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Did this stock have a reverse split recently and now its churning again?
Amstar Financial Holdings/Xi Deng Hui Merger Completes
HOUSTON--(BUSINESS WIRE)--
Amstar Financial Holdings, Inc. (Pinksheets:AFLH) announced Wednesday that it has consummated the merger of AFLH and Hong Kong Merit (MERIT).
As part of the acquisition deal, AFLH issued 88,000,000 non-registered shares to the shareholders of MERIT. Following a 1 for 10 reverse stock split, the shareholders of Merit will receive an additional 79,200,000 shares leaving current AFLH shareholders, approximately, 2.15% of outstanding shares in AFLH.
AFLH and MERIT expect this merger to be beneficial to shareholders on both parties. AFLH Shareholders will receive the benefits, in MERIT, of a company with established brands and capital that can be used for future growth.
In the upcoming weeks, AFLH expects to change its name to China Du Kang Co. Ltd to better reflect its current operations. The new AFLH is expected to file a Form 10 in the near future to become a fully reporting company under the Securities Exchange Act of 1934. A copy of the Plan of Exchange is available at the corporate offices for anyone that wishes a copy.
Hong Kong Merit Enterprise was incorporated in 2006 in Hong Kong with the purpose of seeking and consummating a merger or acquisition with a business entity. It has since entered a contract with Shaanxi Xi Deng Hui Technology Stock Co. to acquire 100% of a Chinese vehicle company and has acquired 97% of shares Shaanxi Xi Deng Hui Technology Stock Co.
Shaanxi Xi Deng Hui Technology Stock Co. established on March 29, 2001, currently has approximately 90.51% of shares in Shaanxi Bai Shui Du Kang Liquor Co., Ltd and 70% of the shares of Shanxi Bai Shui Du Kang Brand Management Co. It has registered capital of 129,000,000 RMB. (approximately $17,959,500 USD). It was the first company which cooperated with the Chinese Academy of Sciences on spaceflight and shipped Du Kang yeast, which is used into Du Kang Liquor brewing.
Shaanxi Bai Shui Du Kang Liquor Co., Ltd ("DU KANG") is a Chinese white wine brand. Du Kang has ownership of 3 sub-brands: Bai Shui Du Kang, Thirteen Dynasties, and Jiu Zu Gong. At present Du Kang has 93 kinds of production. Du Kang has a production capacity of 6000 tons per year including brewing and packaging.
Like us, most probably don't have enough left in it to warrant selling yet. Might as well leave it and see what happens until you need it for the tax loss, you know?
It could double a few times and I wouldn't get excited! lol
I wonder where this thing will go from here. The lack of volume is puzzeling - I figured the last remaining AFLHers would dump early.
It covers my commission, Joe! lol
A little higher pps than I expected but only 5k shares traded. Most people probably don't know that it exists.
13:40 3/19/2008 AFLH Amstar Financial Holdings, Inc. Common Stock CDKG China Du Kang Co Ltd Common Stock 1-10 R/S **
I'm going to take a wild guess and go with a market cap of 17.5mm and sp of .20 - at least in the beginning.
Without knowing what the new company's about and seeing their filings (if there'll be any) or financials, there's no way of telling what a reasonable market cap would be to derive a sp.
Care to quess what a share of CDKC will be worth when there are 90mm of them?
Gotcha. I didn't realize you had bought more AFTER the crushing r/s surprise.
Hope it works out for you, Joe.
Hey, if it goes over $13, I'll be even! lol.
Although I dumped a lot, I still have quite a few shares left. I made a mistake in buying this stock too early - as in late 2006 and early 2007 - but I also bought a lot late in 2007.
The bottom line, I'm crossing my fingers that the shares go up some after the r/s as they did last time. At least then maybe I can cut my losses a little more.
Bottomline is, we get another r/s. What happens to the sp is inconsequential, to me.
After already having dumped a huge amount, as you say, how can it matter now to you, either, joe?
Don't mean to pry, but you're scaring me! ( :
Slojab-
This is how I calculated the amount of shares:
Current shares: 17,900,000
New shares: 88,000,000
1 for 10 split leaves 10,586,000
New shares issued: 79,200,000
Total shares 89,786,000
Old AFLH share holders have 2.15% or about 1,930,000.
Not sure why they did a two step to reduce the percentage that the old AFLH share holders would have.
I still had more AFLH shares that I care to mention but I've dumped a huge amount because I remember what happened to the share price the last time after a reverse split - almost a 100% decline.
If I'm not mistaken, joe, the deal calls for a reduction of shares by a factor of ten.
But, what does it matter? I don't think too many people have enough left of their investment to cover the cost of the commission to sell. I know I don't. ) :
Don't know. The total shares of Merit that AFLH shareholders will hold should be about 1,930,000 out of a total of 89,790,000 shares.
Would someone want to explain this statement to an AFLH shareholder? lol
"AFLH and MERIT expect this merger to be beneficial to shareholders on both parties. AFLH Shareholders will receive the benefits, in MERIT, of a company with established brands and capital that can be used for future growth."
How many shares of Merit will the biggest shareholder of AFLH have after the split? ( :
AFLH - Amstar Financial Holdings/Xi Deng Hui Merger Completes
Thursday January 31, 11:27 am ET
HOUSTON--(BUSINESS WIRE)--Amstar Financial Holdings, Inc. (Pinksheets:AFLH - News) announced Wednesday that it has consummated the merger of AFLH and Hong Kong Merit (MERIT).
As part of the acquisition deal, AFLH issued 88,000,000 non-registered shares to the shareholders of MERIT. Following a 1 for 10 reverse stock split, the shareholders of Merit will receive an additional 79,200,000 shares leaving current AFLH shareholders, approximately, 2.15% of outstanding shares in AFLH.
AFLH and MERIT expect this merger to be beneficial to shareholders on both parties. AFLH Shareholders will receive the benefits, in MERIT, of a company with established brands and capital that can be used for future growth.
In the upcoming weeks, AFLH expects to change its name to China Du Kang Co. Ltd to better reflect its current operations. The new AFLH is expected to file a Form 10 in the near future to become a fully reporting company under the Securities Exchange Act of 1934. A copy of the Plan of Exchange is available at the corporate offices for anyone that wishes a copy.
Hong Kong Merit Enterprise was incorporated in 2006 in Hong Kong with the purpose of seeking and consummating a merger or acquisition with a business entity. It has since entered a contract with Shaanxi Xi Deng Hui Technology Stock Co. to acquire 100% of a Chinese vehicle company and has acquired 97% of shares Shaanxi Xi Deng Hui Technology Stock Co.
Shaanxi Xi Deng Hui Technology Stock Co. established on March 29, 2001, currently has approximately 90.51% of shares in Shaanxi Bai Shui Du Kang Liquor Co., Ltd and 70% of the shares of Shanxi Bai Shui Du Kang Brand Management Co. It has registered capital of 129,000,000 RMB. (approximately $17,959,500 USD). It was the first company which cooperated with the Chinese Academy of Sciences on spaceflight and shipped Du Kang yeast, which is used into Du Kang Liquor brewing.
Shaanxi Bai Shui Du Kang Liquor Co., Ltd ("DU KANG") is a Chinese white wine brand. Du Kang has ownership of 3 sub-brands: Bai Shui Du Kang, Thirteen Dynasties, and Jiu Zu Gong. At present Du Kang has 93 kinds of production. Du Kang has a production capacity of 6000 tons per year including brewing and packaging.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such proclamations about the Company's future expectations, including future revenues and earnings, technology effectiveness and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Contact:
Amstar Financial Holdings, Inc.
Howard Wayland, 281-668-8086
--------------------------------------------------------------------------------
Source: Amstar Financial Holdings, Inc.
Amstar Financial Holdings and HongKong Merit Enterprise Limited to Merge
Wednesday January 16, 11:22 am ET
HOUSTON--(BUSINESS WIRE)--Amstar Financial Holdings, Inc. (Pinksheets:AFLH - News) announced Friday that it has signed a plan of exchange agreement with HongKong Merit Enterprise Limited (“MERIT”) to acquire majority holdings in AFLH.
The agreement will consist of AFLH acquiring all issued and outstanding shares or MERIT after a 10 for 1 reverse stock split. AFLH will then issue approximately 88,000,000 of non-registered shares, post split, to the shareholders of MERIT. This will leave current AFLH shareholders with approximately 2.15% of outstanding shares.
At the consummation of this agreement MERIT shall have acquired about 97% of the shares of Shaanxi XiDengHui Technology Stock Co. (“Shaanxi”) which holds two subsidiaries, Shaanxi Bai Shui Du Kang Liquor Co., Ltd. And Shanxi Bai Shui Du Kang Liquor Brand Management Co.
HongKong Merit Enterprise was incorporated in 2006 in Hong Kong with the purpose of seeking and consummating a merger or acquisition with a business entity. It has since entered a contract with Shaanxi XiDengHui Technology Stock Co. to acquire 100% of a Chinese vehicle company and will have about 97% of shares Shaanxi Merithui Technology Stock Co.
Shaanxi XiDengHui Technology Stock Co. established on March 29, 2001, currently has approximately 90.51% of shares in Shaanxi Bai Shui Du Kang Liquor Co., Ltd and 70% of the shares of Shanxi Bai Shui Du Kang Liquor Brand Management Co. It has registered capital of 129,000,000 RMB. (approximately $17,790,649 USD). It was the first company which cooperated with the Chinese Academy of Sciences on spaceflight and shipped Du Kang yeast, which is used into Du Kang Liquor brewing.
Shaanxi Bai Shui Du Kang Liquor Co., Ltd (“DU KANG”) is a famous Chinese white wine brand. Du Kang has ownership of 3 sub-brands: Bai Shui Du Kang, Thirteen Dynasties, and Jiu Zu Gong. At present Du Kang has 93 kinds of production. Du Kang has a production capacity of 6000 tons per year including brewing and packaging. In 2007 Du Kang’s liquor production market share has risen 40%.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such proclamations about the Company's future expectations, including future revenues and earnings, technology effectiveness and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Contact:
Amstar Financial Holdings, Inc.
Howard Wayland, 281-668-8086
Fax: 877-844-9342
howard.wayland@amstarmtg.com
--------------------------------------------------------------------------------
Source: Amstar Financial Holdings, Inc.
It would appear that AFLH has 'parked' its domain names. Not a good sign.
I'm also curious about the Weyland's plans. If they aren't going to do anything with the shell, I hope they sell it quickly.
If they do sell, let's hope it's clear and they sell it to someone with a great business model.
Hey, joe! The answer to that question is two-fold at the very least. And I'm certainly no expert on the subject!
One thing to consider is how "clean" the shell is. That being, debt, legal problems, etc. Even number of shares.
The second is who picks up the shell stock. It could either be a pos company that is just wingin' it and doesn't really have a prayer in hell of ever succeeding or it could be someone with a great product or well thought out busines model.
I'd really like to know what plans the Weyland's have for this. It could either lanquish for years or it could be prepared and marketed in a relatively short time.
Let's hope we get lucky. And we may have to be nimble! As we all found out with POFG!
I agree. I wonder what a dead shell goes for these days?
How do you figure this? Seems a dead shell now that the mortgage biz has fallen apart?
still a good buy and will go up and could see a dime or .20 or .50 or a buck or ? one never know
Looks like someone(s) dumped a lot shares today in a few large lots. Not a good sign.
In the conference call in April. Of course they would say it was in April and that things changed since but a lawsuit is not out of the question. Especially since a lot of employees are/were shareholders.
Did anyone, other than myself, get reassurances from Wayland that since they don't have much (if any?) exposure to the subprime market, that we shouldn't worry about the downturn in the housing market?
Read the last paragraph of this release, specifically.
The Law Firm Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Countrywide Financial Corp.
CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Southern District of California, on behalf of persons who purchased or otherwise acquired publicly traded securities of Countrywide Financial Corp. (“Countrywide” or the “Company”) (NYSE: CFC) between October 24, 2006 and August 9, 2007, inclusive, (the “Class Period”). The lawsuit was filed against Countrywide and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at info@gsk-law.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than October 15, 2007 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants misled investors by falsely representing that it had strict and selective underwriting and loan origination practices, amply liquidity that would not be jeopardized by negative changes in the credit and housing markets, and a conservative approach that set it apart from other mortgage lenders. The Complaint alleges that this was not the case.
I figure at this point there's not much to lose by holding on until the end of the year. The odds of recovery are probably just south of winning the lotto but I play it too.
That's my strategy. Brilliant, huh? lol.
If you are selling to offset gains for your taxes and you are close to a complete loss then may be wait until near the end of the year. You never know...!?
There wasn't much incentive selling after the surprise r/s, so I hung on to what little value was left, hoping for the best. Which never came.
Now, I'm just hoping for a price high enough to cover my commission cost to sell and take the tax loss!
Just when you think you've seen it all........BAM! Right between the eyes! lol.
OK - I give. Going to hold your remaining shares or have you already dumped them all?
"Buy and sells" from here on out are totally meaningless.
Here's what happens next....
Amstar Financial Holdings to Close Amstar Mortgage Corporation Unit
HOUSTON--(BUSINESS WIRE)--
Amstar Financial Holdings, Inc. (Pink Sheets:AFLH) announces that it will transition operations of its mortgage banking subsidiary Amstar Mortgage Corporation. Amstar Mortgage Corporation has agreed in principal to relinquish managerial control of the affiliated branches to The Money Store. These branches and employees will then be offered employment by The Money Store. Amstar Mortgage's operations will then be discontinued on or about December 15, 2007. Amstar Mortgage Corporation expects to honor its lender commitments until this date.
This decision was based primarily upon four factors: the current mortgage market conditions, the increased unpaid liability created by former unprofitable branch offices, the cost to defend several mostly frivolous lawsuits, and seemingly stable lenders unable or unwilling to honor contract commitments with Amstar Mortgage. This deal will allow all branch offices and branch employees to continue with a strong viable company, as well as stop any additional liability to AFLH.
Amstar Financial Holdings, Inc. will continue efforts and raise capital for operations for its other subsidiaries. Once capital is procured, AFLH will focus its resources on Homes Opportunity, LLC and Amstar Guaranty Agency, Inc. its other subsidiaries. If financing is obtained, Homes Opportunity, LLC will concentrate efforts on purchasing bank foreclosures at a steep discount, while Amstar Guaranty Agency, Inc. will pursue providing insurance products through existing relationships. Both of these Amstar Financial companies are in their early stages of development and therefore may take some time before Amstar Financial may potentially show a significant profit. All operations of AFLH will be suspended on or about December 15, 2007 unless adequate financing can be obtained for these subsidiaries. We are very saddened to make this move but are hopeful that these other subsidiaries of AFLH can become viable.
Due to the closure of Amstar Mortgage Corporation, Amstar Financial Holdings, Inc. will not be posting further financial statements on Pinksheets.com until further notice. Additionally, AFLH will cease work on filings to become a fully reporting company with the SEC at this time.
SUBPENNY here we come!
We'll just have to wait and see what happens. I don't know if today's low volume means anything and that the price held at .04. I would really like to know who is selling and who is buying.
No matter how well the shell works out, it'll be inconsequential to anyone who got caught in this fiasco.
You don't recover from something like this unless you believe in reincarnation! lol. ) :
As 02opida and analyzethis has posted - we wait for the shell. Let's hope the next reincarnation works better.
Wait for the new shell.
02opida must have been thinking about this going to zero when he proclaimed "She will trade & will move".
We now have another shell company. What's next?
AHM was a week ago. First Magnus was today.
First Magnus mortgage stops lending
Updated 3d 23h ago | Comments 16 | Recommend 10 E-mail | Save | Print |
NEW YORK (Reuters) — First Magnus, a large U.S. mortgage lender based in Tucson, said Thursday that it has stopped funding home loans and taking mortgage loan applications, citing the "collapse of the secondary mortgage market."
In a statement appearing on its website, First Magnus said it explored all options before taking action but had "no viable alternative." The company's retail arm is Great Southwest Mortgage.
The firm was the 16th-largest U.S. mortgage lender from January to June, originating $17.1 billion of home loans, according to Inside Mortgage Finance newsletter.
The decision to stop funding covers future mortgage loans, and mortgage loans previously originated but not yet funded, First Magnus said.
Dozens of mortgage lenders have quit the industry this year as defaults rose, housing prices stagnated, borrowing costs increased, and capital market conditions tightened.
FIND MORE STORIES IN: Tucson | Finance | Home mortgage | Tom Sullivan
A message left with the company by the Associated Press was not immediately returned Thursday, and an inquiry with the company's outside public relations firm also did not receive a response.
The company, which calls itself one of the largest privately held mortgage banking operation on the country, funded more than $30 billion in loans in 2006 and has more than 250 offices and 5,000 employees.
First Magnus was founded in 1996 by Tom Sullivan Sr., Tom Sullivan Jr. and G.S. Jaggi.
What is happening at First Magnus is similar to what sank American Home Mortgage, which quit writing home loans Aug. 3 and filed for bankruptcy protection three days later, a Great Southwest manager said. American Home blamed its troubles on margin calls from banks that had provided it with cash to write mortgages. Last week, regional mortgage lender HomeBanc filed for bankruptcy protection in U.S. Bankruptcy
I say, we're F'ed.
The mortgage woes are extending out from the sub-prime market. American Home Mortgage is in deep trouble.
There are others.
Just got back in town and read the news. What say?
Sorry, joe. Didn't see your post because it was addressed to "none". Nooooo. I wouldn't touch this at .12! Probably won't be worth looking at for a long while. If EVER!
American Home Mortgage Falls Prey To Mortgage Industry Woes - Update
(RTTNews) - Monday morning, American Home Mortgage Investment Corp. (AHM), a real estate invest trust company, revealed that it filed for Chapter 11 for bankruptcy falling prey to the turmoil witnessed in the home lending sector. The company's latest decision comes on the heels of freezing of dividend of $0.70 a share ten days back. More than 50 lenders have filed for bankruptcy in the current year.
The tenth largest home lender in the U.S. in 2006, in a filing with SEC, disclosed that it got a commitment of $50 million debtor-in-possession financing from WL Ross & Co. LLC through its fund, WLR Recovery Fund III, LP to smoothen the process of bankruptcy.
On August 2, Accredited Home Lenders Holding Co. (LEND), in the same industry, said that it was concerned about rising call money, which could lead to bankruptcy. The company feared that rise in margin calls could harm its liquidity, results of operation, financial condition and business prospects and that it may be forced to liquidate assets at a disadvantageous time. The company viewed that the increased competition for customers since the third quarter of 2006 in the subprime mortgage industry lowered profit margins on loans, with lenders making loans to relatively less qualified customers.
The pricing competition and riskier loans reduced the appetite for loans among loan buyers, who offered increasingly lower prices for loans, thereby shrinking profit margins for non-prime lenders. With the prevalent subprime delinquencies, demand from whole loan buyers dwindled or sale prices were slashed to a level that forced lenders out of business. Added to the woes were the increased margin calls as the amount of distressed loans for sale soared.
The Melville, New York-based American Home Mortgage stated that its board took cognizance of extraordinary disruption caused by the sudden adverse impact on its liquidity as many of its lenders wanted to withdraw their money. The company claimed last week that as a result it could not honor the commitment of $800 million given to homebuyers.
As of March 31, the company had $4.01 billion of borrowings outstanding under its warehouse lines of credit. The first quarter filings indicated liabilities of $19.3 billion, and $20.553 billion in assets.
American Home Mortgage relies on short-term bank financing to temporarily fund home loans it makes. It then bundles those loans into bonds and sells to investors and uses the bond sales proceeds to pay back the banks.
The company indicated that it ceased getting mortgage applications since August 1 last and disconnected all production employees on August 3 last. American Home added that it is continuing with its thrift and servicing businesses. The company said last week that it panned to reduce its employees count drastically to about 750 from more than 7,000.
Deutsche Bank AG, Wilington Trust Co., JPMorgan Chase & Co. and Countrywide Financial Corp. (CFC) lead the 40 biggest creditors to American Home Mortgage. Interestingly, Countrywide Financial revealed net available liquidity of $186.5 billion earlier in the day.
American Home Mortgage disclosed that it hired Young Conaway Stargatt & Taylor LLP as its legal counsel for bankruptcy. American Home further said that it retained the services of Kroll Zolfo Cooper and Stephen Cooper, its chairman, to lead the bankruptcy process.
Shares of American Home Mortgage started the year 2007 with $35.25 and closed at $26.99 on March 29. During the month of July, the stock opened at $18.38 on July 29 and plummeted to close the month at $1.03. During the day, the stock ranged between $0.42 and $0.50 and currently trading $0.255 or 36.69% down to trade at $0.44 on a volume of 1.527 million shares.
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