I've come to talk with you again
Because a vision softly creeping
Left its seeds while I was sleeping
And the vision that was planted in my brain
Within the sound of silence
When SCEI went dark, this song started playing, and with only a few commercial breaks sponsored by chairman sutter, seiden's syphon and the 13 D-minus group, it continues.
It is really a perfect proxy for all things Chinese. No one asks or answers any questions. Seiden requests that his invoices get paid. Sutter seeks personal gain. The realization of transparency is forever abandoned.
So, chairman sutter, how is Ren in bed? Don't forget, he's been to Thailand...
That was day 1 of Seiden's Syphon. Nearly a year later, what is there to celebrate? Not a single piece of actual company information has been released. We don't even know if Seiden's bills got paid, though they were approved.
-Just how has Chairman Sutter done in terms of transparency? He gets 0%.
-In terms of selling wet coal in China? I give him 0%, assignment incomplete.
-Operating profit? Another 0. Unfortunately, this is probably generous. I believe SCEI has at least a loss of $1.5 million loss in the past year. Maybe more. Perhaps $3 million. I do not see any possibility that SCEI has any loss smaller than
-STDs, I believe trips to Thailand are very dangerous and Ren should not have gone. To the extent Chairman Sutter and Ren are in bed with, or, sucking Seiden's 'ahem' Syphon, I believe they are in danger of acquiring the same affliction.
How's the last year been for all you shareholders?
ADMINISTRATIVE PROCEEDING File No. 3-16456
ANSWER OF SINO CLEAN ENERGY, INC. by the Receiver, Robert W. Seiden, Esq.
4. Since the appointment of Mr. Seiden as Receiver for SCEI the Boards of SCEI's wholly owned Hong Kong subsidiary (Wiscon Holdings) and SCEI and Wiscon's wholly owned operating company in China (TSCE) have been reconstituted and the former Chairman has been removed.
5. As recently as two months ago, new business licenses have been issued by the Chinese Ministry of Commerce in the name of the new Board of SCEI's wholly owned Chinese operating company TSCE.
6. Additional efforts are underway by the Receiver and his professionals to obtain from the appropriate Chinese ministries the commercial seals (or "chops") required in China for a company to effect most commercial and some legal transactions in the name of the new Board of SCEI's wholly owned Chinese operating company TSCE and to remove the former Chairman from his position as CEO of TSCE, thereby giving the Receiver access to the financial information required to make SCEI's filings with the Commission.
7. While the Receiver does not yet have legal access to the financial information required to make SCEI's filings with the Commission, the Receiver has issued a series of broadly-disseminated press releases as well as Status Reports to the Second Judicial District Court of the State of Nevada in order to keep the investing public and U.S. and Chinese government and judicial authorities updated on his progress, The Receiver will continue to issue periodic public updates on his progress until his Receivership has been completed.
Dated: New York, New York April 23, 2015
Interesting terminology in item 7 "Legal Access" instead of just access. It appears to be the type of corruption whereby when things start getting good the management gets greedy and attempts to take it all for themselves? Stock markets and Corporations can never be allowed to be run this way. As with everything these days there is no one out there looking out for the honest citizen. Whether it be fraudulent phone calls, emails, stolen credit, hacked computers there has been absolutely no one looking out for the citizen. That is h3ll world.
So, after a year with the receiver, what has been accomplished? Wiscon has a new chairperson, and the operating entity lost its business license? So, without a license, are they selling a lot of unregulated coal?
So Seiden has the US shell company - SCEI and has an empty Chinese shell company TSCE. But TSCE isn't legal yet in China since its "chop"less. And to add insult to injury Ren is still the head of the empty Chinese shell. No one knows if there are any assets left. And Seiden doesn't have access to any "financial information."
You say that the company is "Almost Back in Business!!!" when all there is is continued legal maneuvering and press releases.
"You say that the company is 'Almost Back in Business!!!'"
...ugh, I didn't realize I needed to post a disclaimer, but, well: that headline was snarky.
(Yeah, be patient -- a few more quarters won't hurt you -- soon enough they will have legal access to the financials in Chana to enable them to file new SEC reports to show the company never earned the revenues it claimed and was a sham from the start for the purpose of duping lazy investors. That should be obvious to you by now. Coal slurry would never make much profit, it's only good for pipeline transport and moderately more-efficient combustion -- not cost savings! And why deny the Receiver and his posse -- and Weinberg's affiliate -- the right to earn thousands more in fees from gullible investor types? WHAT DID YOU EXPECT? $100 million in "Thornhill-verified" cash sitting in a bank account???)
Ren & Co. (with the well-paid support of Loeb, Weinberg, Thornhill, etc.) did raise money by scamming investors... but it was nowhere near $100M -- and to the extent it was a scam there is zero reason to believe the perpetrators would leave cash sitting around for years to be confiscated.
The $100M figure was based on the fiction that they also earned astronomical profits from running a business. (And completely implausible if you think about the business.)
And the simple evidence that there isn't any meaningful cash, is that the market cap of the stock has been negligible for years... if there really was $10-20M in value, the shares could have been repurchased, or taken private, years ago.
[And why would you believe anything reported by the facilitating firms -- do you not understand that they were paid high fees to entice investors into believing a bogus story? Call up Debby @ Crystal -- she was paid to actually tour an (inactive) wet-coal facility and report about it.]
Ren got $30M in the secondary and I couldn't find out how much he got in the IPO. So $100M isn't out of the question.
As far as leaving cash around to be confiscated - of course Ren isn't that stupid. No he put the money into secret bank accounts that will never be traced back to him.
I don't know why you keep talking about the stock when I am talking about Ren. Of course the stock is worthless. But Ren is a very very rich man. His scam was highly successful!
Okay, sorry, I thought you were implying there was a "secret bank account" with cash that shareholders of this stock could somehow gain access too. I gather we both agree that the money raised for this stock was swindled, and the shares now worthless.
As for how much was actually raised: this is a quick reply, but my recollection is the after-fee proceeds from the secondary was closer to $20-25M, but I haven't looked it up lately. There was no IPO (this was an RTO). If I remember correctly, there were 2 PIPE offerings raising about $20M (again, I didn't go back to verify). Plus, there was whatever money was raised in China from local investors who were sold chits that got them restricted shares in the US once the RTO was completed. But some of the PIPE investors sold into the secondary offering too.
Out of that, was all the money paid to -- or shared with -- Gareth Tang, Loeb, Weinberg, Thornhill, R&R, Peng Zhou, CER, RedChip... and all the loyal "employees" and affiliates who helped bring you this lavish production!
(Not to mention the actual cost of building and staging the facilities.)
Case Description: CV14-00484 - KENNETH RECKER, ET VS SINO CLEAN ENERGY, INC
Docket Entry Information
1520 - Declaration (03-Jun-2015): DECLARATION OF ROBERT W. SEIDEN, ESQ. IN SUPPORT OF MOTION TO HOLD SCEI CHAIRMAN BAOWEN REN IN CONTEMPT OF COURT RECEIVER ORDERS - Transaction 4982581 - Approved By: CSULEZIC: 06-04-2015:09:01:40
So, sue the receiver in federal court, then you can be the new receiver, and be in charge of collecting fees owed to Robert Seiden.