan, Yerevan, Republic of Armenia Tel: 010 52-94-18, 093 988-797
Consider and report to: