China Natural Gas Corp to shut Yan’an LNG plant on 10 March
14 February 2014 07:00 Source:ICIS News
SINGAPORE (ICIS)--China Natural Gas Corp is planning to shut its 2 million cubic metre (mcm)/day gas liquefaction plant at Yan’an in Shaanxi province on 10 March for a routine turnaround, a company source said on Friday.
the insurance company has a $15 million loss confronting them, the insurance co, if the class action plaintiffs win the suit. It makes no difference, what you, rbt-tne-devious want in the matter. And the lawyers for the class action are not fee based, they take only a slice of the pie, but then only if they win. With the dismissal of the accountancy suit, their likely hood of winning is slim.
I do not know if this is cause-effect, but it seems to correlate inversely to my blood pressure. Not certain whether this makes things clearer for you.... but it may also have something to do with the price of oil coming down and the book value being a quasi floor value.
have you entirely missed the point? The plaintiff's atty is asking for the relief from auto stay so that the class action suit can continue proceedings. Your argument has been that it is the BK judge that will rule for the civil action claims!
Are you a listed plaintiff in in either of the class action civil suits?
rbt, your post from mar 06: "The only thing left is against the company and thats in bankruptcy court
You want details of the suit than go to the filing
I read it a long time ago and was asked to be part of it,both suits
I declined both but will be included in second as they have won a whole class suit
I wanted the company to be successful so I did not join the suits "
March 23, 2015
(c) 2015 Dow Jones & Company, Inc.
Investors who bought China Natural Gas Inc.'s publicly traded shares before the company's bankruptcy want to move forward on their lawsuit over securities violations, hoping to be paid from the company's $15 million insurance policy.
In court papers, a lawyer who represents shareholders of China Natural Gas , which distributed natural gas throughout China, asked a federal judge make an exception to the bankruptcy rule that automatically halts lawsuit, enabling the class-action lawsuit to advance
and here one rbtsherman has stated that the judge has already decided what the plaintiffs will receive.
As the Krone gets weaker to the dollar, the less valuable the STO stock.
For example, a year or so back, the Krone traded at 5.6 Krone per USD.
This exchange rate difference translates from the $16 value range today, to 24 value
if the Krone traded at the stronger rate.
The central bank of Norway manipulates the exchange rates and this is a detriment to
the domestic value of the stock in America. The point is simple, factor out the exchange rate
difference and you observe quite a different result.
and to compound your problem, rbt, the historical cost basis of some of these acquisitions have likely appreciated in terms of USD as the Yuan required to buy 1USD in 2005 was 8, it is now only 6, i.e. the value today as much as 25% greater in USD.
the CHNG claim is vie. This makes the separate charters for each and every down range subsidiary moot, just like BABA, eh? The consolidated balance sheet is a snapshot of the values in proportion to ownership interest prepared by company, audited by cpa, and signed by the ceo of CHNG, Qinan Ji. or Shuwen Kang. (don't know if you have ever heard of him before, eh?)
and if you have been following the debate, that astonishingly stupid rbtsherman, has limited his valuation of the company to the Jingian Xilan LNG co. When indeed, the larger range of value sits in the nine other companies. Rbt keeps taking in terms of value of the plant, the lng plant and that the plaintiffs in the lawsuit are going to receive 25% of the proceeds ar $40 mil. Making the plant, the long plant alone worth, in rbts mindset worth $160 mill. Wow. What about the $20 mil lng bunker in Yidu City?
and the consolidated book value of the assets across these separate interests is at or about $300 million. When the Trustee sells these separate interests what do you thing he will be offered for each?
Xian Xilan Natural Gas Co., Ltd., a limited liability company incorporated under the laws of the Peoples' Republic of China ("PRC") (VIE)
Jingbian Xilan Liquified Natural Gas Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of the VIE)
Shaanxi Xilan Natural Gas Equipment Co. Ltd., a limited liability company formed under the laws of the PRC
Henan Xilan Natural Gas Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of the VIE)
Shaanxi Xilan Auto Body Shop Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of the VIE)
Lingbao Yuxi Natural Gas Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of the VIE)
Henan CNPC Kunlun Xilan Compressed Natural Gas Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of the VIE)
Xilan Energy Co., Ltd., a private company having a share capital formed under the laws of Hong Kong Special Administration Region of the PRC
Hubei Xilan Natural Gas Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of the VIE)
Hanchuan Makou Yuntong Compressed Natural Gas Co., Ltd., a limited liability company formed under the laws of the PRC (subsidiary of a subsidiary of the VIE)
your comment rbt:
"So the whole board and committee where crooks ,period"
Crooks you called them here just a few days ago. Now is that nice, rbt?
do you have a link showing that the china national development bank cut off any help, or are you making this up?
I have you on record stating that the china development bank is in the fast times don yang corner helping the crooks (as you describe them) steal the company.
and from the sec complaint:
According to CHNG’s records, DMX repaid the loan on April 22 and April 27, 2010, prior to maturity, and paid $140,722 as interest on the loan.
According to CHNG’s bank records, the Jintai loan was paid off on May 26, 2010, together with interest of $87,923.
The loans that were the subject to all the downfall in price were each repaid in full with interest paid of greater than $200,000!
the loans were each repaid in full with interest paid on them. No loss to the company. Why would you assert this as Presidents LOAN? What is that supposed to mean. It was a company policy violation period. And included lies by Ji to auditors and the SEC.
from the SEC filing:
As alleged in the SEC's complaint filed on May 14, 2012, China Natural Gas failed to disclose in 2010 the related-party nature of two loans totaling $14.3 million, which were made to benefit a real estate company that was 90 percent owned by Ji's son and 10 percent owned by Ji's nephew. Ji approved both loans without obtaining prior authorization from the board or informing the CFO, and he repeatedly lied to the board, the auditors, investors, and the company's internal investigators to conceal the related-party nature of the loans. The SEC also alleged that in the fourth quarter of 2008, China Natural Gas paid $19.6 million to acquire a natural gas company, but did not timely and properly report the transaction in its SEC filings.
PRESIDENTS LOAN you say rbt? I thought the president used the proceeds of the abax funds to provide the investment funds for this company. The loan from abac to CHNG puts the current shareholders in the owner seat, eh?