Advanced Battery Technologies Inc. (fka ABAT)

[mick]

$ABAT --- TRADING TOMORROW 09-21-2023

[wererabbit9999]

Is Fu feeling better yet? I wonder if he's been executed by the Chinese Govt

[RealDutch]

Who knows. But HERB is 10x cheaper than ABAT ever was and has better odds and cash flow. Who even wants to discuss ABAT. Fu clearly was a loser.

[Ecomike]

Their web site still even touts the NASDAQ uplist in 2008

LOL

http://www.abatpower.com/content/26-abat-sys145-pkulab

If the screwed shareholders in the US why are shareholders letting them sell batteries in the US???

[Ecomike]

ABAT web site is live and selling Li-ion batteries.

http://www.abatpower.com/67-lithium-battery

[Ecomike]

No news in 3.5 years???

[Ecomike]

So how did this all turn out, what happened next?

"You mean VIE (Variable Interest Entity). Yes, ABAT has a VIE, namely ZQPT, so not Wuxi (scooters) or the new plant.

Alibaba apparently also has a VIE but from what I read, it's only a very small part of the business. So shouldn't be much of a concern.

VIE's are normal structures, even in the US. The problem starts in China, because it must have a legal representative (=owner) according to Chinese law. The SEC circumvented it by 4 or 5 legal agreements that transfer the economic benefits of the VIE to the shareholders (in the US). The problem starts when the legal owner (= Chinese) refuses to pay. Basically the SEC is to blame for this.

That's exactly what happened recently with NUIN. The CEO (legal owner of the VIE) refused to transfer any money to the parent company, almost bankrupting the company. And yet it has something like $140M in cash "stuck" in the VIE, with the market cap being something like $7M now. Apparently the BOD (specifically, Fearon the 10%+ owner) and the CEO got into a fight. My guess is, they didn't agree on a dividend, and the fight escalated.

This case is actually so interesting, that I wrote Paul Gillis about it, the man, and he told me that he will write an article on this. He is just waiting for the next material development now. It's the BOD against the CEO. They have already announced, they will replace the CEO as Chairman, but they are not firing her yet. They intend to get a loan from the VIE of no less than 50% of the available cash (which should amount to some $70M+) and then they will probably pay it out to the shareholders. They think they can pull it off. Paul Gillis is not so sure. There is more, as the BOD has really increased the pressure on the CEO. In the mean time, they may have to do a rights offering because the company has no cash... LOL.

I am a shareholder here and expect to be paid well, with a little bit of luck. Then apparently they are going to milk this company further, because it is a cash cow. But a bit of a problematic one now. If this ever gets to court (it will go to a court in China!) it will be very embarrassing not only for the CEO, but for the Chinese government, and the SEC!
And that's where Paul Gillis comes in, because the SEC reads his blog."

[Ecomike]

I had completely forgotten this one. Was in the hospital have 4 operations all year, and missed the story.

What all did happen here? Anyone know the entire story?

I must have lost track in 2014 when I got seriously ill and nearly died. Curious what all happened.

[wererabbit9999]

This dog is dead, lol. Chinese Gov't took over Fu's plant a while ago. They can't even find Fu anymore. I think he's still ill, lol

[Ecomike]

I was wondering the same thing. In the old days there was a public flogging, hanging or a tar and feather...run them out town end to things like this.

[chevelle 396]

any news on court filings ?????

[agch44]

ABAT resurrected but is still in a hospital. See YAHOO mb.

http://finance.yahoo.com/mb/forumview/?&v=m&bn=bfa6494d-f152-3763-97df-554ebc935e79

[chevelle 396]

YA THATS WHAT I NEED SOME SLIMY CHINESES SEC GITTING HOLD OF MY EMAIL GET RIGHT ON IT

[Abat_legal]

Shareholders need to complain to any Chinese trade commissions and Chinese ambassadors etc.

Example: [e-mail]

[Ecomike]

Interesting.

[RealDutch]

You mean VIE (Variable Interest Entity). Yes, ABAT has a VIE, namely ZQPT, so not Wuxi (scooters) or the new plant.

Alibaba apparently also has a VIE but from what I read, it's only a very small part of the business. So shouldn't be much of a concern.

VIE's are normal structures, even in the US. The problem starts in China, because it must have a legal representative (=owner) according to Chinese law. The SEC circumvented it by 4 or 5 legal agreements that transfer the economic benefits of the VIE to the shareholders (in the US). The problem starts when the legal owner (= Chinese) refuses to pay. Basically the SEC is to blame for this.

That's exactly what happened recently with NUIN. The CEO (legal owner of the VIE) refused to transfer any money to the parent company, almost bankrupting the company. And yet it has something like $140M in cash "stuck" in the VIE, with the market cap being something like $7M now. Apparently the BOD (specifically, Fearon the 10%+ owner) and the CEO got into a fight. My guess is, they didn't agree on a dividend, and the fight escalated.

This case is actually so interesting, that I wrote Paul Gillis about it, the man, and he told me that he will write an article on this. He is just waiting for the next material development now. It's the BOD against the CEO. They have already announced, they will replace the CEO as Chairman, but they are not firing her yet. They intend to get a loan from the VIE of no less than 50% of the available cash (which should amount to some $70M+) and then they will probably pay it out to the shareholders. They think they can pull it off. Paul Gillis is not so sure. There is more, as the BOD has really increased the pressure on the CEO. In the mean time, they may have to do a rights offering because the company has no cash... LOL.

I am a shareholder here and expect to be paid well, with a little bit of luck. Then apparently they are going to milk this company further, because it is a cash cow. But a bit of a problematic one now. If this ever gets to court (it will go to a court in China!) it will be very embarrassing not only for the CEO, but for the Chinese government, and the SEC!
And that's where Paul Gillis comes in, because the SEC reads his blog.

[Ecomike]

What worries me is that Alibaba, the largest IPO ever has the same scam corporate structure that all the others like ABAT had, a non asset structure through a Cayman Islands variable ??? structure that leaves US stock holders with no access to sue or ownership of actual china firm assets. But then again most US based companies have such complex asset structures that only senior debt holders have any real access to the assets in court.

Read the old ABAT SEC fillings, 10-Ks about the variable ???? structure through the Cayman islands they use that leaves US stock holders holding essentially worthless paper unless there is a market for the worthless paper and a CEO that creates that market..value and the ABAT CEO has done nothing to create that value for years.

[Ecomike]

Lawsuits? Might as well try to sue a bunch of gypsies. GE has a 300+ million dollar lawsuit(s) in several countries against Apwr (similar in many ways to ABAT) and judgements against Apwr in China that GE has failed to collect a dime on, Apwr was the stock symbol, now SEC revoked with no stockholder warning. I got out of this one last year with my skin, but lost on Sior (mentioned here a few posts back about the the bad advise they took from the SEC to let the stock be revoked, real bad advise, may need to sue the SEC for that advise?), and Apwr to mention a few.

If ABAT cared about US shareholders this would not have happened. What is interesting is that ABAT (and I think Apwr) showed up in US courts to fight the earlier lawsuits and settled. If ABAT has US assets and plans to sell product in the US they might fight a so called class action US Investor lawsuit again, but the last suit got chump change and gave up. In other words ABAT won and that is why the stock rallied one last time in 2014. But if that were likely we would have seen a PR by ambulance chaser law firms asking stock holders to sign up and pay to be the main client.

Time to put a fork in this one I fear. Sorry to say this, as I have been in this situation with others.

[Ecomike]

Looks like I was right ABAT has been revoked, story over for good, shareholders are screwed. The CEO should be tar and feathered for allowing this.

http://ih.advfn.com/p.php?pid=nmona&article=69860002

[chevelle 396]

FU CAN BE SUED FOR MISSLEADING ( HYPING ) THE STOCK TO BRING SHARE PRICE UP BY SAYING THINGS THAT WERE NEVER ACTED ON LIKE BUY BACK,AUDITING,MORE TRANSPARENT TO SHARE HOLDERS,ALL A BUNCH OF HYPE LIES THATS MISSLEADING SHAREHOLDERS WITH STOCK MANIPULATION!!!!!!!!!!!!!!!!

[OPKOHEALTH2022]

They should be sued is correct . I believe that you would have to talk to some kind of international securities lawyer to see if you have a case.

[RealDutch]

I don't remember saying that. Sue them for what? All I suggested is that Fu, the CEO, should be removed. Possibly at the next shareholder meeting. Because he is clearly a loser and did not deliver on his promises. But where will that get you?

I don't know what plans some shareholders may have. I heard some rumors that the new plant has shut down and that some shareholders have claimed the assets. But I haven't been a shareholder here for quite some time so haven't been following up.

It's just a really sad story here, overall.

[agch44]

They should be sued here...

Some people are talking about shareholders buyout, others that Chinese would just laugh at this. We need to speak to lawyers.

[OPKOHEALTH2022]

How can you sue a company in China being here in the US ? I do not know how you could win .

[agch44]

REAL DUTCH

Some time ago, you posted about an intent to sue ABAT. What do you think about this now? Do you know anybody who are eager to do that? do you have any atty in mind?

In regard to the SEC notices, nobody served them on the shareholders.

[agch44]

http://english.caixin.com/2012-11-02/100455745.html

[OPKOHEALTH2022]

Well I hope God bless these people that destroyed this stock .

[RealDutch]

Here is some interesting information as well. Although it is mostly about suspensions.

http://promotionstocksecrets.com/the-sec-just-suspended-my-stock-now-what/

The SEC suspends trading in a stock for two basic reasons: the company is a delinquent filer, or fraud is suspected.

Delinquent filers are SEC-registered companies that have failed to submit required annual and quarterly financial reports. Usually the agency sends delinquency notices before taking action; if they are ignored, trading in the company's stock may be suspended without notice. At the same time, the SEC will initiate an administrative proceeding to revoke registration. The company will be served with a letter informing it that it has ten days in which to make some kind of case for its failure to file. If it does not do so, registration will be revoked by default.

What the company does only matters if it hopes to resume trading one day. Several recent cases suggest the SEC is now recommending that issuers who want to make things right should accept revocation, and then get two years of audited filings in order and file a new Form 10. That has the advantage of relieving the company from the obligation to catch up with dozens of old financial reports, which might prove an impossible task, but it has the disadvantage of leaving shareholders in the lurch for as long as it takes to get the filings in, find a sponsoring market maker, and get a Form 211 approved by FINRA. The company may have problems raising money in the interim as well. One issuer that chose this path was Superior Oil & Gas (SIOR), which was suspended on 25 January 2013. Though it initially announced the process could be completed quickly, to date it has filed no Form 10, and has ceased public communication with its investors.

Once registration has been revoked, the stock's ticker will be deleted. Shareholders will still be shareholders, but in a private company. Their stock will be extremely illiquid, and its value will be difficult to determine, as there is no public market for it.

The vast majority of suspended stocks are those of delinquent filers.

[RealDutch]

A Respondent that fails to file an Answer within the time provided will be deemed to be in default, and the undersigned will enter an order revoking the registration of its securities.

That's exactly what happened. So the Jan 15 date doesn't apply anymore. IMO.

http://www.sec.gov/Archives/edgar/data/745651/999999999715016052/filename1.pdf

The time for filing a petition for review of the initial decision in this proceeding has expired. No such petition has been filed by Advanced Battery Technologies, Inc., Chauvin Enterprises, Inc. (a/k/a Internet Solutions for Business, Inc., a/k/a International Solutions for Business, Inc.), or Oilsands Quest Inc., and the Commission has not chosen to review the decision on its own initiative.

They didn't object to the initial decision.

Move on dude. Perhaps your shares will still be worth something a few years down the road. Who really knows.

[agch44]

A friend called me, an elderly experienced investor. He said that this is not any "clerical error", but intentional destruction of the stock, the shoring mob final move, and that we immediately need a good attorney. He does nor believe in any shareholders buyout perspective here.

[agch44]

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ADMINISTRATIVE PROCEEDINGS RULINGS
Release No. 3225/October 14, 2015
ADMINISTRATIVE PROCEEDING
File No. 3-16832
In the Matter of
:
ADVANCED BATTERY TECHNOLOGIES, INC., :
CHAUVIN ENTERPRISES, INC., : ORDER
(a/k/a INTERNET SOLUTIONS FOR BUSINESS, INC., a/k/a :
INTERNATIONAL SOLUTIONS FOR BUSINESS, INC.), and :
OILSANDS QUEST, INC., :
The Securities and Exchange Commission instituted this proceeding with an Order
Instituting Proceedings (OIP), pursuant to Section 12(j) of the Securities Exchange Act of 1934
(Exchange Act), on September 25, 2015, and the hearing was scheduled to commence on October
19, 2015. The OIP alleges that each Respondent is a corporation with a class of securities
registered with the Commission pursuant to Section 12(g) of the Exchange Act and has
repeatedly failed to file required periodic reports. The Division of Enforcement is seeking to
revoke the registration of Respondents’ securities.
The OIP provides that each Respondent’s Answer is due within ten days of service of the
OIP on it. See OIP at 3; 17 C.F.R. § 201.220(b). A Respondent that fails to file an Answer
within the time provided will be deemed to be in default, and the undersigned will enter an order
revoking the registration of its securities. See OIP at 3; 17 C.F.R. §§ 201.155(a), .220(f). To
allow time for Answers, the hearing will be postponed sine die, and a prehearing conference will
be held by telephone on January 15, 2016, at 10:00 a.m. EST, if the proceeding has not been
resolved by then.
IT IS SO ORDERED.
/S/ Carol Fox Foelak
Carol Fox Foelak
Administrative Law Judge

[agch44]

The delisting proceeding was initiating here on Sept 25, 2015. Prior to Oct 14, the ABAT's auditor had obviously a very serious and decent communication with the judge, for she ordered the extensions of the proceeding, if needed, sine die: without assigning a day for further meeting or hearing, setting tentatively next meeting on January 15, 2016.

[agch44]

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ADMINISTRATIVE PROCEEDINGS RULINGS
Release No. 3177/September 30, 2015
ADMINISTRATIVE PROCEEDING
File No. 3-16832
In the Matter of
ADVANCED BATTERY TECHNOLOGIES, INC.,
CHAUVIN ENTERPRISE, INC.
(A/K/A INTERNET SOLUTIONS FOR BUSINESS, INC.,
A/K/A INTERNATIONAL SOLUTIONS FOR BUSINESS,
INC.), AND OILSANDS QUEST INC.
ORDER SCHEDULING
HEARING AND
DESIGNATING
PRESIDING JUDGE
The Securities and Exchange Commission (Commission) has ordered, pursuant to
Rule 360(a)(2) of the Commission’s Rules of Practice, that the Administrative Law Judge
assigned to this proceeding shall issue an initial decision no later than 120 days from
service of the Order Instituting Proceedings. See 17 C.F.R. § 201.360(a)(2).
IT IS ORDERED that the hearing in this matter commence at 9:30 a.m., Monday,
October 19, 2015, in the Commission Headquarters Offices, Hearing Room 2, 100 F
Street, N.E., Washington, D.C. 20549.
IT IS FURTHER ORDERED that Administrative Law Judge Carol Fox Foelak
preside at the hearing in these proceedings and perform other and related duties in
accordance with the Commission’s Rules of Practice.
IT IS FURTHER ORDERED that the parties confer and notify the presiding
judge of a suggested date and time for a prehearing conference which will be conducted
telephonically unless the parties prefer otherwise.
Service of all orders and rulings on parties is made by the Commission’s Office of
the Secretary, or other duly authorized Commission officer, pursuant to Commission
Rule of Practice 141, 17 C.F.R. § 201.141. All issuances by Administrative Law Judges
are posted on the Commission’s website at http://www.sec.gov/alj.
For the Commission, by its Chief Administrative Law Judge, pursuant to
delegated authority.
_______________________________
Brenda P. Murray
Chief Administrative Law Judge

[agch44]

This is a clerical error of course, but it is operative, and ABAT will remain delisted until an appropriate judicial action (like removing the stray order from the record). Paritz & Company, our auditors , if we still have them, must take care of this. Email them. See my previous posts.

[chevelle 396]

IF IM READING IT RIGHT ABAT CAN STILL DO THE RIGHT THING THEY HAVE TILL THE 15TH OF JAN TO RESPOND CORRECT?

[agch44]

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ADMINISTRATIVE PROCEEDINGS RULINGS
Release No. 3225/October 14, 2015
ADMINISTRATIVE PROCEEDING
File No. 3-16832
In the Matter of
:
ADVANCED BATTERY TECHNOLOGIES, INC., :
CHAUVIN ENTERPRISES, INC., : ORDER
(a/k/a INTERNET SOLUTIONS FOR BUSINESS, INC., a/k/a :
INTERNATIONAL SOLUTIONS FOR BUSINESS, INC.), and :
OILSANDS QUEST, INC., :
The Securities and Exchange Commission instituted this proceeding with an Order
Instituting Proceedings (OIP), pursuant to Section 12(j) of the Securities Exchange Act of 1934
(Exchange Act), on September 25, 2015, and the hearing was scheduled to commence on October
19, 2015. The OIP alleges that each Respondent is a corporation with a class of securities
registered with the Commission pursuant to Section 12(g) of the Exchange Act and has
repeatedly failed to file required periodic reports. The Division of Enforcement is seeking to
revoke the registration of Respondents’ securities.
The OIP provides that each Respondent’s Answer is due within ten days of service of the
OIP on it. See OIP at 3; 17 C.F.R. § 201.220(b). A Respondent that fails to file an Answer
within the time provided will be deemed to be in default, and the undersigned will enter an order
revoking the registration of its securities. See OIP at 3; 17 C.F.R. §§ 201.155(a), .220(f). To
allow time for Answers, the hearing will be postponed sine die, and a prehearing conference will
be held by telephone on January 15, 2016, at 10:00 a.m. EST, if the proceeding has not been
resolved by then.
IT IS SO ORDERED.
/S/ Carol Fox Foelak
Carol Fox Foelak
Administrative Law Judge

[RealDutch]

Let's wrap it up here folks. As I have been saying for the past year on Yahoo MB, you can still come out of this a winner. The value is in HERB, NUIN and SIAF. In my strong opinion. In that order.

[Renee]

ABAT revoked:

http://www.sec.gov/litigation/admin/2015/34-76804.pdf

[chevelle 396]

WHAT IS THE DATE OF RULING ? I CANT FIND IT AND DO YOU HAVE THE POST FOR VEIWING?

[chevelle 396]

WHAT IS THE DATE OF RULING ? I CANT FIND IT AND DO YOU HAVE THE POST FOR VEIWING?

[agch44]

Google Paritz & Co and email them. If they are still representing ABAT in SEC, then everything is fine. But pls do not abuse them. Myself, I did not call them. I am confident in ABAT.

[agch44]

Zeusgreek7777

ABAT is still trading, it is still operative, but all this is on SEC mercy. Because of the predatory suit with shorts, in 9-2011, ABAT was delisted from NAZDAQ. We were fantasizing that it would go private or lists with a Chinese exchange, but it was in claws of mob, "justice", some SEC-Chinese incongruities. Only in Febr. 2015 these incongruities were softened up, and ABAT started to work on its fin files.

We are talking here actually only about one year of filing procrastination. But about four years of the company and its shareholders terrible ordeal, horrible losses. ABAT never betrayed us during this vile time. And why would it betray us now!

And the SEC -- it may not take such stuff, as any delisting, lightly, but must act reasonably. And this is how it acts.

[OPKOHEALTH2022]

agch44, What would happen if ABAT does not respond ? Is that mean the stock will be worthless ? The company is still operating in China and the CEO is getting paid so why since 2011 will shareholders expect something ? The CEO did say about in the coming months back in 2011 right ?

[agch44]

<<About a year ago, they retained an auditor who is still working.>>

And by the way, this was the time when the SEC-China filing conflict smoothed up.

[agch44]

So, the ABAT auditors are obviously PARITZ @ CO, representing ABAT in SEC and auditing 5 years fin record. In such situations, SEC always would extend time (as needed) rather than delete the company.

[agch44]

A year old article:

http://www.microcapdaily.com/a-look-at-advanced-battery-technologies-inc-otcmktsabat/16798/

My take on this:

About a year ago, they retained an auditor who is still working. The delay is not necessarily too big because the delinquent work is enormous.

[agch44]

In March-April 2o11, hit by shorts, the CEO became ill. He endured a lot while being awfully busy with the new factory, etc. And now, after all the hardship and victories, he and his son would just give up?

The SEC has to enforce its regulations and not to maliciously sabotage anything, and this is what it is doing. It is cooperating. There is no any malice in its orders.

[agch44]

Some shareholders had tried to come with a new suit... with a sick name calling, etc. The surest way to kill all communication with the company. Fools are always more dangerous than enemies. Ancient truism.

[greg13]

agch44, thanks for the update. try and do some more digging here, sounds like a move up coming soon. I agree. Electric cars are on the rise. power up.

[chevelle 396]

I POSTED THAT ABAT WAS WORKING WITH AN AUDIT FIRM NOT WITH THE SEC THAT WAS POSTED BY ABAT ON THEIR PR PAGE !!!!!!!!!!!!