"and nobody going after them !!! ............................."
That is because what they generally do is legal under our generally accepted accounting practices. If it were not, their competition would be the first to complain. But having said that, I have no clue as to what Soros's businesses do..But I am aware of Google, Apple, MS, and others who all generally pay taxes in another country for operations located there and then they do not repatriate the cash back to the US to avoid the ridiculous corporate tax rates. But it's all legal......for now.
What Lee did is not...
Company pleads guilty to criminal charge, gets 5 year probation deal + permanent exclusion from U.S. equities. No $ for shareholders
Tweeted by Jon Carnes, about 6 hours ago...
yeah....he apparently showed up and from what I can see, he and his law firm got what they wanted, which was a delay in the Puda Inc summary judgment as well as his pending personal summary judgment and "show cause" hearing.
Currently there is a court mandated order for him to appear at a previously scheduled mediation (out of court) during the 2nd week of Feburary.
From what I can see, (and you are entitled to your own opinion no matter how erroneous) is that Geo finally upgraded their web site to the 21st century.
Their old site design was from the late 1990s web portal design where everything was on the home page.
From my perspective, it was a badly needed update.
BTW....did I mention that I am not Jon Carnes.......
Not that it matters much to someone who still believes that LLEN was legit.
Full docket text for document 481:
ORDER REGARDING CLASS CERTIFICATION granting  Motion to Certify Class. Based upon the stipulation of the parties and good cause appearing therefor, pursuant to Federal Rules of Civil Procedure 23(a) and (b)(3), the Court hereby certifies the additional classes: Section 11 Class (against Puda, Zhao, Brean, Macquarie, Tang and Wizel): Those persons or entities who purchased Puda shares pursuant or traceable to the public offering of Puda shares on or about December 8, 2010, and who were damaged thereby; Section 12 Class (against Puda, Zhao, Brean, and Macquarie): Those persons or entities who purchased Puda shares: (a) directly in the December 8, 2010 public offering from either Brean or Macquarie, or whose purchase of Puda shares was directly solicited by Puda, Zhao, Macquarie or Brean and (b) who were damaged thereby; Section 10(b) Class (against Macquarie and Brean): Those persons or entities who purchased Puda common stock or call options on Puda common stock or sellers of put options on Puda common stock, (a) during the period commencing December 8, 2010, through the market close on April 7, 2011, (b) who did not sell those securities prior to April 8, 2011, and (c) who were damaged thereby. Excluded from each class are all defendants, other officers and directors of Puda (past and present) and members of all of their immediate families, entities in which any and all such excluded persons hold any ownership interest, and any and all heirs, successors or assigns of any of the foregoing. (Signed by Judge Denise L. Cote on 1/12/2015) (mro)
I don't know how one would postpone a date certain that has yet to be announced formally....(far as I know)
As I understand it, the pre-announced actions will happen in the near term, but the effective dates have not yet been announced. Only the intentions...
From the looks of it, taking into account the conversions and obligations that arise from that, they really don't have any choice in the matter. This is not China and they cannot issue share counts in the billions as they do. If this were in china, (for example) they would simply expand the shelf into the billion share territory. (in RMB)
So the reverse split is necessary to reset the table.
It's a shame they got burned on that acquisition.
I would not agree that the mines are worthless....
I think they are worth-less than they were in 2011 perhaps..
I base this on the selling price of coal which forms the basis of the mine value.
Since appraisals of the mine asset values either have not been done since they were purchased, or have been done and are not public, I really don't know what they are worth, nor do I know what debt is written against the asset values..
For example, if the debt ratios are totally upside down now, as a result of the declining asset values over the past few years, then it would follow that the value to common shareholders, (even if the assets were returned) might be very little or zero, as you have stated.
However, we really don't have a clue as to the asset values. All we have are guesses....
China will certainly continue to burn coal, and depending on their economic fortunes, that burn rate may well increase over time.
Coal values are low today, largely because of air quality issues. Also a knee jerk reaction to fraking for natural gas. As the price of natural gas returns to more normal levels, coal will rise accordingly. So I think the coal problems are short to medium term price disruptions.
I don't think China has a lot of hydrocarbon laden shale. They have some, but I think their needs far exceed their potential supplies.
I believe that this is why they are moving to close off the south China sea, and move to control assets globally and they don't care who they screw over to do it. In the end, they have the coal, and they will and are using it. They just need to reduce emissions of particulates...etc..
Just as the US had to do 50 years ago.
So I think the mines still have value..
That's one way......certainly, but I think there are a number of possible options.
For example, he could merge or sell the assets in some sort of monitored deal to another party, which would reveal the value of Puda BVI..
According to Puda's agreement, Puda Inc would not be responsible for SPCG's debt load, but in effect the value of the assets is still the appraised value less liabilities.This number could be negative but we don't know much about the current state of SPCG. Whatever the number is, could be handed over to the SEC for distribution. One of the claimants of course would be the CA. Far as I know, a shareholder vote (since the company no longer reports) would likely not be necessary and the involvement of the court would make it more like a BK. (managed sale) or one could call it a voluntary liquidation.
In cases like this, depending on the amount, the SEC usually forgoes any large fine and distributes the bulk of the funds. Whether or not the current shareholders would take part or not would be the question that I can't answer. The CA would certainly be entitled to a chunk....if there is any chunk...
But in this way, Zhao, would be free and clear of his obligations and past promises (ie:buyout offer) and he would do a deal with the SEC for the violations.
He probably would request that all the defendants be released as well.
The reality of it is that just about anything in between your idea and mine is quite possible. I have no flippin clue at this time.
Yes, but he never intended to use that money for Puda.
I believe it was to fund his agriculture projects. By that time he was also making trust payments to Citic as well.
Without outside assistance via a investment bank or consortium of lenders, he could not come up with the cash, and those efforts collapsed, due largely to things that were not in his control.
I believe that a second attempt was made about a year or so ago, and that fell apart as well due to financial stresses in China.
I think now, that there may well be a third attempt.
But Zhao has essentially been dark, with no press and no accessible news or information on the Chinese net for 2 years. So I have absolutely nothing to base any speculation on insofar as his attempts to list in China or any other aspects of his business portfolio. Much less his current financial condition.
I do know, that early last year, he was in pretty bad shape, debt wise, and there was little income from the mining segment if any. That is based on limited anecdotal evidence found in China. By now, that situation could have changed...but I doubt everything is running on all cylinders..
Getting back to the initial offer to repurchase the company, I recall that Zhao walked away from negotiations within only a few weeks of starting them. Subsequently he tried to use that fake letter to buy some time before his stock price collapsed completely.
I believe that at that time, the money raised from the sale of his KSE securities and any other assets had already been allocated. The release of the situation that had occurred at Puda could not have occurred at a more perilous time financially.
I suppose you can write it off as #$%$ happens)
I don't think he had the money or backing for that then...and certainly does not have it now, at least not through normal channels.
Having said that, the assets today are likely valued far lower then they were in 2011. The Coal business in China at that time in 2011 was on fire and over valued. The demand has since collapsed due to over production and they are bouncing along the bottom, most unable to keep their heads above water.
In any case the valuation of the assets today is no where near what it was.
In my view, he could complete the original buyback at a much lower price, however this would not stop the suit from proceeding or placate the SEC.
At this late date, the only thing that would do that would be a global settlement which could be more complex in nature...and he might approach this in multiple ways.
The problem as I see it, is the same reason this case has dragged on for three plus years, has new lead plaintiffs now, and the judge who had been there all the way, was relieved from the case and a "closer" judge brought in like a relief pitcher in a ball game.
The plaintiffs and Zhao, cannot get on the same page. The new lead plaintiffs appear to have no compulsion to settle and I believe have been responsible for scuttling the out of court mediations as well as fouling up the other cases with other defendants, causing them to button up tight...and they played the judge on top of all that....
This CA case has been essentially on it's death bed before....it might go there again..
I believe that in the end, they will get what they likely deserve...
My only hopes rest with the SEC.........
I guess we shall see.....
"It is hard to understand this: while Zhao refuses to appear in an American courtroom (although a hotel room in New York is OK) for the class action case, why is he (or his lawyer) willing to show up in a trial before an American jury for the SEC case"
Well, I don't really know why he is suddenly participating. it could have been a tactic from the beginning of this, or there could be something that I am not privy to, that has caused him to come to the US and personally defend himself in this action buying time.
As to the "jury trial'. The Class action has one as well....
Civil security cases rarely go to a jury...this is not the intent of the process. The process is designed to achieve a settlement, either in court or out of court. Zhao has indeed tried to settle this out of court. The clock ran out on him so he had to make a choice to either walk away (and he can) or to buy more time by way of participation in these cases...
Time for what you might ask? Would not the same issues preventing a settlement still be in play as we go into 2015?
Yes they would....
So I think there is more to it.....
In any case, we could see something develop as early as February 2015.
We shall see......
Here ya go.......3 of them..
The Commission’s claims against Mr. Zhao cannot be maintained because, any allegedly
untrue statements of material fact, misleading statements, or other actions set forth in the
Complaint were inadvertent.
The Commission’s claims against Mr. Zhao cannot be maintained because the conduct
alleged in the Complaint was believed to be lawful, proper, fair and/or necessary, and/or was the
result of mistake of fact or mistake of law.
The matters alleged in the Complaint to be the subject of misrepresentation and
omissions were publicly disclosed or were in the public domain and, as such, were available to
those who purchased or otherwise acquired Puda securities and were at all times reflected in the
price of Puda securities. Accordingly, those who purchased or otherwise acquired Puda
securities did not do so at artificially inflated prices.
These are basic foundations for legal arguments to mitigate the SECs charges,, (The Plaintiff in this case)
Although it's not publically declared, the pairing of the SEC case with the Class Action is meant to enhance the case. It often results in larger settlements. But in this case, it may be the only way to achieve a settlement.
Zhao actually did appear before the judge in the Show Cause Hearing. (for the first time)
He has not participated at all with the CA until this event, but I do believe he or his lawyers have been in contact with someone at the SEC from time to time. The goal of the SEC is first to enforce their rules, secondly to punish publically via financial and extra-judicial measures...but when they file a civil suit they become a participating plaintiff. This is no a criminal action so no jail time...
IMO, the cases being paired and the defendant being a Chinese national, the SEC role is more of a intimidator.
BTW...the 270m is a joke.....but it did get Zhao to finally engage. He has also responded to the SEC complaint..(per judges order..)
PRAYER FOR RELIEF
WHEREFORE, Mr. Zhao respectfully requests that a final judgment be entered in his
• dismissing the Complaint against Mr. Zhao with prejudice;
• denying in its entirety the relief the Commission seeks against Mr. Zhao in
• awarding Mr. Zhao the reasonable costs of this action, including
reasonable attorneys’ fees; and
• granting Mr. Zhao such other and further relief as the Court deems just
Mr. Zhao demands a trial by jury for all claims so triable.
Dated: December 1, 2014
New York, New York
This document is 34 pages in length, and includes 106 denials of responsibility and 24 defenses of law.
Also requests jury trial.
I actually keep up with the "cross border working group" and other efforts over the last "SEVERAL" years with the same issues.
These things, as all things with the Chinese, end in nothing but words and expressions on good intentions.
In other words.......nothing gets done.
The primary reason for this, as the Chinese and the Russians both understand quite well is that the Emperor King of the United States has no clothes. Thus we have no respect.
I do not expect this to change.
They cut me out.......lol
Originally I was in, but they decided that people who bought on 4/8/11 were likely day traders looking for a pop.........so they eliminated them to give more of the pie to the options traders.....LOL...
So I got eliminated......
A similar thing happened to me in the Agfeed settlement, but this time they decided that I sold too early and should have waited until the really "bad" news came out.
So I got eliminated from that one too!
I am having so much luck, I can't stand it.......Bwahahahaha