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Focus Media Holding Ltd. Message Board

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  • matt.berry01 matt.berry01 Apr 25, 2012 8:43 AM Flag

    Taking seals to maintain control of a business is apparently not alien to FMCN

    Inserted into yesterday's Amended 20-F (re: 2010)

    "We rely on the company seals, financial chops and business licenses of our PRC entities or our legal representatives for entering into contracts, conducting banking business, or taking official corporate action of any sort including registering any change to the composition of the board or management with the relevant PRC authorities. Accordingly, if any of our legal representatives obtained and misused or misappropriated our corporate chops, seals, business licenses or other controlling intangible assets, whether as a result of an employment or other dispute, such person’s malfeasance or any other reason, we could incur economic damage and disruption to our operations that may necessitate corporate or legal action. Such corporate or legal action could involve significant time and resources to resolve while distracting management from our operations. In particular, during any period where we lose effective control of the corporate activities as a result of such misuse or misappropriation, the business activities of the affected entity could be disrupted and we could lose the economic benefits of that aspect of our business which may negatively impact our business and reputation."
    http://sec.gov/Archives/edgar/data/1330017/000119312512178463/d306631d20fa.htm

 

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