Do you have a link to that press release? Does Seiden have a telephone number? I would like to give him a call. If Ren sold "Shares" to Hong Kong investors then those Hong Kong Investors would have it on a Hong Kong Exchange. Unless it was legal manipulation. Sold the company into a trust where he was actually the owner? If he sold shares then the money he received for them would be on a Sino balance sheet. I think China owes the United States every single once of Gold that they have!
How do you know he sold shares to Hong Kong based investors? Are the shares listed in Hong Kong? If so there should be a translation figure to U.S. shares. Where is our United States Government to protect from being financially Shanghai'ed. Looks like Barrack, Bush, Clinton and Reagan sold us out. And the Clintons made $35 million from speeches that they gave to Wall Street that are critical of Wall Street. We just learned how the two faced operate don't we! Make money be seeming like you are supportive of the American People when the exact opposite is true! That is a snake!
Baowen Ren sold shares to Hong Kong based investors. It is safe to say that Seiden's efforts have apparently #$%$ Ren off so much that he has moved past simple dereliction and all the way to a declaration of war on scei shareholders.
Something may be operating somewhere, but it's anyone's guess as to who currently owns it or as to how completely Ren has devalued the assets.
If fraud, which American Investors profited from the Downside were also participant in constructing that fraud! They need to be prosecuted and have their personal assets confiscated. You can't profit to that degree in a short sell unless you were a constructive participant in creating the fraud from DAY 1.
Are they in business? Are they paying employees to do work? Who is writing those checks? What are there current assets and liabilities? If not what happened to the money and what are the residuals? Who is managing the day to day operations? If that group supposed to be for the rights of the shareholders can't tell us that they are just as bad as the rest of them! Does it have revenues exceeding costs? If so what is that number?
I owned shares in a unlisted corporation before. They all real shares and although I couldn't sell them on any exchange they still had value and voting rights. I guess you can argue that the shares were never listed in the first place so perhaps that is different but I still would not declare them a total loss unless you give them to your brokerage. But do what you want.
The shares are worthless whether in your account or somewhere else. They are delisted. They do not exist in any meaningful way, they are not attached to any company. IF, and its a BIG if, the receiver gets money from the company "he controls" and he is able to determine who the shareholders were, he should transfer the funds. But since there are no shareholders anymore, who knows. I would hope the Judge in Nevada would order the funds returned to shareholders as of "some date" as determined by the court. JMHO
Its only worthless if you give the shares to your brokerage. As long as the shares are in your account you have not sold them.
All shareholders will receive an equitable distribution of SCEI assets from the receivership. What the shares are worth?, who knows, but would be careful to listen and pay attention to all announcements from the Receiver.
Was there money under the floorboards in Dongguan that wasn't found in the seizure of the factory when the business next door bk'd? Or do we still jot know, because that factory hasn't been restored to Ren's (or Seiden's or Chairman Sutter's) control?
By the way, who is in charge now? Who is the signer on the bank accounts?
How are sales going?
Very hard to find data like this in the 2014 10-K.
Last time someone said something interesting about wet coal, Frozen wasn't even a movie yet.
Anyone know if they've sold anything today? Any new mom and pop slurry shops providing stiff competition as before? Did Ren get his factory released from bankruptcy liquidation? How about the pre-paid coal money, was that ever refunded?
For these details and more, don't bother staying tuned. You'll never know anything again.
The price of diesel, btw, is still down in china. It is below the cost of extracting, transporting, pulverizing, watering, mixing, emulsifying, and again transporting coal.
Who are today's big slurry customers? Or did slurry put them out of business because energy costs remained high and competitors switched back to diesel?
I noted that last years filings failed to convey the "going concern" disclaimer. In fact, I got very little from last years 10-K.
Oh, and Seiden...that guy...what a communicator.