Me either....I think the Plaintiff and Defense lawyers have her caught is a #$%$ sandwich.
Either way she goes, they will appeal it and probably both will file appeals. Unless the settlement for the underwriters is somewhere in the ballpark of the expected appellate court costs.
Some folks have more money then sense....they see it as a potential bouncer or a arb opportunity. Either way, it's kinda stupid..That's how I got caught in Puda before it was halted.
I would expect this ticker to move to the "caveat Emptor status" but when, I can't say.
"Aside from the past few months, what was the news that has caused today's selloff?"
A new 8K was released...Kabani, the auditor, is gone...The company admitted it cannot collect receivables in the absence of Lee. It has also found issues with the ownership of the assets.
Lastly, it will not be able to submit it's next Q.
So it's effectively finished..
Sorry for your loss...I have also been a victim.
What surprises me is that buyers are picking up cheap shares as if it's a good arb play on the assets.
Trouble is, I seriously doubt that there are any assets that they can liquidate. There might be some small recovery on the older assets but the debt far exceeds the recoverable cash, assuming the older assets are even legit. So I think it's a bad play.
Without the coal assets and Lee, the wholesale ops are worthless. The newer deals with Union are worthless, leaving the older mines that are laden in debt.
Full docket text:
Set/Reset Deadlines: Brean Murray, Carrt & Co., LLC answer due 8/14/2014; Macquarie Capital (USA) Inc. answer due 8/14/2014. (tn)
All I am waiting for is a letter full of forms to fill out from the settlement agent...I doubt that will come until some hearings are held this month and next.
As to current shareholders, pretty much the same answer.
Meanwhile the lawyers continue eat up the bank balances.
Not sure what event you are waiting for. but if it'd a payout from the class action, I would not be expecting more than a few cents at best.
The situation with the case is that most of the defendants either have never shown up (default) or have been dismissed due to some #$%$ lawyering by the Plainitiffs and frankly a bad case to begin with where there really is only one responsible party and he never showed up. It's possible they may squeeze a few million from the underwriters as a boobie prize...The lawyers will get a lot of that and the cost to distribute it, at least half the balance left...sooooo....not much hope there.
As far as the SEC and PUDA stock goes, unless there is a miracle, the stock will be revoked sometime after September.IMO
That's the way it stands now.....but I will post anything that is relevant because I am following it all the way to the corporate dump..
BTW, DOJ's comments about the money transfers were not suggestive. They showed some 999 K transferred out of LLEN accounts to Lee directly in Taiwan. They also said it left LLEN with something like a 100 bucks in their account.
All this came from LLEN's own records that were seized.
I hate to tell you again, but do you recall that the SEC has deferred all their further work regarding LLEN until the DOJ is finished with their current case against Lee and LLEN
BY ALFRED, LORD TENNYSON
He clasps the crag with crooked hands;
Close to the sun in lonely lands,
Ring’d with the azure world, he stands.
The wrinkled sea beneath him crawls;
He watches from his mountain walls,
And like a thunderbolt he farts.
Full docket text for document 399:
OPINION AND ORDER: re: (373 in 1:11-cv-02598-KBF) MOTION to Dismiss the Second Consolidated Class Amended and Supplemental Complaint. filed by Macquarie Capital (USA) Inc., (370 in 1:11-cv-02598-KBF) MOTION to Dismiss Count IV (Securities Fraud) Of The Second Consolidated Amended And Supplemental Complaint. filed by Brean Murray, Carrt & Co., LLC. For the reasons set forth above, the underwriters' motions to dismiss the complaint are DENIED. The Clerk of Court shall terminate the motions at ECF Nos. 370 and 373. The parties shall confer and submit a proposed schedule for there solution of this matter within 10 days, or no later than Thursday, July 24, 2014. (Signed by Judge Katherine B. Forrest on 7/14/2014) Filed In Associated Cases: 1:11-cv-02598-KBF et al.(js) Modified on 7/14/2014 (js).
It's all a matter a leverage.
In the case of Puda, there is none...In some others, there was enough to force a going private transaction or in some cases a settlement. But not in this one..
Full docket text for document 398:
ORDER: that defendants Puda and Ming Zhao shall appear and show cause why default judgment shall not enter against them on Wednesday, September 3, 2014, at 3:30 p.m. The Court warns defendants that, should they fail to appear for this show cause hearing, the Court may enter default judgment against them. Plaintiffs shall also appear at the hearing, and shall further provide any additional documentation in support of their claim for $236.7 million in monetary damages prior to the show cause hearing. This shall be plaintiffs' final opportunity to provide support for such claims. Plaintiffs shall serve a copy of this order and a copy of their motion to enter default judgment and supporting papers on defendants no later than two weeks before the hearing, or Wednesday, August 20, 2014. Plaintiff shall file proof of service on ECF. (Show Cause Hearing set for 9/3/2014 at 03:30 PM before Judge Katherine B. Forrest.) (Signed by Judge Katherine B. Forrest on 7/10/2014) Filed In Associated Cases: 1:11-cv-02598-KBF et al. (tn)