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California Central US District Court. You have to have a paid PACER account. No links allowed or possible.
News from on the ground in China is still pretty dismal:
http://finance.sina.com.cn/chanjing/gsnews/20150925/090323348886.shtml
Lentuo has filed a motion to dismiss 3 days ago. They are being represented by the same firm they had since listing on NYSE.
Long story short, they are saying that 250rmb loans are not Lentuos responsibility and provided proof. They are also saying that there was a coordinated short attack including a lot of planted stories and posts.
Guo is not giving up.
This company is all f'ed up! Anyone part of the lawsuit..any details/developments?
What is odd is that it does appear that there was a Notice of Effectiveness issued in relation to LAS with an accession number of 9999999995-15-002508.
However the link to it on the SEC site is not working:
http://www.sec.gov/Archives/edgar/data/1499673/999999999515002508/9999999995-15-002508-index.htm
It has been removed from the list of notices of effectiveness - there is a 9999999995-15-002507 and a 9999999995-15-002509, but 9999999995-15-002508 is missing. I can only assume that it was issued in error in relation to the old shelf offering registration from 2014.
Notices of effectiveness can be searched for or browsed here:
http://www.sec.gov/cgi-bin/browse-edgar?action=geteffect
You will see that there is no recent notice of effectiveness in relation to Lentuo
Interesting...but I did not see any underlying details here. Sometimes a Notice of Effectiveness communicates some actions of the company to the shareholders.
No it's just an acceptance of a share registration for a shelf offering made back in 2014. Funny it's for 300M and was never made public by press release!
http://www.conferencecalltranscripts.org/NOTICE/summary2/?id=2014684.What is an SEC "notice of effectiveness"? The notice of effectiveness is a public declaration by the Securities and Exchange Commission that a public company's registration statement has been accepted. For shares in a public company to trade on the open market they must be registered by the company. So are we saying that they are going to be trading on the NYSE again if the SEC accepted this?
What broker's allow trades in these grery market stocks? My interactive brokers account won't accept the trades in this stock.
The company had a lot of debt, and probably couldn't service it when China car market took massive downturn. One commentator in China says may survive as owns a lot of land.
Wasn't this once a viable company? How did things here go so wrong? How can someone outside China check to see if there's some value remaining here beyond a fraction of a cent?
I agree...done!
Well there are signs that the dealers are starting to get back to operations, but Guo still owes a lot. But my main issue is that even if the dealers recover, will the investment vehicle that was LAS actually be worth anything? As LAS never actually owned anything - the parent company Electromechanical Group actually owns the dealerships and land etc. So yes it's a goner imho.
Any updates? Price .is now ZERO..might as well write off the remaining shares that I have..
Nice to see some more offers from Audi and VW
http://dealer.webcars.com.cn/Dealer/431/Default.html
http://dealer.webcars.com.cn/Dealer/317/Default.html
He lost, I wonder why Guo doesn't want that court to hear the case? Maybe just a delaying tactic.
How about this. hmm.
http://www.court.gov.cn/zgcpwsw/jiangsu/ms/201509/t20150901_10680369.htm
This is about the Minmetals trust court case in China from June - nice to see that it is being defended by Guo who disputed the jurisdiction of the court to hear the case (but was unsuccessful):
http://caseshare.cn/full/127692084.html
The other court cases appear to be about bank loans to Lentuo and Guo, some of which appear to be loans made this year!
I'm monitoring the court sites for any bankruptcy of Guo and the other Chinese companies related to Lentuo such as Electromechanical Group.
Just cut and paste text into Google translate. It's a bank suing for 10's of millions. Not sure but it looks like they were default judgements too i.e.: not even defended by Guo. At least not about bankruptcy.
I'm not able to translate PDF docs, do you have an idea of what these are for?
Some Chinese court documents
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3461367.pdf
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3767603.pdf
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3767507.pdf
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3767505.pdf
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3767504.pdf
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3767501.pdf
http://rmfygg.court.gov.cn/psca/lgnot/bulletin/download/3960573.pdf
26 jobs posted here (see list at right)
http://qc.djob.com/job_42EEFF688EAD1504.html
Real?
Sorry you are right, I misread the report.
Have you got link to that news? Ive only seen one where CADA is saying 90 % of dealerships are making losses (first half 2015) and probably 30 % of weaker dealerships are going under.
Probably. CADA is saying that 90% of 4S shops will go broke in 2015. It could be a case of "last man standing" - if you are one of the ones that can stay afloat until the carnage is over then your business should be sustainable going into the future....
I think LASLY is all done from here folks. Chinas Market is in turmoil and not over yet. Debt restructuring, Real Estate and stock market bubbles all bursting at the same time..these negative forces will wipe out a large part of there GDP growth.
Guo is done in my belief...
It's just so frustrating to wait and see what happens. Whole car market in China is a mess but still, emails doesn't cost a thing. They have new promotions almost every day. I think someone would have released something if Guo and other managers would have vanished. It's almost half a year when the problems started. Anyone going to Beijing to see world championships?
What happened here? I Thought this Chinese Auto Company was a Legitimate one.... Obviously there seems to be serious doubt and issues but nobody seems to really know what has and is going on? How can one get the real scoop than waiting and hoping a report (with the SEC)is finally filed. How about the Chinese authorities???? Anyone look into that as a source? Generally when late or if never filed it's bad news and worth nothing or next to nothing. So anyone go to China to find out or contact the securities administration, the taxing authorities, etc?
Meanwhile Mazda has posted new promotions today http://dealergroup.bitauto.com/142/news_3.html and VW has listed bunch of cars on Bitauto.
I must admit that I agree. I found this Beijings "google maps" (http://bj.city8.com/soso.aspx). Here you can see street view from most of Lentuos dealerships. It was quite fascinating to actually see that these buildings exist (I don't know if anybody ever denied it, but its more than just ad pictures). Below ive copy pasted some addresses from lentuo's webpage (http://www.lentuo.net/theme/zch/contact.html).
??????????????15?
??????????????????????????
??????????????18?
???????????56?D?
????????56?E?(????? )
??????????????18?
???????????88?
???????????88?
Ok, copy paste didn't work but you can see addresses from Lentuos website. http://www.lentuo.net/theme/zch/contact.html
I believe you Nostrodamus but I am afraid thousands do not...lol
One morning we are going to wake up with this stock trading at around $1. Mark. My. Words
Although China is under going a recession, and the Chinese government is trying to fix many of its government own stocks and economy, and paying less attention to the private own businesses like Lentuo International. Lentuo is still doing business in Beijing, just not as much as last year. Operation is sometimes at a crawl since the Chinese economy is doing bad. Plus since Lentuo electra one of the other companies created by Guo have gotten itself in moral and probably loan fraud troubles, this has also hurt Lentuo from moving forward.
Since Lentuo International or Lentuo Electra, has not filed for bankruptcy protection, than the company is still a go. Right now I would not be putting any more money into Lentuo International while they are having financial and investigation problems. I would wait until all of these problems clear up, than go from there.
IMHO, I still believe Lentuo will make a comeback in the future, but as a private business, but not anytime soon. Also I do believe as the shares slowly disappear, and what is left from shareholders who refuse to sell their shares, I believe they whom is left would be made a tender offer from GUO himself.
Good Luck to LASLY Shareholders and Investors.
I'm not sure who's buying as there is no market maker... as for Mr Guo I would say that his assets and accounts are also frozen by the Chinese courts as he was the main guarantor under those trusts. Although I guess that wouldn't affect overseas bank and trading accounts if he has any. As you know, the assets of Lentuo (cars) are currently frozen by the courts.
Who is buying few thousand shares every day on the grey market?
Maybe its Guo trying to take this thing private on the cheap. He can buy most of the shares for under a million dollars and regulators cant do a damn thing.
I stepped away from this thread for a bit. Still no word from LAS. Amazing and not a good sign. Anyone here of any other rumors/info? This is the last Chinese stock I will own. There economy is tanking which also does not bode well for LAS.
This page has been amended to add more information for Riverstone http://company.zhaopin.com/CC000602670.htm
There also appears to be heaps of jobs here:
http://www.allzhaopin.com/gongsi/company799360.html
However, I'm not so sure that the allzhaopin site is as legit as the zhaopin site.
No more jobs open..either they are filled or...
http://sou.zhaopin.com/jobs/companysearch.ashx?CompID=CC000602670
What do you think, if Lentuo was a scam, wouldnt it be out allready. Yeah its easy just say it was a scam because they have gone dark, but I mean if they did something like stole the cash and run, I think this would be out allready?
So it seems they are short of cash and thats it. Is there any case what happens to a company when they stop responding and finally get their act together (or not)? It's easy if they declare bankruptcy, but what Ive read Lentuo is far from bankruptcy, but if they for example want to get relisted is there any company which has missed their responsibilities and still got their business running and relisted on NYSE. In India there was some case.
Mentions new car sales starting in Sept or October
http://www.eeo.com.cn/2015/0717/277930.shtml
Hope our Mazda dealers are getting in on the action
http://www.businessinsider.com/r-changing-chinese-habits-help-mazda-outstrip-rivals-in-slowing-market-2015-7?IR=T
Here is a translation of the one on the trusts:
http://tv.brtn.cn/20150712/VIDE1436678451991822_wap.shtml
Recent news video this time on problems for customers who leased cars. There is a translation :
http://tv.brtn.cn/20150712/VIDE1436681687546429_wap.shtml
This is about the two fund raising trusts. As you will be aware, Lentuo Electromechanical (“LE”), borrowed money through two trust agreements (Chinese investors) totalling RMB250 million (RMB150M + RMB100M) supposedly (if I recall correctly) to fund the construction of new 4S stores and a VW training centre.
There are web rumours in China that in fact the money was not used for this, but was embezzled or used to buy land instead.
The investors haven't been paid their interest (I don't know if they have also lost their capital but I suspect that this is what the report is saying - I don't understand the report, so I don't know what else it says.)
So yes it is definitely about Lentuo and it's financial problems... The TV report is more terrible publicity for the Lentuo brand, which must now be pretty much a liability.
In other (better) developments, the number of jobs has gone down to 6 now - this is s good sign, as it would be consistent with the jobs being removed from Zhoapin by someone as they were filled. Note that it looks like it is hard to find a GAAP reporting expert in China.
http://sou.zhaopin.com/jobs/companysearch.ashx?CompID=CC000602670
All over the news. Please someone translate. Is this linked to lentuos cash problems or something else.
Great publicity for Lentuo - this is (I think) about ordinary folks who lost money investing in the Lentuo trust and have apparently not been paid. Does anyone understand Chinese?
http://www.iqiyi.com/v_19rron4ifs.html
Sorry wrong link, the most active site for that dealer is here:
http://dealer.xgo.com.cn/d_1084/
Not that many models on promotion, but there are some and also recent articles. The most active of the other sites seem to have promotions from April only.
No unfortunately it's not new. Most of the dealers have their own site plus a bitauto and/or webcars site, and then on top of that a less active "official" site run by the manufacturer (Toyota, Audi, etc.) This is the official site run by Toyota and the Lentuo connection is mentioned here:
http://toyota-ytq.net/guanyu.aspx?i=1
As far as I can see the most recent promotion on that site is from February. Fortunately that dealer is very active as can be seen from their own site:
http://www.qiche4s.cn/100017299/
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