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China Energy Corporation Message Board

  • bagger10 bagger10 Feb 24, 2013 10:09 PM Flag

    Ding cannot be this stupid ...

    OK, I have researched this every which way.

    To dissent and demand more than 14 cents/share is free (CHGY must pay all costs) and pretty simple.

    You dissent, turn in your certificates (all this is done by broker at CHGY expense), and get check for 14 cents/share. CHGY, again at its expense, must seek a Nevada court determination of fair value, which always includes an independent court appointed appraisal (also at CHGY expense).

    CHGY to judge, "Your Honor, please disregard our expert's liquidation value of $2.29, and going concern value of $4.71. You see, in China, we cannot send out dividends or repay capital to foreign investors due to currency controls - before you say anything, we know that almost $100 billion in dividends from China companies were paid to foreigners in 2012 - and yes the Central Government has strongly indictated its desire for easy capital outflows to foreign investors - but the fact is that requires a several line form/notification (approval no longer required) and frankly we refuse to do so. Our major shareholder Ding refuses to and that ends the matter."

    Judge: "Thank you for that accurate and coherent argument. And might I commend the thoroughness of your expert's evaluation report. I am ready to make my ruling: The fact that the market value of CHGY is 14 cents/share because CEO Ding refuses to execute a simple formality allowing CHGY to return any and all dividends/capital to its US investors, is simply irrelevant - though I would be remiss in not pointing out the glaring character flaw on the part of Mr. Ding. What is relevant is that your own filings show a going concern valuation of $4.71 - finding no basis for disagreeing with CHGY's own expert that the going concern value for each share is $4.71 I find for each minority shareholder in the amount of $4.57 ($.14 having already been paid). Case dismissed."

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