On May 18,
Inner City
Press went to
cover a UN
press
conference
described this
way:
“Press
briefing by
the UN
Conference on
Trade and
Development
(UNCTAD) on
the World
Summit on
Innovation and
Entrepreneurship
(18-19 May)
Speakers:
Mr.
Frank Drohan,
Chairman,
Omagine, Inc
Mr.
Sam Hamdan,
Chairman, The
World Summit.”
Ban
Ki-moon's
spokesman
Stephane
Dujarric
announced and
promoted the
press
conference
during the
day's noon
briefing. From the UN
transcript:
"At
2 p.m.
here today in
this room, a
press briefing
here by UNCTAD
[UN Conference
on Trade and
Development]
on the World
Summit on
Innovation and
Entrepreneurship
(18-19 May),
which starts
today."
On May
19, Inner City
Press asked
Dujarric about
his and his
offices role
in allowing
the UN Press
Briefing Room
to be used by
a real estate
company,
UN transcript
here:
Inner
City Press:
the audit
found that
these… there
was virtually
no screening,
for example,
when the
Global
Sustainability
Foundation
held a whole
event in the
GA [General
Assembly… in
the GA lobby,
is it really
true this
screening is
always in
place, or have
things
improved since
that audit was
released, or
how do you
square the
two?
Spokesman:
I think this…
I have no
trouble
squaring the
two.
Question:
Has anything…
okay.
This is what I
wanted to ask
you, and it's
actually
related.
Yesterday, in
this room,
there was a
press
conference at
2 p.m.
It was
scheduled at 2
p.m.,
whatever.
2:30 p.m. it
happened.
It said it was
by UNCTAD [UN
Conference on
Trade and
Development],
but in fact,
there were
only two
individuals,
and there was
no UNCTAD in
the
room.
And one of the
presenters was
from… it
emerged from a
real estate
company from
Omagine, which
is publicly
traded and
there's an
article in
Seeking Alpha
that it's a
stock that's
worth more
dead than
alive.
Essentially,
it's a company
in deep
financial
problems, and
yet they
sponsored an
event in the
GA Hall and
were using the
briefing room
to essentially
promote their
business.
So, my
question is,
what
screening…
given that the
current… the
previous Ng
Lap
Seng-still-ongoing
scandal had to
do with
promotion of a
real estate
project in
Macau, how can
it be that
another real
estate company
sponsors an
event in the
GA Hall…
Spokesman:
I think it's…
it's… it's not
an invalid
question, and
I would ask
you to reach
out to UNCTAD.
Correspondent:
But, I mean,
UNCTAD wasn't
even here, so
I'm asking…
since I've
been told that
your office is
in charge of
the room…
Spokesman:
I… right, and
we are.
We received
the request
for UNCTAD to
book the room,
and we
honoured that
request.
Correspondent:
Right.
And now that
we find out
that it's a
real estate
company…
Spokesman:
We're happy to
look into it
some more.
The
press
conference
began 30
minutes late;
there were
only three
correspondents
present,
including
Inner City
Press. After
the others
finished
questions,
Inner City
Press asked a
simple
question:
Is
Omagine a real
estate
company? Frank
Drohan said,
it is a
tourism
company. Video
here.
“Investors
have good
justification
for being
pessimistic
toward
Omagine’s
future
profitability.
The question
is not whether
investor
sentiment
should be low,
but whether it
is too low.
Omagine, Inc.
(OTCQB:OMAG),
a
Delaware-based
holding
company, is a
stock the
market has
apparently
left for dead.
In fact,
investors are
currently
declaring that
the company is
worth more
dead than
alive. At
$1.34/share
the stock is
trading for
just less than
12% of the
company's net
current
assets. This
means that not
only does the
market value
the firm's
Property,
Plant &
Equipment at
zero, but it
is also
discounting
the net liquid
assets by
nearly 90%.”
, 
