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Yea up 2.5K as of last night- down 2K tonight- nice -$4,500 day swing...any chances this bounces?
Rumors saying shares may be dissolved? What are your thoughts on the buyout and is that a dead end now??
apparently news of possible delisting.
I am still holding.
Very scary though.
Hey, I have lost it all before and built it back up, so who knows?
Opti
Lost my Hirt in after hours tonight- what gives??????
Good move.
I will start selling at .25, but not before.
Opti
Bought another 20000 at 14
Hoping it is just a shakeout or consolidation.
I am not selling.
Opti
Thoughts on aone action this am??
BGI-Shenzhen Extends Tender Offer For Complete Genomics, Inc.
Press Release: BGI-Shenzhen – 10 hours agoEmailShare0PrintRELATED QUOTESSymbol Price Change
GNOM 2.96
SHENZHEN, China, Oct. 22, 2012 /PRNewswire/ -- BGI-Shenzhen ("BGI") announced today that it, through its wholly-owned subsidiary Beta Acquisition Corporation, has extended its all cash tender offer (the "Offer") to purchase all outstanding shares of common stock of Complete Genomics, Inc. (GNOM) ("Complete") to 12:00 midnight (New York City time) on Wednesday, November 21, 2012. The Offer was previously scheduled to expire at 12:00 midnight (New York City time) on Tuesday, October 23, 2012.
Except for the extension of the Offer expiration date, all other terms and conditions of the Offer remain unchanged. The Depositary for the Offer has indicated that, as of the close of business on October 22, 2012, approximately 6,731,897 shares of common stock of Complete have been validly tendered in and not withdrawn from the Offer, including shares of common stock of Complete subject to guaranteed delivery procedures.
BGI's financial advisor is Citi, and its legal counsel is O'Melveny & Myers LLP. Complete's financial adviser is Jefferies & Company, and its legal counsel is Latham & Watkins LLP.
Stockholders with questions about the Offer, or who need assistance with tendering their shares of common stock of Complete, may call the Information Agent, Innisfree M&A Incorporated, toll-free, at (888) 750-5834.
Josh: I am very cautiously optimistic regarding the pps at which AONE will eventually settle. I truly believe .30 is realistic. Anything more is pure bonus. I am going to have to watch this very closely. I really would like to sell half my position at some point to lock in some profit and then let the "free" shares ride any momentum left.
Too bad GNOM did not follow this model.
Opti
Held all my positions as well (~41,000 shares). But like I said a lot of those shares were bought recently to average down. I day traded this a couple times a few months back making 15% each time- until I bought it the day it started its nice 17 day red streak.
Was down quite a bit before last week but this has been a very nice surprise to say the least.
So do you see this being a buyout that could actually post a pps of 0.5 or higher? I know the initial 0.55 offer by wax fell through but sounds like people are throwing out 0.74 all around- I highly doubt that but would be all for it!
Glad these posts are being deleted as off topic- especially since I think we have been the only 2 post on Gnom for the past month or so! Hard to believe I could have bought gnom lower today, 2.85, and made more money off it than what I made in the first go around pre buyout news! Who sales at 2.85 when 3.15 is the offer? Guess I can't talk cause I sold at 3.03 when I could have sold last week at 3.09.
I am holding (AONE)based on the following.
I am of the belief we are safe holding at least until October 30, when I believe the "bids" have to be in to the judge. Even then, I believe the judge has a week to rule on the successful bidder. I have owned this stock off and on in the past, but not the past 6 months, even though I have continued to watch it daily.
Just before all the bankruptcy talk, AONE seemed to be settled in around .25 to .30. I believe .30 is a reasonable target for the next week.
But, what if a real bidding war breaks out? Could this go higher? If so, what is the top? Wish I knew.
I am considering doing some trading (sell in the morning and buy back at 2:45) or possibly selling half my holdings at some reasonable price to lock in my regain of the GNOM loses. I also have some carryover losses from last year that I would like to make up.
I am not trying to be greedy, but really see no pressure to sell now. Not when it keeps going up 40-50% each day.
Lots of keys here:
1. there are people in this stock at a high price that will hold until they are at least even.
2. The Chinese own 80 million shares. They will not be selling. Instead, they should be adding to their shares so they can possibly take over the company.
3. There is competition for the shares. No indication anyone is backing out yet. Plus, the pps is still cheap.
4. There remains potential for more good news--new bidder, company changes its mind on bankrupcy, something else.
I am sure there is also the possibility for negative news and a sudden drop. After all that is how it went from .30 to .05 in a day. Maybe I will consider a stop loss at some point.
Right now I am holding and trying not to think too much about the reward or loss that is possible.
Opti
You holding overnight?
I'm in from 87,50,20, then 30, then 6,8,10,and now .1688. Held for a long time (new to trading When I bought the 80s and held)- now up and averaged down to ~0.145 overall
probably a good price. I paid .173 this morning for another 15,000 shares.
Meanwhile our friend GNOM continues to drift downward. Huge disappointment, but what the heck, at least I sold on Friday. I guess money made on AONE is no different than the money I thought I should have made on GNOM. LOL
Opti
.1688 for 12000 more shares
You may have a second chance. this AONE will bounce up and down every day.
Watch to buy between 2:30 and 3:30 JMHO
Opti
Agree- changed to a margin account and almost took all the sales from this and bought aone at 0.165 this am- but of course i didn't and now watching it at 0.195- my luck!
Good for you, Josh.
I figure it is tanking because people see this tying up funds for weeks. Better places for our money---(like AONE)
Opti
Sold out today at 3.03 before the tank to 2.96- why did it tank??
This company is "hateful." Strong word, but really?
What a complete abandonment of the shareholders.
I think I need to contact one of the lawyers. Any recommendations?
Opti
will do.
four of last five years have been up for me, with last year being the first down year of those five.
Best play was SIRI.
Many of the dozen or so stocks I follow are down this year, some as much as 60-80 %
keep an eye on the solars, but watch out for: the election and the debt.
Opti
I Don't consider it a bail at all. I wish I had sold as several weeks ago to tell you the truth.
Very new to investing by myself, had a ROTH and 401K and maxed both out past 3 years since I've graduated, but trying to invest by myself has been...well lets just say down. Before aone turned around and ONCS (had been sitting on it from 20-25 and sold yesterday-nice 11% again today on it I missed..haha) I was down about a months work of pay. I've been playing around with pinks and have learned my lesson- could make a ton or lose it all in a short time.
But I think sitting for a while could be a very wise choice for the time being. Sounds like aone could bounce nice, especially since it has a huge gap that needs to be filled.
Good luck and if you hear of anything good or that has potential drop me a line for sure and ill do the same.
Thanks, Josh. Sorry to bail on GNOM, but couldn't continue to let my money sit in GNOM. Turned out pretty good so far. Another day like today and I will actually recoup all my GNOM loses, which is saying a lot.
Other than AONE I am about ready to let my money sit for a while. The market is literally too vulnerable. You could lose a lot in a very short time if certain things happen almost anywhere in the world.
Caution.
Opti
Almost cashed and held today- been in aone for awhile and finally back in the green with it after 3 huge days in a row and buying at the bottom dips at 6,8, and again at 11 today.
Good luck to you and it was nice to follow your posts on here the past couple months. Thanks for the help!
Cashed out.
I held long enough, probably too long, but finally sold today. I have been watching AONE, a stock I have held in the past and finally just cashed in my GNOM and switched over to AONE. Smart move so far, but we all know how that can change quickly.
GNOM failed its stockholders big time. They should be ashamed, but I doubt they are. I was hoping their China deal would go south, just as several other such buyouts have done over the past two weeks, but there seems less and less a chance of that happening. Plus, even when the sale is final, it appears the money would be in limbo for a period of time.
I lost a ton of money on GNOM. If I make it back on AONE, fine for me, but still shame on GNOM management.
If GNOM managemnet read this board Shame on you, whether you care or not, shame on you.
Opti
Yet another Chineese buyout falls
Hawker Sees Stand-Alone Bankruptcy Exit as Sale Collapses
By Beth Jinks, Susanna Ray and Jeffrey McCracken - Oct 18, 2012 8:36 AM ET
Hawker Beechcraft Inc., the business-jet maker partly owned by Goldman Sachs Group Inc., plans to emerge from bankruptcy as a stand-alone company after a sale to Superior Aviation Beijing Co. collapsed.
A review of strategic alternatives for Hawker’s product lines, which include civilian turboprops and military trainers, is under way, and the jet business may close “if no satisfactory bids are received,” according to a company statement today.
Hawker and Superior couldn’t agree on terms, Hawker Chief Executive Officer Steve Miller said in the statement. Superior had an agreement on a so-called stalking horse bid in July to acquire Wichita, Kansas-based Hawker for $1.79 billion, subject to higher bids at a U.S. Bankruptcy Court auction.
“We protected ourselves by obtaining a $50 million deposit from Superior that is now fully non-refundable and property of the company,” Miller said. Hawker, which is owned by Goldman and Onex Corp. (OCX), filed for Chapter 11 protection in May.
Negotiations to complete the deal stalled in part over questions about Superior’s financing, according to people familiar with the process, who asked not to be identified because the talks were private.
A team of Hawker executives and advisers that recently flew to China made little progress amid cultural and language barriers, said one of the people.
Messages left for Superior Chief Executive Officer Tim Archer in Coppell, Texas, before today’s announcement weren’t returned.
Superior’s History
Superior is 60 percent owned by Shenzong Cheng and his wife, Qin Wang, and 40 percent owned by Beijing E-Town International Investment & Development Corp., a company controlled by the Beijing municipal government. Cheng and Wang first visited Hawker in 2006, according to a statement.
Hawker sought court protection in May, citing lower demand for private jets following the recession and curbs on U.S. defense spending. The planemaker’s offerings include military trainers as well as business aircraft such the Hawker 4000 jet and King Air turboprop.
Superior was to make $50 million in payments over six weeks to keep Hawker afloat until the deal closed, the companies said in July.
The case is In re Hawker Beechcraft Inc., 12-11873, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporters on this story: Beth Jinks in New York at bjinks1@bloomberg.net; Susanna Ray in Seattle at sray7@bloomberg.net; Jeffrey McCracken in New York at jmccracken3@bloomberg.net
To contact the editors responsible for this story: Ed Dufner at edufner@bloomberg.net; Jeffrey McCracken at jmccracken3@bloomberg.net
More News:
Asia ·
China ·
Transportation
I maintain a slim hope that the BGI deal will collapse.
See next post.
Opti
Saw where it was up to 3.1 premarket- so I wonder if they had known this would be the ruling in July if they would have excepted the offer?
What are your thoughts on the action that it may spur today, if any?
Complete Genomics Announces Court's Favorable Ruling in Patent Litigation Against Illumina, Inc.
6:30 AM ET 10/18/12 | GlobeNewswire
Complete Genomics, Inc. (Nasdaq:GNOM) today announced that Magistrate Judge Elizabeth D. Laporte of the U.S. District Court for the Northern District of California issued an Order granting Complete's Motion for Partial Summary Judgment of invalidity in the patent infringement lawsuit filed against Complete by Illumina, Inc. In that lawsuit, filed in August 2010, Illumina alleges that Complete infringes U.S. Patent No. 6,306,597.
In her October 16, 2012 Order, Judge Laporte declared that Claim 1 and dependent Claims 9, 10, 14, 15, 16, 17, 18 and 19 of Illumina's '597 patent are all invalid due to prior art.
"We are very pleased that the Court agreed with the position we have maintained from the commencement of this litigation, that the primary claims in Illumina's '597 patent are invalid," said Dr. Clifford Reid, Complete's Chairman, President and Chief Executive Officer.
Illumina's only remaining allegation in the lawsuit is that Complete infringes Claims 2, 4 and 5 of the '597 patent. Given the Court's prior claim construction order, Complete strongly believes that it does not infringe these Claims and intends to continue to vigorously defend itself.
About Complete Genomics
Through its pioneering sequencing-as-a-service model, Complete Genomics provides the most accurate whole human genomes available today. The ease of use and power of Complete's advanced informatics and analysis systems provide genomic information needed to better understand the prevention, diagnosis, and treatment of diseases. Additional information can be found at http://www.completegenomics.com.
Caution Regarding Forward-Looking Statements
This news release was distributed by GlobeNewswire, www.globenewswire.com
Just talked to etrade. They said that they didn't really see where it was a mandatory tender as of now- at least the guy I spoke with said. He said most of the time when the stock ceases trading the sale is mandatory and your funds are deposited around 4-6 weeks later. He said that if you tender it usually takes around the same 4-6 weeks for the sales to go through but he has seen them go within a few days to just a couple weeks.
I'm weighing my options- still have never heard back from any of the 3 law firms I contacted- I guess my small share count of 1600 wasn't worth thur time to call or even email me back. I'd like the extra $160 but would enjoy the funds it would return to my account if I sold out now at 3.05-3.07 range. I've gotten bad at having all my funds tied up and then wiring money in to be able to get in other stocks when I see fit. (Don't have a margin account)
Right now it's a toss up for me. I know that didn't help much but hope things work out the best for you and everyone else.
Josh: please post eTrade's response.
I also use eTrade and have taken no action to date on the offer. I continue to hold my shares and will do so until forced to do otherwise. I am still holding out hope that this sale goes south, just as other Chineese purchases have done recently.
JP
Agree. Only 54,026 so far this morning. I Would have thought that it would be trading in the 3.12-3.15 range since the announcement. I have until 10/19 (Friday) to call back to etrade about my tendered share offer. Going to call them and see if it is a forced thing at this time and how long it may take for the trade to clear.
Why is there no volume at a price under $3.15. Shouldn't BGI be activley buying all shares under this price?
Penny saved is a penny earned, especially if it is multiplied by a million.
JP
Yet another chineese buyout bites the dust.
A123 Systems Reaches Agreement To Sell Automotive Business Assets To Johnson Controls
A123 and its U.S. Subsidiaries File Voluntary Chapter 11 Petitions To Facilitate Transaction Process
Johnson Controls to Provide $72.5 Million in DIP Financing To Support A123's Continued Operations
A123 Actively Pursuing Strategic Alternatives for Grid, Commercial, Government and other Businesses and Operations
Press Release: A123 Systems, Inc. – 6 minutes ago.. .
.
WALTHAM, Mass., Oct. 16, 2012 /PRNewswire/ -- A123 Systems, Inc. (AONE) ("A123" or "the Company"), a developer and manufacturer of advanced Nanophosphate® lithium iron phosphate batteries and systems, today announced that it has entered into an asset purchase agreement with Johnson Controls, Inc. (JCI) in a transaction valued at $125 million. Under the terms of the agreement, Johnson Controls plans to acquire A123's automotive business assets, including all of its automotive technology, products and customer contracts; its facilities in Livonia and Romulus, Michigan; its cathode powder manufacturing facilities in China, and A123's equity interest in Shanghai Advanced Traction Battery Systems Co., A123's joint venture with Shanghai Automotive. The asset purchase agreement also includes provisions through which Johnson Controls intends to license back to A123 certain technology for its grid, commercial and government businesses. A123 also continues to engage in active discussions regarding strategic alternatives for its grid, commercial, government and other operations, and has received several indications of interest for these businesses.
To facilitate the transaction process, A123 and all of its U.S. subsidiaries today filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The Company's subsidiaries located outside the U.S. were not included in the filings. This action is expected to allow the Company to provide for an orderly sale of the automotive business assets and all other assets and business units under Section 363 of the Bankruptcy Code and enable the Company to maximize the value of its assets for its stakeholders in a controlled, court-supervised environment.
In conjunction with the proposed transaction, A123 has received a commitment from Johnson Controls for $72.5 million in "debtor in possession" financing to support the Company's continued operations during the pendency of the sale process. The Company has filed a number of customary motions seeking court authorization to continue to support its business operations during the transaction process, including the continued payment of employee wages, salaries and health benefits without interruption.
"We believe the asset purchase agreement with Johnson Controls, coupled with a Chapter 11 filing, is in the best interests of A123 and its stakeholders at this time," said David Vieau, Chief Executive Officer of A123. "We determined not to move forward with the previously announced Wanxiang agreement as a result of unanticipated and significant challenges to its completion. Since disclosing the Wanxiang agreement, we have simultaneously been evaluating contingencies, and we are pleased that Johnson Controls recognizes the inherent value of our automotive technology and automotive business assets. We are also pleased that we have received indications of interest that recognize the value of our grid and commercial businesses. We are encouraged by the significant interest we have received, as multiple parties have submitted proposals for these businesses. As we move through this transaction process, we expect to continue operating and working with customers and suppliers."
"Our interest in A123 Systems is consistent with our long-term growth strategies and overall commitment to the development of the advanced battery industry," said Alex Molinaroli, president, Johnson Controls Power Solutions. "Requirements for more energy efficient vehicles continue to increase, which is driving automotive manufacturers to pursue new technologies across a broad spectrum of powertrains and associated energy storage solutions. We believe that A123's automotive capabilities are a good complement to our existing portfolio and will further advance Johnson Controls' position as a market leader in this industry."
The transaction with Johnson Controls is being completed pursuant to Section 363 of the U.S. Bankruptcy Code and is subject to, among other things, higher or otherwise better offers to purchase any or substantially all assets of the Company, Court approval, antitrust approval, any other such approvals as may be required by law, and other customary conditions. Given these conditions, there can be no assurance that the proposed transaction will be consummated.
Additional information is available on A123's website at www.a123systems.com or by calling A123's Restructuring Hotline, toll-free in the U.S., at 1-800-224-7654. For calls originating outside the U.S., please dial +1 973-509-3190. Court documents and additional information can be found at a dedicated website administrated by the Company's Claims Agent, Logan & Company: www.loganandco.com
One good thing about my money being tied up waiting for this stock to settle.................I don't have the money in one of the alternatives I was considering--AONE, which dropped nearly 50% in after hours trading last night. I considered strongy buying this stock at 0.25 and may have done so if I had the cash in my account. It traded between 0.11 and 0.14 last night.
Always looking for the positive.
JP
Another Chineese buyout in trouble.
Huawei, ZTE Threaten U.S., Congress Panel Says
WASHINGTON--Chinese telecommunications giants Huawei Technologies Co. and ZTE Corp. (000063.SZ) pose a security threat to the U.S. and should be barred from U.S. contracts and acquisitions, a yearlong congressional investigation has concluded.
A draft of a report by the House Intelligence Committee obtained Sunday said the two firms "cannot be trusted" to be free of influence from Beijing and could be used to undermine U.S. security.
"Based on available classified and unclassified information, Huawei and ZTE cannot be trusted to be free of foreign state influence and thus pose a security threat to the United States and to our systems," the draft document said.
The congressional panel had launched its probe over concerns that Beijing could use the fast-growing firms for economic or military espionage, or cyber attacks.
The committee said both companies failed to provide adequate answers to lawmakers' questions about their relationship with the Chinese government.
"China has the means, opportunity and motive to use telecommunications companies for malicious purposes," said the report, due to be published Monday on the committee's website.
Based on its investigation, the panel said U.S. authorities "must block acquisitions, takeovers or mergers involving Huawei and ZTE given the threat to U.S. national security interests."
The panel said the U.S. should even consider extending the authority of a super-secret panel that reviews foreign acquisitions to include purchasing agreements.
U.S. government systems, particularly sensitive ones, shouldn't include Huawei or ZTE equipment--not even component parts--nor should those of government contractors working on sensitive U.S. programs, it said.
The report also said U.S. private-sector entities "are strongly encouraged to consider the long-term security risks associated with doing business with either ZTE or Huawei for equipment or services."
Because of the lack of clear information on how the companies operate, the committee report said they could be used for "malicious Chinese hardware or software implants' that could serve as "a potent espionage tool for penetrating sensitive U.S. national security systems, as well as providing access to the closed American corporate networks."
Both Huawei and ZTE have denied any ties with the Chinese government. Top executives of the firms appeared at a hearing held by the panel last month, stressing that they were focused on business, not politics.
Huawei reiterated that position in response to queries.
"The integrity and independence of Huawei's organization and business practices are trusted and respected across almost 150 markets," Huawei vice president William Plummer said in an emailed statement.
"Purporting that Huawei is somehow uniquely vulnerable to cyber mischief ignores technical and commercial realities, recklessly threatens American jobs and innovation, does nothing to protect national security, and should be exposed as dangerous political distractions."
ZTE didn't immediately respond to requests for comment.
The 59-page draft report cited a host of other potential issues with the two firms, including unfair subsidies, allegations of bribery or corruption, dealings with Iran and ties with China's military and Communist Party.
In addition to the concerns cited by the lawmakers, the report said an unpublished, classified annex includes even more.
"The classified annex provides significantly more information adding to the committee's concerns," it said. "That information cannot be shared publicly without risking U.S. national security."
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
Sorry got cut off-
The korsinsky site lets you fill out a non-binding "application and says thy will contact you if they think you could be a possible candidate. It says you can not sell any shares or tender them and must keep them all during the litigation period.
I filled the form out just to see what they would say- may not be a terrible idea for you to give them a call or fill out a couple of the applications- IMO.
Only thing that I think may hurt the chances of getting a larger payout though is where the stock got changed from a $5 price target down to $3 last month. We both remember where it dropped from ~2.90 to 2.65 in a day! I hope it all works out the best for everyone, especially the true longs!
I always hate seeing people lose money in a company that have actually been through the good and bad times. It is clear that you have been invested for a while and believed in the company long enough to see the end.
The way I have read the legal documents it sounds like if they would win, you would have to be under a client-lawyer contract to receive any payout. The Levi and korsinsky
I did not contact any of the legal teams. I figure if one wins, we all win. I doubt there will be any private deals.
I am in this to the end, no choice with 10,000 shares at $4.50.
If I wait until the end, I know my loss will be around 12 grand. Could I make that up with the money in another stock in the time it will take to get to the end of this one? Likely not.
tax deduction for 4 years.
JP
I agree and this is why I did not tender my shares. I would love the money now that it would give me by selling, but by selling or tendering your shares, leaves you with nothing if a higher buyer comes in or are trying to get in on the civil suit.
HOF, have you heard anything back from any legal teams? Which ones did you contact? I filled out an online form with one of the firms but have not heard back from them yet. Only have 1605 shares averaged at 2.95- so not sure if that is 'too small' of a position for them.
forced payout of cash at $3.15 per share.
Who knows, maybe BGI turns around and sells the company to someone else at a higher price.
We need to continue to oppose this buyout.
JP
our shares will convert to money--no other option.
JP
Can anyone explain what happens to shares at 3.15? Are they converted to the merger and continue as another tick? Or forced pay out at 3.15?
Will our shares convert to BGI then?
Time to speak up.
I filed an inquiry with CFIUS today regarding the purchase of GNOM by a Chineese company. I question the wisdom of having this technology in the hands of the Chineese.
You can contact CFIUS at the following email address.
CFIUS@treasury.gov
JP
I called my broker (etrade) and they explained that I can tender my shares - I have to call them directly to do this. As the new company begins to buy and acquire new shares they may buy your tendered shares at that time. They might not be bought though until the final merger is finalized.
If the china company can't acquire enough shares during this process then the deal will not go through. However with no other real buyers right now, think that is a Long shot not being able to get enough. You can sell now and get the current price or hold and get another 0.05 (3.15) out of your shares.
Unfortunately, it looks right now a loss will occur for you if your average is over 3.15. the only chance of making $$ on it is to contact one of the law firms looking into a civil suit against them. i would call a couple firms and see what they say- just know you can not tender or sell your shares to have a possible case- you have to hold your shares until all litigation is done.
Last thing- to my knowledge, after the buyout is complete, the ticker GNOM will be no more and your current shares have no value in the new company- if you hold until the buyout is done they will force you into a 3.15 sell- sad I know. Best of luck to you and all!
3.15/share and the Board recommends that I ‘accept the offer and tender my shares’. Does that mean I can’t keep them and they would transfer to the new company and hopefully, go up over time? Do I have to tender them and realize a loss?
Anyone else get the tender offer notice? Anyone talked to any of the law firms? I've put in a couple calls and still waiting to hear back from them- going to call again tomorrow to the few places I've called-
Obama blocks Chinese-owned wind farms
I wonder if the logic in the following decision will carry over at all to the proposed GNOM sale?
Obama blocks Chinese-owned wind farms, citing security threat
Nick Juliano, E&E reporter
Published: Friday, September 28, 2012
This story was updated at 4:50 p.m. EDT.
President Obama today blocked construction of wind farms a Chinese-owned developer planned to build near a naval facility in Oregon, citing national security concerns.
In his order mandating that Ralls Corp. abandon plans for four wind farms, Obama cited "credible evidence that leads me to believe" the company and its affiliates "might take action that threatens to impair the national security of the United States."
Obama had until today to issue the decision, which arose in a dispute between Ralls and the interagency Committee on Foreign Investment in the United States. It's rare for the president to get involved in such disputes, and some observers pinned the move on animosity toward China that has grown heated ahead of the November elections.
CFIUS, chaired by Treasury Secretary Timothy Geithner, reviews business deals that could result in foreign nationals owning U.S. firms. Ralls is incorporated in Delaware but is owned by executives of the Chinese firm Sany Group. Ralls recently purchased four sites in Oregon, all within or in the vicinity of restricted airspace used by the Naval Weapons Systems Training Facility Boardman, according to the Treasury Department.
Obama's order requires Ralls to divest its interests in the four wind projects, which would have installed Chinese-manufactured turbines, and to remove any equipment and material from the project sites, among other actions.
Through the order, Obama exercised his authority to block foreign transactions under Section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment and National Security Act of 2007. The law allows the president to block acquisition of U.S. firms by foreign owners if such actions could threaten national security and existing law provides no other means to protect national security, according to a Treasury Department statement.
The order didn't specify the "credible evidence" of a national security threat that led to the order. CFIUS previously rejected the wind farms after analyzing potential national security threats, and Ralls had challenged that decision in court.
A federal district judge hearing Ralls' challenge to the CFIUS decision said earlier this month that she would have to defer to Obama if he blocked the project because of the deference afforded the president on national security issues, Bloomberg reported at the time.
The Treasury Department said blocking the project was done to protect national security and doesn't undercut the United States' broader support for open investment in U.S. markets.
"The President's decision is specific to this transaction and is not a precedent with regard to any other foreign direct investment from China or any other country," Treasury said in its statement.
Josh Zive, a Washington-based lawyer and lobbyist with Bracewell & Giuliani who is an expert on CIFUS issues, said today's decision likely will be closely watched by foreign investors, especially those in China who feel they have faced undue scrutiny for years. He also noted that the decision will allow Obama to deliver a tough-on-China message on the campaign trail, whatever the underlying reason for the decision.
"Even if it didn't have political motivation, it certainly has a political utility," he said.
In a statement, Ralls' counsel Tim Xia lamented that the president's decision would block "a jobs-creating wind farm" and said the company would continue to press its case in court.
"The project poses no national security threat whatsoever, and the President's order offers no explanation otherwise," Xia said. "The President's order is without justification, as scores of other wind turbines already operate in the area where Ralls' project is located. The selective and arbitrary singling out of Ralls' project drives our effort to seek redress in U.S. courts."
8:02AM Complete Genomics: BGI-Shenzhen begins tender offer to acquire Complete Genomics (GNOM) 3.09 : BGI-Shenzhen is commencing today, through its wholly owned subsidiary Beta Acquisition Corporation, a cash tender offer to purchase all outstanding shares of common stock of Complete Genomics. BGI reported earlier this month its intent to acquire Complete. Upon the successful closing of the tender offer, stockholders of Complete will receive $3.15 in cash for each share of Complete's common stock tendered in the offer, less any required withholding taxes and without interest. Following the purchase of shares in the tender offer, Complete will become a subsidiary of BGI.
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http://www.completegenomics.com/
http://finance.yahoo.com/q/ks?s=GNOM+Key+Statistics
Our solution for complete human genome sequencing and analysis provides academic and biopharmaceutical researchers with complete human genomic data and analysis at an unprecedented quality, cost and scale without requiring them to invest in in-house sequencing instruments, high-performance computing resources and specialized personnel. By removing these constraints and broadly enabling researchers to conduct large-scale complete human genome studies, we believe that our solution has the potential to revolutionize medical research and expand understanding of the basis, treatment and prevention of complex diseases.
By the end of 2010, we expect our facility to have the capacity to sequence and analyze over 400 complete human genomes per month. We expect this capacity to increase over threefold in 2011.
In future years, we plan to construct additional genome centers in the United States and other strategic markets to accommodate an expected growing global demand for high-quality, low-cost complete human genome sequencing on a large scale.
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