no answer at all rbt. I accused you of being a shill for the China cabal that is trying to steal the stock from American owners. Everything you have done is consistent with this. Are you a Chinaman?
I think that his obtuse and ignorant postings are "an act" I think he is a boy with an agenda. You have observed how emotionally defensive he is for Director Fast-times Don Yang. In my opinion it is Director "Don" fast-times who is trying to steal the company. Merrill Boy in China, educated at Wharton, these guys are all devious kreeps. And my guess is that the dunce rbt mumbling meaningless negatives is their shill. for what it's worth.
anyone who reads your posts knows you are slow or feigning ignorance, so please....
Do you know what a judgement is? Do you know how a judgement "attaches" to the assets of the so-adjudged? Do you recall how many shares of CHNG (the american stock) were owned by Q-Ji? Do you think that when the Trustee sells the 10 or so respective vie, that any of the proceeds after the creditors, will make their way to the previous ownership interest of Ji? It appears as though your boys in China, Yang, et al, are in the process of phooqing Q-Ji. Whaddayathink?
I think you misstated your point, the current ratio is 1.95 which is current assets to current liabilities. The debt-equity ration is conservative. Your point well taken.
it is not the loan company, turb-blommum, it a personal claim against CHNG Director Fast-times Don Yang and CHNG ceo Q-Ji. Have you been paying attention?
including the pending litigation is America against Q-ji and Fast -times Don?
let me reiterate "the entire mess as a fraud being perpetrated"
Each of the subsidiary companies located in PRC is a going concern. Each company has its Provincial legal authorization and each has separate chart of accounts. Each can borrow. The lender #$%$ the credit worthiness of borrow. The separate companies stand alone and operate on their own respective strength. The assets owned by CHNG are simply the CHNG claims to ownership of each of the subsidiaries. What CHNG owns as assets are respective "net worths" of companies in PRC that remain in daily operation oblivious to Abax. NY BK Trustees, and all of the propaganda and BS of one demented rbt.
you just stated this; "Because of no action in China he in bankruptcy can take control of every thing
Chng refused to provide information and such
Because of time and chng would not cooperate he would rule on every thing
Even if a Chinese court ruled another way he could change
Chng signed the loan
that makes the liable to US laws"
the statement above, made by you contradicts what I said. How can it be the same? Is this your cat chasing its tail again, your 3rd grade antics?
you say "Chinese Court", however that seems to be the essential missing piece which exposes the entire mess as a fraud being perpetrated. A loan that is in default always has a legal remedy. First remedy is collateral, however it appears as though Abax failed to perfect or was not able to get it up as they say. The losers they appear to be. Their second avenue of collection is the court system. The promissory note had an Arbitration agreement. However none of these avenues pursued by the creditor. The only act on their part was the Involuntary BK filed in new yahk. Which has now taken two years, hundreds of thousands in Trustee expense, attorney expense and the loss in time value of money. All the while the company permitted to "go dark". And the boys on wall st will look you in the eye and tell you that it is the shareholders who count and to them is owed all fiduciary duty. What a yoke.
the note signed states which laws apply to the process of collection if necessary. If CHNG, the Delaware corporation signed the note, and as you say the note stated the laws of the state of Delaware, then the collection for the loan in the court of law does not happen in BK but in a proper venue pursued by the attorney for Abax in the state of Delaware. I have not seen the note, rbt you have stated that you have seen the note. What does it state? I do not know if you know this rbt, but CHNG has little if any cash flow, the only way they get cash is from dividends of the subsidiary. I am certain that "fast-times" Don, Director Don is aware of this. Which of the VIE signed the note? They are the ones with the cash flow, why not pursue them? Are we dealing with morons, here, rbt?
a promissory note always includes a phrase about the jurisdiction for collection of the note. The note originates Hong Kong, the jurisdiction for collection is Hong Kong. Not New Yahk City, not Delaware, but Hong Kong, the location of the creditor.
rbt has some idea that the note has two signors, one being CHNG and he cannot specify the name of the other obligor. He then states that if CHNG is pursued, then it is law of USA and if vague and nebulous "other" vie interest, then in China. Big difference between Hong Kong and Xi'an Shaanxi province of PRC. Oh how little rbt no!
there has been no suit filed against CHNG by the loan company.
An involuntary petition for ch 11 bk is not the filing of any suit. A bk court is not a court of law where cases for collection of defaulted loans occurs.
there is nothing you or I can do. The assets of CHNG are owned by the Trustee in CH 7 BK. That simple. The Trustee is under to sell the assets to pay the "proved" creditors of the estate. The only Creditors to the Estate were the three Abax related totaling close to $60 million. The controlling ownership in 10 respective VIE located across three provinces in the PRC. The 9/30/13 Sec consolidated balance showed book value greater than $10 per share. The CHNG has opted under sec permission to "go black." As far as we know, all of the VIE remain as going concerns. No part of the company was ever "insolvent" and yet this time-less stretch for the BK Trustee to line up the garage sale. The trustee is in a world of hurt if he returns "0" to shareholders. If he does this, is he taking a personal bribe from Chinese who are defrauding the American shareholders? Well... clan we will have to wait and see what transpires. You and I are paying the Trustee $400 per hour to tour China, kick the tires, throw a few parties, taste a few "pastries" and well you have seen how the attorney class takes theirs first. That is where we sit. The book value of the company, last time we had cpa attested valuation was greater than $10 per share.
highly leveraged? Total assets $300 total debt $60. Debt Equity ratio only 25%. Want to restate that rbt? or is this the mumbling bs, lies, and hs that is you normal.
the lawsuit is pending, you say. That is in direct contradiction to what one rbtsherman has been stating on this very board. For the life of me.
the "steel" may be in the various republics of the PRC, the ownership claims, the vie, reside at the holding company level on the books of CHNG. CHNG holds the controlling ownership to separately chartered companies in the PRC. Think of this as owning the shares to separate subsidiaries. When the trustee has the garage sale, he will not be selling steel.
If you have paid attention, you recall the $800K sec penalty to Q-Ji and Chng that was promptly paid.
If this were to set a precedent that the respective vie were "worth-less" in America, then the sheet heats the fan as they say and baba et al are Bernie Madoff scams. This may well be precedent setting. If you were the sort of person to think about such things.
a D & O claim does not go to the company, especially if the company is in CH 7. Q-Ji was a director and an officer, his failures of duty caused the suit. The plaintiffs have already attained judgement against Qinan Ji in the amount of $10 million, the judgement has not yet been filed. Filing is a clerical matter.
"Sorry you will get zero"
Very childish rbt. Do you have the foggiest notion of when my first shares were purchased and for what price?
Your arrogant tone seems to imply that you have some inside China information. Are you a Chinaman?
in a CH7 there is an "automatic stay" imposed on the assets of the company, in this case CHNG. Creditors must submit proofs of claim, proving their respective amounts due. The lawsuits are pending, with exception of a claim from classaction against the $15m D&O claim. There are no other class actions in process. The reason that the lawsuits are moot is this: CH7 requires insolvency. SEC balance sheets attested to by cap firms state in black and white a book value greater than $10 per share. So what is this bk judge doing affirming a CH7 liquidation? Something strange going on here. Each of the 10 separate companies was a going concern. added information indicates that the subsidiaries have grown into lng terminals on the Yangtze, to the tune of $25 million. And how... if the company is in CH7?