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david090963 3 posts  |  Last Activity: Sep 3, 2014 5:16 PM Member since: May 17, 2012
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  • Reply to

    Any large shareholders of WKBT?

    by bagger10 Aug 30, 2014 9:57 PM
    david090963 david090963 Sep 3, 2014 5:16 PM Flag

    I hold over 200K shares and will be happy to participate in an action.

    Since it has already been revoked, shareholders will no longer be able to sell such that they have to come together to take action. It may be quite easy to reach the number for taking the action.

  • Reply to

    Any large shareholders of WKBT?

    by bagger10 Aug 30, 2014 9:57 PM
    david090963 david090963 Sep 1, 2014 6:16 PM Flag

    15% is not required. Read the following sections of Nevada corporate law:

    NRS 78.347  Application by stockholder for order of court appointing custodian or receiver; requirements of custodian; authority of custodian; adoption of regulations by Secretary of State.

    NRS 78.650  Stockholders’ application for injunction and appointment of receiver when corporation mismanaged.

  • Many Chinese companies listed in the US have gone dark while their businesses in China are doing well. Without updated financial information, the share prices of those companies have dropped to below 10% of the book values and some of these companies have been revoked by SEC. Shareholders in the US often do not know what to do to get back their investment in these companies. In my messages on WKBT board , I outlined some actions the US shareholders should/can take to get back their investment. Here I give a short summary as how to take actions to get your investment back.

    To take an action, the shareholders need to keep in mind that US laws can only be applied within the US and the Chinese law can only be applied within China. People and the government in the US often think that US law can be applied to another country such that they think the governments of other countries should recognize the US court orders. This is a big mistake. In fact, China does not recognize US court order and US does not recognize China court order either.

    In order to get back their investments, shareholders need to divide actions into two parts in which one part of the action is done within the US (where US law can be applied) and another part of the action is done within China (where Chinese law can be applied):

    1. Use state business law to get the court to hire a receiver (to dissolve the Nevada corporation). The receiver can then change management of the holding company in the US. This part can be done within the US.

    2. The management of the holding company in the US to take control of and to sell the China business. This step is governed by the Chinese law and is well accepted by Chinese government and very well accepted within the Chinese business environment. In fact, recently US court appointed CRO / Receiver sold the Chinese business of AgFeed Industries Inc (a Nevada corporation) for about 70% of the book value. Less

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