Shareholders own Abat and are entitled to know what is going on within OUR company. I am tired of all the excuses of why they can't officially report over the last 3 years ranging from hiring a new CFO to the current law suit which could drag on for years . We the owners have to basically beg for information which would have no impact on the the suit. We have asked to be patient and I think 3 years is long enough. I question the honesty and integrity of Mr. foo who promised to raise the stock value and instead brought it down to a new low of .20 a share. What can we as shareholders and owners do to take our company back?
Sentiment: Strong Buy
Some of the owners of SCEI stock formed a group that filed a 13D last week. Abat shareholders could do the same. You can find info on this on the SCEI message board. There is a news release on the SCEI summary page about the 13D with the SCEIOWNERS address at the bottom. f you have any SCEI stock and want to join email the address. ..there were around 230 of these Chinese small caps to start with and many have seen their stock price collapse. I think there is value is some.
=Some of the owners of SCEI stock formed a group that filed a 13D last week.
It was filed 24 days ago and not last week. Here is the difference between the two companies and why a 13D is a wasted step with ABAT. SCEI is a Nevada corporation. It takes 15% of the shareholders there to force a shareholder meeting. The 13D was filed to try to recruit enough shareholders to reach the 15% threshold to take action in the Nevada courts.
ABAT is a Delaware corporation. It doesn't take 15% of the shareholders to force action. It only takes a single shareholder or board member to force a shareholder meeting at this point. A 13D by itself is useless. It did nothing for the stock price and did not elicit any response from management. It is only when they accumulate representation of 15% of the shares that things get interesting.
I agree that all SCEI shareholders should contact the group and join in the efforts. I also agree that any one ABAT shareholder should begin the process of forcing management to uphold their fiduciary duty to shareholders.
I told you exactly what was up with Jim Sutter. He talked big and then the company paid him off with some insider information. He got everybody to hold back and wait a few months. Well... his few months are long gone. He got out on the last pump & dump and played you all for chumps.
Joel said that ABAT and Foo would be out of integrity by April... of 2012. Just what are you waiting for before you wise up and realize your money is gone? You will sit on your dead money until next year only to find out that settling the lawsuit doesn't change anything. ABAT is tainted goods and no institution or savvy individual investor will touch a company with their long record of self-dealing and failing to disclose related party transactions.
BP has much larger legal issues than does ABAT yet they communicate with shareholders and world through the press daily. I think there's something else afoot with ABAT's years of silence. Maybe its a cultural thing, maybe it arrogance ("stupid shareholders, I wish they'd stop bothering us"), maybe we've all been sucked into the rabbit hole by ABAT?
What if we held a shareholders meeting and no executive ABAT showed up? Would you fly to China for a shareholder's meeting given the current value of your investment, past 3-years' communications history and shareholder treatment. Not me...
Perhaps Joel can give his opinion, if he is still on this MB. Joel, you have met Fou at the opening. Is it a good idea, if you contact Fou to give us, shareholders, some fresh air to breathe?.
Hi bee1 ... " the current law suit which could drag on for years"
If you access PACER documents regarding the initial "class" suit you will see it IS NOT approved by the court. The Honorable Judge Colleen McMahon gave Pomeranz additionally more than 1/2 year to satisfy the court. Which they did not turning the current follow-up action an attempt to further damage ABAT.
To state the current lawsuit could last for years is both misleading and short based. And, perhaps, an indicator the plaintiff understands what he signed on to. It's much better for the plaintiff to buy shares and ride the good news of settlement to a multiple of current beat down trading value. You have the power to do this as you are the hinderance for all of us seeing much higher trading value. You know I'm right.
Sentiment: Strong Buy
=What can we as shareholders and owners do to take our company back?
Just ask any corporate law attorney what your options are against a company registered in Delaware that hasn't had a shareholder meeting in over 13 months:
"If there be a failure to hold the annual meeting or to take action by written consent to elect directors in lieu of an annual meeting for a period of 30 days after the date designated for the annual meeting, or if no date has been designated, for a period of 13 months after the latest to occur of the organization of the corporation, its last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, the Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director."
It only takes one shareholder and the eligible date was Dec 28th of last year. amazing not one person has availed themselves of their legal right. It shows you that there isn't a single institutional investor or savvy individual investor holding ABAT stock. Just some very naïve people are left. I have empathy for your losses, but no empathy for someone who won't take action to change the outcome and just takes it from a corrupt company.
It IS your company... how come nobody here treats it as such?
You are a very knowledgeable person. Also, you think very clearly. If you are a shareholder then why don't you request a shareholder meeting. I will support you with my shares.
If you are not a shareholder then why not buy ten shares and become a shareholder. I will pay for your ten shares. You can then lead us out of this mess. I am sure many like me will support you.
What is your decision? Please post.
Mr. foo did not promise to "raise the stock value" and did not "bring it down to a new low".
I question your honesty and integrity posting such garbage.
He said loyal shareholders should be rewarded and stocks trade in a stock market (I know lbcb, it's a market of stocks, not a stock market).