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China Natural Gas, Inc. Message Board

lemew 84 posts  |  Last Activity: Sep 12, 2014 10:30 AM Member since: Apr 5, 2013
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  • Reply to

    imagine... this scenario

    by lemew Jul 4, 2014 4:20 PM
    lemew@frontier.com lemew Jul 6, 2014 2:02 PM Flag

    "The Us law suits are sueing chng ,not the president or any person"

    can you name a single lawsuit that does not charge members of the board of CHNG as defendents?
    The Vandevelde suit charges Don Yang and Quinan Ji as defendants.

  • Reply to

    imagine... this scenario

    by lemew Jul 4, 2014 4:20 PM
    lemew@frontier.com lemew Jul 4, 2014 5:36 PM Flag

    I might add that the $8 total price (which liquidates all debt) is roughly equivalent to 1 X annual revenues and represents only .80 of 9/30/13 book value of $10. FYI a sale would command 2X annual revenues and at least 1.5 X book value. That price would be $15.00 per share, but if you subtract $3 per share (of debt) then the net to shareholders would be $12 per share. So there you have it, worst case $5 per share, best case $12 per share. Now.... who does the trustee in BK work for?

  • lemew@frontier.com by lemew Jul 4, 2014 4:20 PM Flag

    The lng plant vre sells for $4 per share, this covers
    the plant, licenses, and work in progress on phase 2.
    The cng stations vre(s) sell for $3 per share and the
    utility with natural gas delivery for 122,000 residence
    sell for $1 per share.
    All debt and penalties are wiped from the lng vre sale
    with $1 per share to spare. Add that to the $3 for the
    stations and the $1 for the utility and you get a net $5 per shareholder.
    All monies payable in America with a lien of attachment placed on
    funds that go directly to either Q-Ji or Fast-times Don Yang personally or to any significant interest of theirs due to their contingent liabilites in class action
    suits pending court final decisions.
    Hope you have a bang of a fourth.

  • Reply to

    I think it is true... but I am not certain of this

    by lemew Jul 3, 2014 12:08 PM
    lemew@frontier.com lemew Jul 3, 2014 7:52 PM Flag

    rbt,
    you sound like my wife, you're not German are you?
    so.... there was no preference to the class, eh? imagine that.
    Book value is greater than $10 per share according to the data taken from the last 10-K SEC filed. The subsidiaries of CHNG or vre as you wish, are all going concerns. The BK will have no affect on their respective PRC operations. Explain to us Herr rbt, just why you don't see the class actions gone? CH 7 requires a provable claim, isn't that correct?

  • Reply to

    I think it is true... but I am not certain of this

    by lemew Jul 3, 2014 12:08 PM
    lemew@frontier.com lemew Jul 3, 2014 5:24 PM Flag

    you missed the point, rbt. the class actions are now gone. the members of the class will receive zero. remember your boasts about how you, rbt, were going to cash-in as a member of the class action? How much cash did you just lose as the CH 7 negates the class actions? Remember, the judge was going to just let them, the class actions, "add on" what they wanted and take it out of the till? Tell us rbt. How much did this action cost you personally?

  • Reply to

    I think it is true... but I am not certain of this

    by lemew Jul 3, 2014 12:08 PM
    lemew@frontier.com lemew Jul 3, 2014 2:46 PM Flag

    ah haa, glad to hear a second opinion on this. I do believe that the BK is feigned for the purpose of defrauding American citizens. We'll see what happens.

  • that the CH 7 Liquidation of assets by the BK Trustee negates the class action law suits with
    respect to CHNG, the corporation, but does not affect the class actions with respect to the directors
    who were charged in the class action.

  • Reply to

    the Trustee now owns the VRE claims

    by lemew Jul 2, 2014 2:35 PM
    lemew@frontier.com lemew Jul 2, 2014 7:24 PM Flag

    you know well that the corporate obligation to the three separate hedge funds could have been modified to accommodate what are liquidity problems. this is at the complexity level that 3rd graders can understand, eh, you rbt have acknowledged this several times. Why Abax wanted to force BK? To steal the company, maybe? Are you beginning to get the picture?

  • Reply to

    the Trustee now owns the VRE claims

    by lemew Jul 2, 2014 2:35 PM
    lemew@frontier.com lemew Jul 2, 2014 6:59 PM Flag

    rbt,
    fyi, a CH 7 is usually referred to as "liquidation" of assets. That is because the company in CH 7 is insolvent. Well, CHNG is not insolvent. It's book value is greater than $10 per share and it earns approx $0.60 per share. these are not my opinion, these are according to the data taken from most recent Sec reports. If you went to the Jingbian LNG plant you would observe a "going concern". Same with the utility providing natgas to 122,000 residence. Same with the 20-30 cng refueling stations spread across 2 to 3 provinces. Indeed, the utility and the CNG stations standing alone generate approx $1.00 in eps alone. As I have explained before, it is the LNG plant that has been dragging on earnings, and that is due to its small small margins, a condition most likely improved. What would you give, rbt for the Jingbian Plant, the LNG plant? Do you think a NY Trustee (have you ever seen one of these guys?) will be able to parlay a better price for creditors and share holders or... do you think this is all a parcel to a bigger skam to zero the value in America by a fraudulent and purposeful feigning of BK?

  • of ownership previously owned by shareholders of CHNG.
    The trustee holds a garage sale at his home offering each or all of the VRE claims of PRC ownership to his neighbors, none of whom are Chinese. The point is, will the Trustee need to fly to Shaanxi Province and verify and inspect the underlying properties that constitute the corpus from which ownership value can be determined? And then will he need to entertain bids from citizens or corporations of the PRC? And he, the trustee also has a so-called fiduciary duty. With a book value greater than $10 and eps greater than $0.60 it is hard to make a claim of insolvency.

  • Reply to

    A little history of the Abax affiliates

    by lemew Jul 2, 2014 10:49 AM
    lemew@frontier.com lemew Jul 2, 2014 1:19 PM Flag

    and if you are talking about the warrants offer in the loan agreement, the $7+ is the warrant from CHNG to Abax that they, Abax have the privilege to purchase a sum certain of shares at $7+ (where Abax buys from CHNG by paying money to CHNG) over a certain period of time. that time I believe has expired. There is -0- value in those words at this date for Abax. Are you feigning the ignoramus role again or do you really not understand this?

  • Reply to

    A little history of the Abax affiliates

    by lemew Jul 2, 2014 10:49 AM
    lemew@frontier.com lemew Jul 2, 2014 12:36 PM Flag

    who is it that gets over $7 a share and where does this $7 per share come from? If you are talking about the class actions, they will get nothing from CH 7, they have no sum certain claim, they are but a contingent liability that is contingent upon winning in court. Which they have not accomplished.

  • Reply to

    A little history of the Abax affiliates

    by lemew Jul 2, 2014 10:49 AM
    lemew@frontier.com lemew Jul 2, 2014 12:33 PM Flag

    which vre, the one that sits in the partial ownership of the lng plant?
    In a CH 7 the trustee will be holding the assets for sale to the highest bidder.
    There is no take-over here, they have to offer value, cash value to the trustee, then
    he, the trustee pays out creditors in order of preference as determined by the legal accord.

  • On 11/1/10 HRBN announces that the CEO Tianfu Yang is taking the company private at an announced share price of $24 per share.
    The share price had tumbled in USA due to articles claiming “fraud” as was the case for most PRC reverse mergers.
    On 11/30/10 HRBN reports on SEC 13-G that a group of ABAX affiliates have purchased 1,692,020 shares representing 5.4% of the outstanding shares of HRBN stock.
    The Statement on Schedule 13G was filed by and on behalf of:
    Abax Lotus Ltd. (Cayman Islands) Abax Jade Ltd. (Cayman Islands) Abax Global Opportunities Fund (Cayman Islands) Abax Upland Fund LLC (Delaware) Abax Arhat Fund (Cayman Islands) Abax Claremont Ltd (Cayman Islands) Abax Global Capital (Cayman Islands) AGC3 Ltd (Cayman Islands) Abax Global Capital (Hong Kong) Abax Nai Xin A Ltd (Cayman Islands) and Xiang Don (g) Yang.

    The signed statement affirmed “By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any trans action having that purpose or effect. “

    When American sellers were shedding shares, Don Yang and is affiliates were purchasers. And what good luck they all had at the closing about one year later at or about 11/03/11. China Development Bank provided financing and everyone did well.

  • Reply to

    so CH 7 it is

    by lemew Jul 2, 2014 5:19 AM
    lemew@frontier.com lemew Jul 2, 2014 10:35 AM Flag

    If, I recall, you stated that the Judge would deliver the plant to the China Development Bank/Don Yang in his myriad of Bahama registered hedge fund speculators. Is that what has taken place? Do you know what a CH 7 is? Do you know what the Trustee does?
    It is correct that you are right, your boy Don Yang steals the company from American ownership. And I suppose that you are happy and proud of that, but that makes you a bit of a sicko, eh rbt?

  • lemew@frontier.com by lemew Jul 2, 2014 5:19 AM Flag

    Law360, New York (July 01, 2014, 4:11 PM ET) -- A New York bankruptcy judge on Tuesday pushed China Natural Gas Inc.’s Chapter 11 case into a liquidation, saying a trustee might have more luck than creditors at monetizing the unresponsive Chinese natural gas pipeline operator’s assets.

    U.S. Bankruptcy Judge Sean H. Lane’s decision converting the case to a Chapter 7 proceeding aligned with the wishes of the U.S. trustee’s office and the hedge funds that forced CNG into involuntary bankruptcy in February 2013. Ruling from the bench, the judge said the relief was appropriate in..

  • Reply to

    specifics about the defaulted debt

    by lemew Jul 1, 2014 12:20 PM
    lemew@frontier.com lemew Jul 1, 2014 12:26 PM Flag

    one further point with respect to DB Trustee "DB Trustees (Hong Kong) Limited operates as a subsidiary of Deutsche Asia Pacific Holdings Pte Ltd. and Deutsche Bank AG"

  • On December 30, 2007, the Company entered into a securities purchase agreement with Abax Lotus Ltd. (“Abax”) and, on January 29, 2008, the Company entered into an amendment to such agreement with Abax (as amended, the “Purchase Agreement”). Under the Purchase Agreement, on January 29, 2008, the Company issued to Abax $20,000,000 in principal amount of the Company's 5.0% Guaranteed Senior Notes due 2014 (the “Senior Notes”) and warrants to purchase 1,450,000 shares of the Company's common stock (the “Abax Warrants”), and on March 3, 2008, the Company issued to Abax an additional $20,000,000 in principal amount of Senior Notes. The Senior Notes were issued pursuant to and are governed by an indenture (the “Company”) the Company entered into on January 29, 2008 with DB Trustees (Hong Kong) Limited, as trustee (the “Trustee”).

    as you can deduce, there does not appear to be any collateral, and the debt was an indenture that was entered into with DB Trustees of Hong Kong and "sold" to Abax Lotus Ltd. These notes then have nothing uncommon about them and their calculation in sum can benefit from the counsel of the Trustee, DB. At least you would think.

  • lemew@frontier.com lemew Jul 1, 2014 11:59 AM Flag

    let me beat you to the punch, It was this Abax Lotus ltd. listed as one of the three creditors. But the other two? One is a Cayman Cousin (of ill tax repute), the other a California Hedge Funde under a Wilshire Securities ownership. And who is the judge going to transfer the vre ownership of the plant to? The Cayman Island company? To operate a LNG plant in the PRC? unlikely it all sounds very devious on Don Yangs part.

  • lemew@frontier.com lemew Jul 1, 2014 10:41 AM Flag

    and... is this the company that made the loan to chng? Why are they, Abax Lotus Ltd Cayman Islands not listed as a creditor to CHNG on the BK petition? Did they sell participate for transfer in some derivative form the obligation under question to the three separate "creditors" listed in the Petition? tsk tsk rbt, the Cayman and the Bahama are separate places. Do you always get things wrong?

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