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I said to a friend I knew he wasn't much for buying a pig in a poke and attempted to explain why I took my money out of Luckin and put it here. Seems a little crazy at the moment Here goes.
https://www.amazon.com/Charles-J-Robinson-PHD/e/B00NIYSC8W%3Fref=dbs_a_mng_rwt_scns_share
Bill Smith, former CEO is 3rd down on the right. https://www.facebook.com/DrCharlesRobinson/about
2020: The Top DLT-Blockchain Protocols Head-to-Head Part 3 of 3 — A Quick Reference https://medium.com/@charles_62476/2020-the-top-dlt-blockchain-protocols-head-to-head-part-3-of-3-a-quick-reference-764d3f03654
Now tell me the company he bought is going to stay at $.0029
https://www.facebook.com/photo.php?fbid=10221091647632447&set=p.10221091647632447&type=3&theater
You don't understand this is like an IPO. He bought the shell of the old company so he could start his own company. It has absolutely nothing to do with what XLPI use to do.
https://www.facebook.com/pg/xlpiint/posts/?ref=page_internal
And this is how I know it's going to happen.:Xcelplus (Nevada) was reinstated today. A new President / CEO is on board to run operations. I am still a director and hold other positions in the company at this time. We will be releasing an official press release shortly. The SEC considers this to be official news release channels so stay tuned.
Bill Smith
I would like it where it is or lower until tomorrow. TD won't let buy more with the money I transferred this morning.
I wonder if they'll announce a reverse split right away or wait a while? I would think they'd do it quickly so they can get on a major exchange.
I averaged down to just so now 2,410,000@$.0037. Every $.0001 up or down now means $241. I 'm really looking forward to next week.
Number of shares XLPI has. https://www.otcmarkets.com/stock/XLPI/security
I'm thinking about it this way. It's kind of like an IPO and we're in before the stock goes public. We don't know what the company has to offer yet, but we all know how easily the PPS moves. Let's say just 10 friends of Robinson buy this stock because he is who he is...and he's got a lot more than 10 friends. I doubt it will hurt the PPS. :¦»
You did see this, right?
XcelPlus International Inc
Yesterday at 5:46 PM ·
Xcelplus (Nevada) was reinstated today. A new President / CEO is on board to run operations. I am still a director and hold other positions in the company at this time. We will be releasing an official press release shortly. The SEC considers this to be official news release channels so stay tuned.
Bill Smith
I've been looking all over to see why this guy is mentioned. Bill is a friend of his on Facebook.
Joseph Casimano Who is new office “Charles J Robinson” added today??? We got a reverse merger coming in here ??
Hey Puppman I was wondering if you were still around. Still have any shares?)
Is it just me, or does this feel like owning shares before the IPO?
Now, if someone would PLEASE provide a link that shows how it's known know Robinson is the new CEO or at least the buyer it would be greatly appreciated? I do see on FB where Bill is a friend of his.
Are you sure this Robinson is going to be the new owner?
BTW, I started using that handle in 96 because I no longer drink. Real name is Stu.
Maybe I can finally make back all the money I lost in the old company!
Not I really him expect to do anything with it, but I sent this to Lionmaster,I did not ask him to promote it. He has 29.1k Followers.
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Market Data by Xignite and BATS BZX Real-Time Price
xgin
Bullish
14m
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Bullish
17m
@Lionmaster If I even say anything this is going to look like a pump and dump, but here it goes. I was first in XLPI in 2006. It pretty much failed and was dormant until a little while ago much to even the CEO's surprise. I am 'xgin' on Investors Hub and Bill Smith the CEO texted each other and I put most of them on the board. So I moved on again until today. Here is Bill Smith's post from about 24 hours ago.
XcelPlus International Inc
20 hrs ·
Xcelplus (Nevada) was reinstated today. A new President / CEO is on board to run operations. I am still a director and hold other positions in the company at this time. We will be releasing an official press release shortly. The SEC considers this to be official news release channels so stay tuned.
Bill Smith
17You and 16 others
4 Comments4 Shares
This is apparently the new boss.
investorshub.advfn.com/boar...*
I bought 1M shares today for an average of $.004076
I'm NOT asking you to promote this stock, but thought you might see an opportunity here.
*This link actually works in the message I sent to him.
Timing101 Tuesday, 07/07/20 11:30:14 AM
Re: None 0
Post # of 15336
Does anyone know more than this? "Xcelplus (Nevada) was reinstated today. A new President / CEO is on board to run operations. I am still a director and hold other positions in the company at this time. We will be releasing an official press release shortly. The SEC considers this to be official news release channels so stay tuned.
Bill Smith"
Well, I'm back in with 440k@$.0043. If you go back a ways you'll see I've been in & out since 2006 (and on the this board). For once I'd like to make some money from XLPI.
Hey guys, we did have the wrong court. From a new article dated July 7th " On July 6, the British Virgin Islands Commercial Court will hear Credit Suisse’s request against Haode (holding 23.94% of Ruixing) and the entity controlled by former CEO Qian Zhiya of Summer Fame Limited (holding 15.43% of Ruixing Shares) application for liquidation. As of press time, the verdict has not been announced."
Here's why I thought it was the Cayman Islands: "On June 16, the Cayman Islands Court ruled that in view of Lu Zhengyao’s failure to repay approximately $324 million in debt by June 1, 2020, many lenders such as Credit Suisse have the right to liquidate the Primus Investments Fund and the Lu Zhengyao family’s control. Mayer Investments Fund. In addition to Primus, Lu Zhengyao's family trust Haode Investment also faces the risk of being liquidated."
The problem is the court is closed for "Constitution Day". A couple of us on StockTwits have been trying to track down the court case.
Honestly I never thought the deal was going to go through because if I remember correctly it was a stock deal from an iffy company. May not have that right though.
Not so sure that's the way it's going to work out. This all happens 10:30AM EDT. Lu losing all his shares (though totally expected)would affect the action I would think.
Reposting just in case the bears are out there trying to make hay out of Lu getting more control of the board he though he's gone.
Translated with chrome: Earlier, Luckin Coffee's lenders Morgan Stanley , Goldman Sachs Group and Barclays Bank submitted a liquidation application to another investment company held by the Lu Zhengyao Family Trust Fund in the British Virgin Islands, which will open on July 6. If the court supports the above financial institution's application, Lu Zhengyao will lose control of Ruixing Coffee, and Dazheng Capital will become Ruixing Coffee's largest shareholder.
Affected by this, Lu Zhengyao originally planned to reorganize the board of directors one day before the court session to strengthen the control of Ruixing Coffee. But now, Li Hui, Liu Erhai and others have started to fight back.
He's going to be stripped of his shares (99% chance IMHO)and will probably go to jail.
Why I'm happy Lu is gone and hope he forfeits his shares tomorrow.
"https://seekingalpha.com/news/3588564-luckin-chairman-knew-should-known-fabricated-deals-wsj?mail_subject=lk-luckin-chairman-knew-or-should-have-known-about-fabricated-deals-wsj&utm_campaign=rta-stock-news&utm_content=link-3&utm_medium=email&utm_source=seeking_alpha
"Luckin chairman knew or should have known about fabricated deals - WSJ
Jul. 5, 2020 11:28 AM ET|About: Luckin Coffee Inc. (LK)|By: Liz Kiesche, SA News Editor
An investigation conducted by a special committee of Luckin Coffee's (NASDAQ:LK) board concludes that the company's chairman, Charles Lu, knew or should have known about bogus transactions that inflated the Chinese coffee chain's sales last year, the Wall Street Journal reported, citing a person familiar with the matter.
A report describing the investigation also said that Lu didn't fully cooperate with the investigation.
The probe said Lu was aware of certain related-party transactions that weren't properly disclosed, the person said."
We should get some (probably negative) exposure on CNBC, Fox Business, and Bloomberg tomorrow. Maybe Bloomberg tonight. Also we'll probably end up with some trading halts tomorrow. https://otce.finra.org/otce/tradingHalts
Use Chrome to translate. https://cj.sina.com.cn/articles/view/1279746217/4c4760a901900q3ly
We ain't done yet. Tomorrow morning Lu should lose all his shares and voting right with a new honest board in 21 days. I was wondering if could come up with the $324M he owes from UCAR, but it sure doesn't look like it.
"Still waking up, but did Lu get some of what he wanted? From one of my posts earlier: Part 7: On July 5, Lu Zhengyao held a special general meeting as a major shareholder. Once the resolution was passed to remove the appointment of Li Hui, Liu Erhai, and independent director Sean Shao (Shao Xiaoheng), Ruixing’s internal investigation led by the special committee would be forced to stop.
Of course, after July 6th, once Lu Zhengyao's shares are liquidated, Dazheng Capital will become the largest shareholder and can initiate a new board of directors and shareholders' meeting.
However, according to "Shenwang", there are about 15-21 days from the launch of the next shareholders meeting. Lu Zhengyao can at most win a buffer period of about 21 days for himself.
And UCAR. From the new Yahoo article I would say Lu is not going to be able to come up with the cash for the 324M he owes and the court will relieve him of all his shares. There will be a new board in 3 weeks. "Lu last month resigned as chairman of Car Inc., China’s biggest rental-car fleet operator, as scrutiny increased over Luckin and the accounting scandal. A Beijing court has frozen Lu’s entire stake in Car Inc.’s parent, UCAR Inc., for judicial reasons."
https://finance.yahoo.com/news/luckin-coffee-shareholders-vote-remove-135913957.html
Well, Lu is out. Now let's see if he loses his shares in the Cayman Islands tomorrow.
If by chance you are new and thinking of buying shares you should read this on Chrome (so it is translated) and I believe you'll get a pretty unbiased read on where everything stands for the company. Really good article. https://cj.sina.com.cn/articles/view/1684012053/645ffc1501900w9lk?cre=tianyi&mod=pcpager_fintoutiao&loc=1&r=9&rfunc=13&tj=none&tr=9
Also, on the lower part of the page (in chronological order) are other articles on Luckin as they are posted. If you don't have Chrome and can't read Chinese
Your guess is good as mine. One thing I did read is Ernst & Young would not sign off on the annual report until Lu is gone. I bookmarked this link in (so it would be translated)and at the bottom are all the chronologically sorted articles on Lu & Luckin. https://cj.sina.com.cn/articles/view/2853016445/aa0d937d02000n2zm
Ok, heavy math here. Looks like the Cayman Islands are EST year around and court is suppose to start 9:30 AM. So that means court starts 10:30 AM EDT so for me in Seattle it will be 7:30AM. Seems like we should know if Lu loses all his shares before the stock market closes, but just guessing. Could be a very volatile week.
"This means the Islands share Eastern Standard Time (EST= -5 UTC) with Miami and New York from November through April."
Well said and me too. I understand SNNVF doesn't own it so... It seems like a valuable asset, but with the Covid nobody has money to throw around.
Here is a 2nd article that was originally posted by someone else who I'd like to credit, but forgot who it was. Should Dazheng Capital win July 6th things are going to change. Again I used Chrome to translate.
https://cj.sina.com.cn/articles/view/3196902935/be8cde1702000us5i?from=finance
I posted the whole thing translated in 12 parts using Chrome on StockTwits. Here is an example of something you may not have known:
https://cj.sina.com.cn/articles/view/1279746217/4c4760a901900q3ly
In 2019, Lu Zhengyao pledged shares in his hand, sister and Qian Zhiya to banks such as Credit Suisse and received a loan of 533 million US dollars. On April 3, Credit Suisse issued a mandatory early repayment notice to Lu Zhengyao on behalf of its six institutions , Morgan Stanley , Goldman Sachs , and Barclays . In the two months after the notice was issued, banks such as Credit Suisse obtained about US$210 million in funds through selling shares, but there was still a gap of more than US$320 million in loans, and they subsequently initiated litigation.
According to a June 22 document from the Cayman Islands Court, the bank led by Credit Suisse Group won a court order to dissolve the entity controlled by the family of Lu Xingyao, chairman of Ruixing Coffee, and recover $324.1 million in outstanding debt.
Documents of the Cayman Islands court also show that on July 6, there will be two notices related to Ruixing. The plaintiff is Credit Suisse Group, and one of the defendants is Summer Fame Limited, which is controlled by the founder and CEO Qian Zhiya Family Trust. Qian Zhiya holds 15.43% of Ruixing Coffee; the second defendant is Haode Investments, director of Ruixing Coffee Chang Lu Zhengyao mainly holds 23.94% of Ruixing Coffee through family trust Haode Investment.
July 6 is the key point. If Credit Suisse wins the lawsuit, Lu Zhengyao and its related companies will be held by banks such as Credit Suisse, and Lu Zhengyao will lose board qualifications and voting rights.
Thanks for all the links in one place. "But they could have been a contender!"
I used Chrome browser to translate. https://money.163.com/20/0701/15/FGF87A8B00259DLP.html
Last paragraph: Zhu Danpeng, an analyst of the Chinese food industry, said in an interview with reporters before and about Ruixing's future direction, Ruixing's entire operation model, business philosophy, product layout, fan traffic, customer stickiness and other aspects have done very well, even if it is After the company broke out a serious scandal, the "tonality" of its brand operation did not have a "chaotic foot", and Ruixing's future, "One possibility is to do a good job in operations, and start again, this is the biggest possibility." There is also a possibility that the'giant' will take over. A leading company from industry or capital will take over all Ruixing and revitalize assets. Both of these possibilities may exist."
https://www.sec.gov/Archives/edgar/data/1354457/000135445720000301/xslF25X02/primary_doc.xml
I was wrong it was the official delisting.
Since it will soon be the 2nd in China I wonder if we'll know the results of the meeting before the open tomorrow?
Need a chuckle? https://vimeo.com/260884862
Ancient history. Luckin Announces the Substantial Completion of the Internal Investigation
BEIJING, July 1, 2020 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (the “Company”) (OTC:LKNCY) announced that its Special Committee of the Board of Directors (the “Special Committee”), with the assistance of its advisors, Kirkland & Ellis International LLP and FTI Consulting, has substantially completed its independent internal investigation (the “Internal Investigation”) into the issues disclosed in the press release issued by the Company on April 2, 2020.
The Special Committee was formed on March 19, 2020 and authorized by the Board of Directors (the “Board”) to access documents, records and information of the Company, and to conduct interviews with any employee, officer and director, as the Special Committee deemed appropriate. In the course of the Internal Investigation, the Special Committee and its advisors reviewed over 550,000 documents collected from over 60 custodians, interviewed over 60 witnesses, and performed extensive forensic accounting and data analytics testing.
Based on its work, the Special Committee has found that the fabrication of transactions began in April 2019 and that, as a result, the Company’s net revenue in 2019 was inflated by approximately RMB 2.12 billion ( consisting of RMB 0.25 billion in the second quarter, RMB 0.70 billion in the third quarter, and RMB 1.17 billion in the fourth quarter.) The Company’s costs and expenses were inflated by RMB 1.34 billion in 2019 (consisting of RMB 0.15 billion in the second quarter, RMB 0.52 billion in the third quarter, and RMB 0.67 billion in the fourth quarter).
Evidence discovered to date demonstrates that the Company’s former Chief Executive Officer, Ms. Jenny Zhiya Qian, former Chief Operating Officer, Mr. Jian Liu and certain employees reporting to them participated in the fabricated transactions and that the funds supporting the fabricated transactions were funneled to the Company through a number of third parties associated with the Company employees and/or related parties.
Following the Special Committee’s recommendations, the Board terminated its former Chief Executive Officer and former Chief Operating Officer based on evidence demonstrating their participation in the fabricated transactions. In addition, the Board resolved to require Mr. Charles Zhengyao Lu to resign as a director and the chairman of the Board and a meeting of the Board will be held on July 2, 2020 to consider the proposal to remove Mr. Charles Zhengyao Lu, as a director and the chairman of the Board. The proposed resignation and removal regarding Mr. Charles Zhengyao Lu was requested by the majority of directors of the Board, and based on findings presented by and the recommendations of the Special Committee. The Special Committee based its recommendations regarding Mr. Charles Zhengyao Lu on documentary and other evidence identified in the Internal Investigation and its assessment of Mr. Charles Zhengyao Lu’s degree of cooperation in the Internal Investigation. The Board has further resolved to terminate 12 other employees who, at the direction of the former Chief Executive Officer and former Chief Operating Officer, participated in, and/or had knowledge of, the fabricated transactions, including previously suspended employees. An additional 15 employees are subject to other disciplinary actions. In addition, the Company is in the process of terminating relationships with all third parties involved in the fabricated transactions.
In connection with the Special Committee’s findings, the Company has implemented several immediate enhancements to its finance functions and engaged an internal controls consultant to evaluate the existing controls environment and recommend enhancements to detect and prevent misconducts in the future. The Company is chartering an internal audit function to test and evaluate its control functions. The Company will also strengthen ongoing compliance training to its employees.
The Special Committee may continue to perform certain additional investigation steps if additional relevant information becomes available.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About Luckin Coffee Inc.
Luckin Coffee Inc. (OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China. For more information, please visit investor.luckincoffee.com.
Investor and Media Contacts
Investor Relations:
Luckin Coffee Inc. IR
Email: ir@luckincoffee.com
Bill Zima / Fitzhugh Taylor
ICR, Inc.
Phone: 646 880 9039
NEWS!!! Reapplied to NASDAQ. https://stocktwits.com/symbol/LK
He's very very rich already. Google him.