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April 23, 2002

Receiver's Status Report

Dear Shareholders and Creditors:

On September 28, 2001, the Securities and Exchange Commission ("SEC"), the civil law enforcement agency of the United States Government responsible for the regulation of the federal securities laws, filed a complaint for injunctive and other relief (the "Complaint") against Global Asset Partners, Ltd., Global Services Group, LLC, Global Internet Fund Group, Inc., and William Haynes (the "Defendants"), alleging that they had defrauded the investing public by making misrepresentations and omissions of material fact in connection with the offer and sale primarily of alleged pre-initial-public offering ("Pre-IPO") stock. In summary, the Complaint alleges that from at least May 1999 and continuing into 2001, the defendants raised approximately $7-8 million from investors located throughout the world. The Complaint further alleges that the Defendants made material misrepresentations and omissions to investors concerning, among other things, the imminence of the public offerings for the pre-IPO stock, the anticipated price the pre-IPO stock would trade at upon becoming public, registration of stocks in private accounts in the investor's name, rights of the investors upon closing their accounts, and Global's purported expertise in research and analysis.

Contemporaneous with the filling of the Complaint, the SEC filed an Emergency Motion for a Temporary Restraining Order against the Defendants that, among other things, prohibited them from violating the federal securities laws and froze the personal assets of Haynes. The Court granted the SEC's motion. On the same day, Haynes consented to a preliminary injunction against future violations of the federal securities laws.

The SEC also filed an Emergency Motion to Appoint a Receiver to, among other things, marshal the assets for the benefit of investors and creditors. As a result, on October 1, 2001, the Court issued an order appointing Jane W. Moscowitz, Esq. as the Receiver (the "Receivership Order") for Global. Since her appointment, the Receiver has taken a series of actions designed to protect the interests of shareholders and creditors.

When the Receiver was appointed, Global had already ceased operations. The Receiver obtained several boxes of records from Haynes and obtained other records from Global's former attorney and CPA from various banks. The Receiver has also taken depositions of various principals and others associated with the Defendants. The Receiver has approximately $200,000 in various bank and brokerage accounts controlled by Robert Anzivino, who was affiliated with Global. Litigation over those accounts is continuing.

The Receiver's investigation has revealed the following: On paper, Global was an offshore fund selling its shares offshore to non-United States investors. In fact, although the fund was incorporated in Nassau and had a mail drop there, its offices and sales force were located in Boca Raton, Florida. Contrary to its formal description of itself as a "fund," it held itself out to its customers as a broker-dealer, which was selling shares of publicity-traded "Blue Chips" and shares of private companies about to go public and which, when they would begin trading, would do so at multiples of the prices per share at which they were buying. In fact, the customers never "owned," even on paper, the shares in the public stocks or private placements which they believed they were buying. Moreover, it is unclear whether all of the stock in the "Blue Chips" was really purchased even for the companies' account. What is known, is that most of the private companies never went public and the two which did are trading at a small fraction of the price paid by customers. What also appears to be settled, is that investors funds were never segregated or escrowed, but were spent on salaries, overhead and "profit," or simply diverted.

Unfortunately, other than the assets described above, virtually nothing of the monies raised from investors is left. The Receiver anticipates that shareholder and creditor claims will exceed $5 million. As a result, the Receiver believes that any recovery for investors will be realized only through recoveries against responsible third parties. The receiver is currently investigating potential lawsuits and will, if she deems it appropriate, seek Court approval to file suit. Obviously, there are no guarantees as to whether and to what extent assets and property will be recovered for the Receivership Estates such that a distribution of money can be made to its shareholders and creditors. Similarly, if the receiver is successful in recovering sufficient assets to make a distribution, there is no certainty as to when such a distribution will be made. However, the Receiver is acting with all dispatch to dutifully discharge her responsibilities under the Receivership Order.

Investors are encouraged to send the Receiver all documentation received from or sent to Global or its affiliates and account of the investor's dealings. The information communicated by you to the Receiver or her staff is not confidential, and will be utilized by the receiver in resolving your claim (if sufficient assets are recovered so that a distribution can be made), and administering the Receivership Estate.

Please be advised that neither the Receiver, nor her legal counsel or accountants, can give you legal or tax advice concerning your claim, and that you should consult with the attorney, accountant or tax advisor of your choice regarding your rights.

In the interest of reducing expense to the Receivership Estate so that potential distributions can be maximized, all communications to the Receiver should be in writing. E-mails are greatly appreciated. The receiver's e-mail address is above.

Yours very truly,

Jane W. Moscowitz, Esq.

http://www.sec.gov/divisions/enforce/claims/globalstatus.htm

Global Asset Partners Status Report

Modified: 05/02/2002