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<SEC-DOCUMENT>0000950134-05-014762.txt : 20060927
<SEC-HEADER>0000950134-05-014762.hdr.sgml : 20060927
<ACCEPTANCE-DATETIME>20050803215855
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-05-014762
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CabelTel International Corp
		CENTRAL INDEX KEY:			0000105744
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SKILLED NURSING CARE FACILITIES [8051]
		IRS NUMBER:				752399477
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1755 WITTINGTON PLACE
		STREET 2:		SUITE 340
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724078400

	MAIL ADDRESS:	
		STREET 1:		1755 WITTINGTON PLACE
		STREET 2:		SUITE 340
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREENBRIAR CORP
		DATE OF NAME CHANGE:	19960514

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL RESOURCE COMPANIES OF AMERICA
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESPAC INVESTORS TRUST
		DATE OF NAME CHANGE:	19900605
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 12pt; margin-top: 18pt">METZGER &#038; McDONALD PLLC</DIV>

<DIV align="center" style="font-size: 10pt">(formerly Prager, Metzger &#038; Kroemer PLLC)</DIV>


<DIV align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">A PROFESSIONAL LIMITED LIABILITY COMPANY</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">ATTORNEYS, MEDIATORS &#038; COUNSELORS</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Steven C. Metzger</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">2626 Cole Avenue, Suite&nbsp;900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Direct Dial 214-740-5030</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">Dallas, Texas 75204-1083</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">Facsimile 214-523-3838</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">smetzger@pmklaw.com</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">214-969-7600</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">214-969-7635</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">www.pmklaw.com</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">July&nbsp;26, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Judiciary Plaza, Mail Stop 0407<BR>
Washington, D.C. 20549<BR>
Attn: Bob Carroll, Staff Accountant
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re: &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CabelTel International Corporation (formerly
Greenbriar Corporation); Commission File No.&nbsp;000-08187, CIK No.
0000105744</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Carroll:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of CabelTel International Corporation (&#147;GBR&#148;), at your request, on July
5, 2005, we transmitted by facsimile transmission to Bob Carroll, Staff Accountant of
the Securities and Exchange Commission, an instrument entitled &#147;Position Information&#148;
with respect to certain issues recently discussed. On behalf of GBR, we respectfully
withdraw and rescind such letter dated July&nbsp;5, 2005 and its enclosure, a copy of which
is attached for identification purposes only. Such item was submitted at your request
as a further &#147;alternative&#148; to the position adopted by the Staff of the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As GBR has now submitted a formal appeal to the Office of the Chief Accountant,
any discussions concerning such July&nbsp;5, 2005 letter have been superceded and are no
longer relevant. Accordingly, such July&nbsp;5, 2005, letter addressed to Bob Carroll, and
its enclosure, are hereby withdrawn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Steven C. Metzger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Steven C. Metzger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SCM:ag
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">cc: &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gene Bertcher, President<BR>
CabelTel International Corporation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bill Huff<BR>
Farmer, Fuqua &#038; Huff, P.C.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ed Swalm<BR>
Swalm &#038; Associates, P.C.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 12pt; margin-top: 18pt">METZGER &#038; McDONALD PLLC</DIV>

<DIV align="center" style="font-size: 10pt">(formerly Prager, Metzger &#038; Kroemer PLLC)</DIV>


<DIV align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS">A PROFESSIONAL LIMITED LIABILITY COMPANY</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">ATTORNEYS, MEDIATORS &#038; COUNSELORS</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Steven C. Metzger</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">2626 Cole Avenue, Suite&nbsp;900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Direct Dial 214-740-5030</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">Dallas, Texas 75204-1083</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">Facsimile 214-523-3838</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">smetzger@pmklaw.com</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">214-969-7600</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">214-969-7635</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">www.pmklaw.com</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">July&nbsp;5, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Via Facsimile 202-772-9205</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bob Carroll, Staff Accountant<BR>
The Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Judiciary Plaza, Mail Stop 0407<BR>
Washington, D.C. 20549
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re: &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CabelTel International Corporation (formerly
Greenbriar Corporation); Commission File No.&nbsp;000-08187, CIK No.
0000105744</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Carroll:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of CabelTel International Corporation (&#147;GBR&#148;), following
this transmission is the Position Information of GBR with respect to the issues which
have recently been discussed over the last several days concerning GBR&#146;s
accounting treatment of the acquisition of two separate U.S. corporations which, in
turn, own directly and indirectly, approximately 74.8% of CableTEL AD. Perhaps after
you have had an opportunity to review the enclosure along with other members of the
Staff of the Commission, it would be wise to confer by telephone again later this
week. GBR is prepared to cause a further amendment to its Form 10-K Annual Report to
the Securities and Exchange Commission for the fiscal year ended December&nbsp;31, 2004,
and Form 10-Q for the quarter ended March&nbsp;31, 2005 to reflect an investment in a
subsidiary at cost rather than treating the acquisition as a reverse acquisition with
consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After you have had an opportunity to review the enclosure, kindly give me a call
in order that we might determine how to proceed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Steven C. Metzger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Steven C. Metzger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SCM:ag<BR>
Enclosure
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">cc: &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gene Bertcher<BR>
Bill Huff<BR>
Ed Swalm<BR>
<I>(via email)</I></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>POSITION INFORMATION</B></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Accounting for the Acquisition of CableTEL AD<BR>
by Greenbriar Corporation<BR>
(now known as CabelTel International Corporation)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Background</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;12, 2005, CabelTel International Corporation (then known as Greenbriar Corporation)
(&#147;GBR&#148;), entered into an Acquisition Agreement (&#147;the Acquisition Agreement&#148;) with four individuals
(the &#147;Individuals&#148;), pursuant to which GBR acquired in a stock-for-stock exchange all of the issued
and outstanding equity interests of two privately-held U.S. corporations, Finley Equities, Inc.
(&#147;FEINC&#148;) and American Realty Management, Inc. (&#147;ARM&#148;) in exchange for the issuance by GBR of
31,500 shares of GBR&#146;s newly-designated Series&nbsp;J 2% Preferred Stock, liquidation value $1,000 per
share. FEINC and ARM each own an undivided one-half equity interest in Tacaruna BV, a Netherlands
company, which in turn directly owns 30% of CableTEL AD (formerly Cable Bulgaria AD). Tacaruna BV
also owns 64% of the equity interest of Narisma Holdings, Ltd., a Cyprus company, which in turn
owns the balance of 70% of CableTEL AD. The overall result was that GBR, through the
stock-for-stock acquisition of FEINC and ARM, owned directly and indirectly 74.8% of the equity
interest in CableTEL AD. The transaction evidenced by the Acquisition Agreement is a completed
transaction, and the exchange of equity interest occurred on October&nbsp;12, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBR utilized the Series&nbsp;J 2% Preferred Stock as consideration for the acquisition in the
interest of time due to the applicable requirements of the American Stock Exchange (&#147;AMEX&#148;), which
requires a stockholder vote (or written consent by the requisite number) for significant issuances
of common stock. The Acquisition Agreement provides GBR will present to its current stockholders no
later than September&nbsp;30, 2005 a proposed mandatory exchange of all of the 31,500 shares of GBR&#146;s
Series&nbsp;J 2% Preferred Stock for Common Stock of GBR on the basis of 279 shares of Common Stock for
each share of Series&nbsp;J 2% Preferred Stock (the &#147;Exchange of Stock&#148;). Such mandatory exchange would
result in an aggregate of 8,788,500 shares of Common Stock being issued to the four Individuals (or
their transferees), which would then constitute at least 89% of the total issued and outstanding
shares of Common Stock of GBR, all subject to the listing requirements of the AMEX. The balance of
11% of the Common Stock of GBR would be held by those stockholders of GBR who were stockholders on
October&nbsp;12, 2004 and at any time until the effectuation of the Exchange of Stock <I>(i.e., </I>the &#147;Old
Shareholders&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Individuals (or their transferees) holding an aggregate of 31,500 shares of GBR
newly-designated Series&nbsp;J 2% Preferred Stock are entitled in the aggregate to 157,500 votes out of
a total of 1,134,504 votes of both the class of Common Stock (977,004 votes), and Series&nbsp;J 2%
Preferred Stock (157,500 votes), voting together as a single class.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three other entities identified with one of the Individuals own a total of 395,380 shares of
Common Stock of GBR, which constitutes approximately 40.49% of the total 977,004 issued and
outstanding shares of Common Stock of GBR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two directors of GBR, both of whom voted in favor of the Exchange of Stock at the time of the
acquisition, own together an additional 180,805 shares of Common Stock of GBR. The total of the two
groups, the three corporations and the two directors, together equals 576,185 shares of Common
Stock, or approximately 59% of the 977,004 issued and outstanding shares of Common Stock.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquisition Agreement requires that GBR present both the transaction represented by the
Acquisition Agreement and the Exchange of Stock to its stockholders prior to September&nbsp;30, 2005 for
approval and ratification. In the event the stockholders of GBR do not approve by the requisite
number of votes either the transaction covered by the Acquisition Agreement or the Exchange of
Stock, the Individuals (or their transferees) holding the shares of Series&nbsp;J 2% Preferred Stock
have the option, exercisable by all of them but not less than all of them, at any time after
September&nbsp;30, 2005 until September&nbsp;30, 2006 to either (a)&nbsp;rescind in full and revoke the
transaction covered by the Acquisition Agreement by returning all 31,500 shares of Series&nbsp;J 2%
Preferred Stock to GBR, upon which GBR is to deliver back to the Individuals all equity securities
of any entity owning all of the ordinary shares and other securities of Tacaruna BV or of CableTEL
AD, or (b)&nbsp;deliver to GBR all 31,500 shares of Series&nbsp;J 2% Preferred Stock and receive in exchange
therefor all of the ordinary shares and other securities of Tacaruna BV outstanding and owned by
GBR such that the sellers will become the owner and holder of all of the issued and outstanding
securities of Tacaruna BV, which in turn continues to own directly and indirectly, approximately
74.8% of the equity interest in CableTEL AD, and 54% of the shares of Narisma Holdings, Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Accounting Issues</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This transaction turns on two specific events, which are:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>matters which occurred on October&nbsp;12, 2005 in which GBR issued the Series&nbsp;J 12%
Preferred Stock (<I>i.e., </I>the original acquisition), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or event of the Exchange of Stock.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although recission may not occur, if the Exchange of Stock does not occur prior to September&nbsp;30,
2005, the Individuals may rescind the transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBR originally accounted for the transaction as a reverse acquisition believing that a number
of facts warranted that accounting. That treatment was given to the transaction in the financial
statements for GBR for the fiscal year ended December&nbsp;31, 2004, and subsequently in its Form 10-Q
filing for the quarter ended March&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission (the &#147;SEC&#148;) by letter dated April&nbsp;27, 2005 effectively
took issue with the treatment of the transaction as a reverse acquisition in the financial
statements of GBR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC comment letter and subsequent conversations with the Staff raised the issue as to the
accounting significance of the Exchange of Stock. While it may be possible for the holders of the
Series&nbsp;J 2% Preferred Stock to choose to continue holding that security even if the Exchange of
Stock does not occur under the terms of the Acquisition Agreement, that outcome does not appear
realistic as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Series&nbsp;J 2% Preferred Stock only pays a 2% dividend per annum based upon a
$1,000 per share liquidation preference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payment of the dividend and its declaration will only occur if the Board of
Directors of GBR declares such dividend.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Series&nbsp;J 2% Preferred Stock holders are represented by one individual
director out of six
members of the Board of Directors of GBR.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The maximum value of the Series&nbsp;J 2% Preferred Stock is fixed; in effect, if
CableTEL AD were to fail, the Series&nbsp;J 2% Preferred Stock would have little value. On
the other hand, if CableTEL AD is a significant success, the appreciated value would not
go to the holders of the Series&nbsp;J 2% Preferred Stock.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Practically, if the Exchange of Stock does not occur, the transaction will ultimately collapse and
rescission will occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originally, GBR treated the Exchange of Stock as a mere &#147;formality&#148; on the basis that the
votes were available, the AMEX procedures permitted a consent of holders of a majority to approve
the transaction. At the time of the initial filing, GBR&#146;s management believed that due to the
control of GBR by one of the Individuals and the fact that the transaction would have not been
initiated by that Individual if it was not his intention to follow through with the transaction all
the way through to the Exchange of Stock that the vote for the Exchange of Stock was virtually
assured. The Individuals, who control CableTEL AD would ultimately receive 89% of the outstanding
equity interest in the Common Stock of GBR, which would clearly place the Individuals in control of
GBR. From an operations perspective, the entities acquired (actually CableTEL AD) would represent
the majority of GBR&#146;s operations. Those and other facts were believed to be considered under
paragraph 17 of SFAS 141. The Acquisition Agreement was accounted for as a reverse acquisition for
the collective reasons previously described, and to, in the opinion of management, properly reflect
the financial condition and history of GBR in consideration of all of the facts and circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the SEC has pointed out, the passage of time since the execution of the Acquisition
Agreement would lead one to believe that the Exchange of Stock was not as assured as GBR thought at
that time. This would suggest that the approval of the Exchange of Stock is less than assured, and
lends credibility to the argument that rescission may well be a possibility. The Exchange of Stock
is significantly more than a mere &#147;formality.&#148; For accounting purposes, the Exchange of Stock may
ultimately be the only date that does matter. Having looked through the original acquisition
transaction in the Acquisition Agreement to the Exchange of Stock in treating the two items as one
accounting event, GBR did not consider the conditions and relationships that existed between GBR
and the entities being acquired, and the Exchange of Stock was really to occur in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquisition Agreement did not require the resignation nor did GBR anticipate the
resignation of any of the members of the Board of Directors or officers of CableTEL AD. It was
GBR&#146;s understanding that the current board and officers of CableTEL AD would remain in place until
the possibility of recission no longer exists. Ronald Finley, while one of six directors of GBR,
is, together with two other individuals who have been directors of CableTEL AD for some time,
remains as the principal officer, director and decision-maker of CableTEL AD. Conversely, while the
Individuals have provided the assets and strength of approximately 89% of the combined enterprise,
the Individuals only vote as if they had 15% of GBR and have only one seat on the Board of
Directors out of six.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a customary acquisition (even where rescission is possible), a buyer and seller agree to
terms under which the seller must comply with the contract if the buyer fulfills certain
agreed-upon terms or tasks. Those tasks usually are obtaining regulatory or bank approval, as well
as stockholder approval or some other approval. However, if the approval is obtained, once the
closing occurs, the seller is obligated to complete the transaction if the buyer has delivered as
promised. Whether rescission occurs or not is totally in the hands of the buyer&#146;s ability to
accomplish those tasks. In the instance of this transaction, it is the &#147;seller&#148; (i<I>.e., </I>the
Individuals) by virtue of their close relationship and influence upon three corporations owning a
significant number of shares of Common Stock of
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GBR, who may not be committed to complete the transaction. In the interest of this
transaction, if the &#147;seller&#148; (the Individuals) wishes to back-out, all that is required is for the
group of three entities holding 395,380 shares of Common Stock, or 40.49%, to vote no when GBR
requests approval for the Exchange of Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of the basic tenants for both consolidation accounting (and reverse acquisition treatment)
is control, and who at the end of the day holds that control. Control must exist before
consolidation accounting is appropriate (and before any reverse accounting treatment is
appropriate). At the time of execution of the Acquisition Agreement, &#147;control&#148; really did not
change hands, and the lack of practical change of control would render consolidation and equity
accounting inappropriate. See paragraph 9 of SFAS No.&nbsp;141.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given the circumstances that exist, even though the Acquisition Agreement was dated and
executed October&nbsp;12, 2004, control of CableTEL AD was not transferred to GBR and rescission was and
is a possibility. GBR now believes that the appropriate accounting for the transaction is a
single-line entry to account for the investment on the cost method at a specified amount generally
equating to the actual interest owned.
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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