5 1 f5sab02.txt ------------------------------ OMB APPROVAL ------------------------------ OMB Number: 3235-0362 Expires: January 31, 2005 Estimated average burden hours per response.........1.0 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 5 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 _ [_] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). _ [_] Form 3 Holdings Reported [X] Form 4 Transactions Reported ________________________________________________________________________________ 1. Name and Address of Reporting Person* Abboud Steven M. -------------------------------------------------------------------------------- (Last) (First) (Middle) 16569 Summit Dr. -------------------------------------------------------------------------------- (Street) Omaha Nebraska 68136 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Global Entertainment Holdings/Equities, Inc. GAMM ________________________________________________________________________________ 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) _______________________________________________________________________________ 4. Statement for Month/Year 12/02 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) _ [_] Director [X] 10% Owner [_] Officer (give title below) [_] Other (specify below) ____________________________________________________________________ ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check Applicable line) [X] Form Filed by One Reporting Person [_] Form Filed by More than One Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

FORM 5 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: (1) The 335,909 shares were transferred in a private transaction to Mr. Steven Abboud, the reporting person, from Masadi Financial Services (Masadi), in which Mr. Abboud owns 50%, in exchange of debt valued at $0.16 per share. The 1,475,438 shares represent Mr. Abboud's total direct beneficial ownership of the Issuer at its year-end. (2) These 806,188 shares is Mr. Abboud's total indirect ownership as of the Issuer's year-end. These shares represent Mr. Abbouds calculated portion based on his 87.5% ownership of Shining Star Investments (SSI). (3) These 2,200 shares represent Mr. Abbouds calculated portion based on his 50% ownership of Masadi. (4) Mr. Abboud acquired these options as part of a severance compensation package when he resigned as an officer and director of the Issuer. /s/Steven M. Abboud February 20, 2003 --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Page 2

GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES INC 5