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CHINA TEL GROUP INC Message Board

  • pdidgood@ymail.com pdidgood Apr 19, 2010 2:25 PM Flag

    Trust F (968) IMPORTANT SHARE DUMPING

    From Dec 17, 2009 to Jan. 22, 2010 A Trust named TrustF(968) dumped $2,983,495.00 worth of shares.

    Does anyone know who controls this trust and why it received shares? This trust dumped while Tobin was pumping his buy and hold as hard as he could. I think the SEC will find a lot of info attached to these transactions.

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    • You're welcome, Long. Anytime.

    • Thanks.

    • Long, please read CHTL's 10-Q for the period ending June 30, 2008 (filed with the SEC on August 18, 2008) and you will have your questions answered. I will post a couple of excerpts from such 10-Q for your benefit.

      7. CONVERTIBLE NOTES

      Pursuant to an offering of convertible notes due December 31, 2008 in the aggregate principal amount of up to $25 million dated February 12, 2008, and as amended on March 27, 2008, the Company has accepted, as of June 30, 2008, a total of approximately $29,000,000 in subscriptions, of which approximately $26,000,000 was received as of that date. As of June 30, 2008, the Company had approximately $3,000,000 of funds in transit. The convertible notes bear interest at 10%, and can be convertible, together with accrued interest, into shares of common stock of the Company at $0.95 per share pursuant to the note agreement. During the period ended June 30, 2008, approximately $1,150,000 of the outstanding notes were converted for 1,208,507 shares of the Company’s common stock.

      LIQUIDITY AND CAPITAL RESOURCES

      As of June 30, 2008, we had cash of $2,230,885, construction in progress of $32,996,825 and $3,126,108 of funds to be transferred related to our issuance on convertible notes. All of which represent our total current assets of $38,353,818.

      From inception (April 4, 2008) through June 30, 2008, we raised approximately $29,000,000, including the $3,000,000 of funds to be transferred, related to our offering of our convertible notes. Subsequently, we have raised an additional $875,000 through August 1, 2008. This offering has recently been increased to $45,000,000.

      We have utilized approximately $16,000,000 to fund advances for a major portion of our vendors and suppliers related to our construction in progress and administrative expenses, approximately $3,000,000 related to commissions on our convertible notes, and $5,000,000 for our initial investment on the design and development of the Chinese WiMax system.

    • What if there weren't any notes?
      The Notes were from the initial fund raise. Private investment notes with interest for 1 year when it was expected the PRC would issue licenses, the initial PIPE would fund and it all goes golden.
      Waiting for licenses, CHTL/Truss built the initial Beijing network to be ready for the '08 Olympics. CECT has been operating on that operation since that time. The money went to the costs of the raise, initial build and expenses including initial payment on the 'note' of question.
      The PRC held ALL Wimax licenses up while they fiddled with spectrum and control issues. As the funders lost interest...went into Coal. Then Runcom looked like a suitor but the licenses were still in limbo. By the time the Licenses were issued, the credit markets ran dry. That was early 2009.
      No notes, no company to begin with from what I see.

    • What happened to the proceeds?

      What if there weren't any notes?

    • You really have no clue, kid. Leave the computer lab and go back to your classroom.

    • pdidgood@ymail.com pdidgood Apr 20, 2010 1:43 PM Flag

      This fc moron is really in a bunch about the notes and Mexican Trust. We've heard about wealthy Mexicans and all other distractions he can think up. When the Trust gets looked into there's going to be a little problem with the notes.

    • And who are the Mexicans to which they're shoveling shares at a 20% discount to market -- who allegedly loaned CHTL funds, for what (there are no assets), and where did the cash go?

      May be CHTL's "ace" CFO knows?

    • It is funny how a handful of posters are 100% sure this stock will totally tank on its own merits, yet they feel compelled to show up here and relentlessly state this via roughly 2500 posts between them.

    • Then, let it implode. If that is the case, then it doesn't need bashers like you.

      Now leave. You are going to be late for school.

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