wrong! You fail the lie detector test. (funny how your grammar fails extremely when you lie)
on the contrary, rbtshermn, it was last May that you stated to Josh that the company would be bought out by a national in the fall! You seem to have failure in many respects about your logic and your recollection.
I think you are right about that. However, I think I read that they provided financials a few days ago in court and I am assuming that is their year end financials. So I think they will be delivered Monday.
His job... as you put it. Was his job as Director (at CHNG) one of fiduciary responsibility to all shareholders? The answer is yes. How then could he be the managing director of Abax that accelerated the debt when restructure was clearly the route of "solution for all". At that point as Director to CHNG he breached his fiduciary duty. Even you, rbt, with your 3rd grade education (your admission not my accusation) have asserted that the solution to the debt problem was restructure. So... what is so hard for you to recognize the truth? Are you part of a skam or just too dense to perceive this?
back to your 3rd grade routine? I have not called Yang a fraud. He clearly had a conflict of interest as a board member of CHNG and managing member of Abax when Abax petitioned for involuntary BK. I generally refer to Don Yang as "fast-times" Don Yang because I believe that he was trying to "steal" the ownership in CH 11 reorganization.
What I find very interesting, rbt, is your steadfast defense of "fast-times" Don. In my opinion, you are either the shill, or as you label yourself, indeed operating at the 3rd grade level.
about our past director, Merill-man, Wharton-man, Chinese native, and manager of creditor Abax. His resignation letter which states the following: “… management and board have ignored their fiduciary duties to creditors and shareholders of the Company and are trying to minimize rather than maximize the value of the Company in order to return as little as possible to its creditors and shareholders and favor instead the interests of the variable interest entities and their management and ownership. “
This is an accusation by Yang of "fraud" on the part of current management trying to understate the value of the company. How is current management undervaluing the company, the book value is greater than $10 per share? Is this an oblique reference to the minority interest? Don Yang...he is the one who drove the company into BK and he is stating in his public retirement letter that current management is out to "stiff" both creditors and equity holders. When the reorganization plan is put on the table, take a close look at it. The annual financials are due here shortly.
Abax just covered all bases? How, it was Abax that filed the Involuntary BK in New York, eh? They could, without bother, have repossessed or forclosed their chinese interest in a chinese venue without any interference of lawyers in America, Judges in America, and Trustees in America, eh? What is the so-called "cause of actiion" in any Chinese court? You keep referring to this as though it had some meaning, however, you have never identified the court or what the action is about. Ar you making this up? (and spare me the issue of arbitration, arbitration does not take two years)
you sound like a broken record. Abax had a security interest in the assets of the vre(s). Once Abax accelerated the debt and CHNG or the respective VRE (that was on the hook) failed to pay, ABax had the right to repossess, foreclose, and/or market for sale the assets in which it, Abax held a secured interest for payment of debt. Abax with its manager Fast-times Don Yang did not do this. Instead, they, Abax, a Hong Kong PRC based firm filed for Involuntary BK CH 11 in the state of NY even though the company is chartered in Delaware. Why is it, rbt, that your boy, Don Yang appears to be so stupid? Care to answer? (For some reason this is a stalling action...I am right about that, am I not?)
Motion to Extend Time for Filing Proofs of Claim Modifying Deadline Procedures and Approving Form and Manner of Notice Thereof filed by Louis T. DeLucia on behalf of China Natural Gas, Inc. with hearing to be held on 3/13/2014 at 10:00 AM at Courtroom 701 (SHL) Responses due by 3/6/2014,. (Attachments: # (1) Notice of Motion # (2) Exhibit A – Proposed Order # (3) Certificate of Service) (DeLucia, Louis)
On February 18, 2014, an objection to the motion for an extension of the debtors’ exclusive periods to file and solicit votes on a plan of reorganization or liquidation was filed in the bankruptcy case of China Natural Gas, Inc. (f/k/a Coventure International, Inc.) and its affiliates. The filing was assigned docket number 119 and is described on the court’s official docket as follows:
Objection of Abax Petitioners to Motion of Debtor and Debtor in Possession for Entry of an Order Further Extending its Exclusive Periods to File a Chapter 11 Plan and Solicit Acceptances Thereof (related document(s)) filed by Jacqueline Marcus on behalf of Abax Lotus Ltd., Abax Nai Xin A Ltd.. (Marcus, Jacqueline)
you can access this information on Yahoo. click on the SEC (to the left) open this range of reports up, go to the bottom where it states "other reports" and here you will see the 13G et al. If you look at Wellngton from a year ago you will see that they owned a ton of shares. Now, as you say. -0-.
at one time, a few years back, Wellington Mgmt LLP owned 1,697,949 shares of stock or 7.96% of the total shares outstanding. (I am not aware of their ownership position at this point)
not to belabor this point that seems to fly over your head, but what is it that is the "cause of action" in this Chinese court of law? The note amount, if that is what you are referring to was a case for arbitration. Is that what you are mean when you say "loan"? (arbitration of a note amount does not... does not take a year)
"Chng has just asked the court to wait till china rules"
and...what is it, precisely, that china (as you put it) is going to "rule" about?
"On September 23, 2013, Mr. Xiang #$%$ (Donald) Yang provided China Natural Gas, Inc. (the "Company") written notice dated September 18, 2013 of his decision to resign from the Company's board of directors, effective immediately"
The "event" that precipitated the fling of 13G occurred 09/19/13. It always seemed strange (beyond belief) that Don Yang would be a director of the company, significant shareholder of the company, Manager of the chief creditor,... and try to force the company into involuntary BK. The deceit and chicanery plot thickens as far as I am concerned.