Transglobal Management Group Says Control Returned to Founder Marc Angell

What happened

Transglobal Management Group, Inc., a Florida company whose business is radio broadcasting stations, reported in a Form 8-K filed October 2, 2026 that control of the company changed hands on September 30, 2026.

Under an Unwind and Settlement Agreement signed September 30, 2026, GetGolf.com, LLC acknowledged it had failed to make one or more required payments under a purchase agreement governing its control of Transglobal, and that the default went uncured for at least 90 days, according to the filing. GetGolf waived any further notice or cure period.

Jeff Foster, who held 133 Series A preferred shares, and Kelly Kirchhoff, who held 67, surrendered all 200 of those shares to the company. Foster resigned as Chairman, as a director and from every officer position. Kirchhoff resigned from every officer position but stayed on as a director until a deferred resignation takes effect.

Marc Angell — who sold control of the company to GetGolf's designees in 2025 — was appointed Chairman, Chief Executive Officer and President, and the company issued him 200 newly issued Series A preferred shares. The filing states the surrender and the new issuance were recorded as separate transactions, not as a transfer from Foster or Kirchhoff to Angell.

The money and the terms

The filing states GetGolf's prior consideration payments are forfeited. Payments that came due before the unwind, plus contractual 50% penalties, remain owed; Exhibit 1 to the agreement lists $292,500 in accrued purchase-agreement and consulting payments through September 1, 2026. Foster personally guaranteed that amount, the filing says.

Future monthly payments to the sellers — Marc and Jacquie Angell — are terminated.

A promissory note dated September 20, 2022 from the company to Jacquie Angell, in the original principal amount of $2,000,000, remains in force and is not modified or released by the unwind.

GetGolf disclosed a Square merchant advance with a stated balance of $385,000, personally guaranteed by Foster and reported as in default.

If Foster or a related party enters any transaction involving Apache Creek Golf Course, Foster becomes personally obligated to pay the company $200,000, described as reimbursement of company funds used for Apache Creek and not returned.

A 2025 divestiture of Music of Your Life, Inc. to the Angells, and the cancellation of 666,700 common shares formerly held by the Angell Family Trust, both remain in effect.

What this means

A Form 8-K is a current report — the mechanism a U.S. public company uses to disclose material events to the SEC outside its quarterly and annual filings. The numbered 'items' identify the category. This filing checks six: 1.01 (entered a material agreement), 1.02 (terminated one), 3.02 (sold unregistered equity), 5.01 (change in control), 5.02 (officer and director changes) and 9.01 (exhibits).

The instrument at the center of this story is Series A Preferred Stock. A preferred share is an ownership stake that typically carries special rights — here, the power to vote. It is the lever that lets a small number of shares control a large company. In this case, all 200 Series A shares together carry 80% of the total voting power of Transglobal's outstanding voting securities, which is why holding all 200 is equivalent to controlling the company.

Series A preferred shares are not bought on the open market. This is why the company relied on Section 4(a)(2) of the Securities Act of 1933. That section exempts sales that are not part of a public offering and go to a buyer — here, a director and officer — with access to information about the company. The filing states the shares are restricted, meaning Angell cannot freely resell them. Separately, Rule 16b-3(d) and 16b-3(e) of the Exchange Act create an exception from certain short-swing profit recovery rules for transactions approved in advance by the board, which the filing says Transglobal's board did.

Angell paid no cash for the new shares. They were issued in connection with the surrender of the prior Control Shares, not purchased. The filing says no funds were borrowed.

Rule 14f-1 under the Exchange Act governs what happens next. If a new controlling shareholder wants to install a majority of the board, the company must first file and mail an information statement to shareholders giving notice and a waiting period before those directors can take office. Kirchhoff's own resignation is written to become effective automatically on the later of that waiting period and the date successor directors are legally allowed to take office — a mechanical trigger rather than a date.

The company's closing stock price was $0.0001, unchanged from the previous day's close, according to the price data provided.