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The RMB is not a currency that is easily converted. If you read the 10-k's and 10-Q's of legitimate chinese companies, you will see the following, or something very similar.
"However, approval from appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of bank loans denominated in foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy our currency demands, we may not be able to pay dividends in foreign currencies to our shareholders."
this would be found under "Governmental control of currency conversion may affect the value of your investment" on any 10-k of a chinese company that files with the SEC
i never said fake mergers, I merely said that it is almost impossible for a chinese company to convert RMB to dollars and to buy back shares, and when theres an announcement that says a chinese company will buy back shares, I know what the deal is.
wasn't my DD.
Funny thing is, it is virtually impossible for a company in China to convert RMB to dollars and send dollars outside the PRC without government approval. The RMB is not a currency that you can just go exchange anywhere... you can look that up. China is a roach motel for dollars, you can bring your dollars to china , but you can never get them out. Why does this matter? In my DD, I see that some of the minnie mouse chinese companies make announcements about repurchasing shares. This of course raises a major red flag (no pun intended) seeing how it would be a logistical nightmare for a company in the PRC to convert rmb to dollars and send those $$ to the US to purchase shares.
It works for buying shells, since they can raise $$ (sell shares) to pay for the very shell they take over. However, one must be very skeptical since in this case we are talking about a pink sheet shell, without audits, for a company in china that one would have no idea if it actually exists or not unless you actually visit the company. At least with audits, there is 3rd party confirmation.
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lol... can't be merged. Count on it.
Tell ya what Alex.
You can pump the stock as high as you can, but PBLS will never be a clean shell, and never be merged.
Remember, minnie mouse could not possibly know what they were in for before they invested $2000 to sue for custodialship of pbls, they would need to get all books and records to know that, and even the BK court doesnt have that. that said, minnie and friends quite possibly made much more than that pumping this stock.
All in my opinion of course.
yeah, Cramer was wondering why there is an agreement on the table on the pbls / Alonzo bk cases to take all the TECO stock away from the insiders.
alex, this shell would cost way more to clean up than it is worth. Not only that, but chances are, since it appears that fraud was uncovered, PBLS may never be let out of BK.
post 9872, which is part of court documents from the PBLS's and the Alonzo's BK case.
It appears that Treaty has been identified as an asset of PBLS/the alonzos as per what appears to me to be the agreement made by pbls/ the alonzos which in part is posted by xylan, on this very board. It also appears that this "agreement" has not yet been granted by the court..
In any case, it looks very very murky..
in full agreement,
furthermore, this is a shell that can not be cleaned without huge expense, making the shell cost more than it can be sold for.
Not to mention pbls' current tax issues, those that do not go away with bk protection, PLUS, if the bk judge determines there has been fraud in the past, pbls will always owe the money they owe. They might not be able to use bk protection.
I have always found that info in a 10-K or Q, under shareholder equity on the balance sheet.. it would show preferred shares that are authorized, then amount issued, even if the issued amount is zero. If they recently authorized the preferreds, I believe an 8-k should have been filed, but maybe not.
non convertable preferred stock?
Interesting that I find nowhere in the SEC filings, ie: 10-k, 10-Q or any other filing where the company is authorized to issue preferred shares.
If anyone can find it, let me know.
pbls can be sued at any time for such things as publishing false and misleading PRs, false and misleading financial reports, etc. Bankruptcy does NOT absolve a corporation of anything other than debt, and only if there is no fraud involved. It is quite possible that PBLS will NOT be allowed to come out of BK since there was so much fraud.
Be careful what you ask for.
The IRS will be the ones to nail the bayou mudd brothers, in my opinion.
BTW, minnie mouse wouldn't be buying shares, since IF they get the shell, they could just issue themselves shares.
But then again, If they get the shell, shareholders will have someone to sue, since it will still be PBLS (in my almost always correct opinion)
did you get the certs from the transfer agent or directly from PBLS?
if the answer is the latter.. you have your answer.
no, I am asking you to show me a filing where any shareholders were also listed as plaintiffs as your link indicated.
btw, thanks for the liquidity the past few days..
much appreciated.
Also, you may notice that a pink sheet shell goes for about 150k, and one with IRS debt of 750k isnt a real good merger candidate.
show me one lawsuit where they have succeeded in doing this....
copied and pasted from your link...
______________________________
When a lawsuit is filed we objectively aspire to have numerous shareholders listed as "Plaintiffs" so the officers & directors know the minority stockholders are serious about change
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just one.. thats all i need to see... just one..
don't tell me that they cant find shareholders..
lol.. its not about change, its about acquiring shells on the cheap, in my opinion..
this one owes the IRS and that debt doesnt go away..
A company in The PRC can not buy back its own shares in the US markets without the consent of the Government. If you follow real chinese companies, you will know it is almost impossible to send any money outside of the PRC..
IRS DEBT IS NOT FORGIVEN IN BANKRUPTCY
you can look it up...
This "shell" will come with a massive IRS and state of Louisiana Tax debt.
this filing by MM will probably be answered by the Trustee. If the shell is an asset, which it probably is, the trustee would be compelled not to give it away, since it is the property of the creditors. In my opinion of course.
It appears to me that the only time minnie mouse gets the cheese is when the defendant does not answer the complaint. I know people who have gotten shells in this manner..
If you look at the shells that minnie has gotten in this manner , you will see that in those lawsuits, the defendant did not respond. They were basically abandoned shells.
lol... so you think the party being sued, PBLS, who probably hasnt even been served yet, and has no chance to answer the complaint, will just have the company yanked away after 3 business days of filing without having a chance to have answer the suit? I hope that happens, actually... it would be fun to see you get the mess you asked for.
Next... there is no "insider selling" PBLS can not issue more shares, they can not do a thing while in bk proceedings.. we all know pa ca and rb dont have common.
Next.. thats some average cost that poster has .00017.... going back on time and sales, it shows that no shares traded at less than .0002 before the lawsuit by shareholder advocates, yet he evidently had to buy stock at .0001 to get such a low average price. Those shares would have to be bought before the lawsuit was filed.... very interesting...
RE: the sticky post...
"Usually these shell companies need to be recapitalized to absorb the merger. Obviously the higher their share price is the less stock the company has to issue in the merger. Usually these shares are held in escrow upon the merger and remain the control block for some time after the merger. The float and the free trading shares usually remains undisturbed after the merger. The shares these companies receive are subject to insiders and control block and referred to as Rule 144 stock"
LINK: http://www.prnewswire.com/news-releases/important-company-update-and-free-offer-85536187.html
This is exactly what I was talking about..
This is dilution..
doesnt matter if it is 144 or not.. shares have to be issued to the new insiders. 144 stock can eventually be sold. Form D's can be filed. If you are merging with a legitimate company, they will have audited financials, and the earnings if any will be diluted by any new shares issued.
Thank you for proving my point for me guys..
That means dilution, you just proved it, thank you...
so what if it is 144 stock? it is still issued, and in PBLS' case the authorized must be increased and can be sold eventually.
so, instead of purchasing a shell like everyone else, they sue to get a shell because it is cheaper. Sounds like people that want to "return shareholder value" and guys i would want to do business with...
actually, it is my opinion that it isnt entirely true what you say about it being clean.. the entity can still be sued by anyone that hasnt already sued them for anything that PBLS has done in the past, if it is not listed on the bk filing, including shareholders suing... If in fact, PBLS has missed anything as far as what they owe, or had made false and misleading announcements, the shell is still liable for that, in my opinion...
and btw, alex, I do not have to google "reverse mergers".. I have done them and know exactly what it entails which is massive dilution to the existing shareholders...
The new company insiders would have to have shares, won't they?
of course they would... and how do these new insiders get shares??
A- they issue stock to themselves, usually to give themselves 90% of the issued and out.
Of course a shell with a higher market cap is more valuable as a trading vehicle, so pump away...
interestingly enough, you do not seem to want to mention this...
I find it reprehensible that a Harvard grad would be involved with this sort of "investment banking"
Of course, this bankruptcy is nowhere near done, in my opinion, since there is so much fraud involved, in my opinion, it appears that the timing of minnie mouse's lawsuit is poor. They might actually get the shell BEFORE BK is complete. What would that do?
Look guys, I wasnt born yesterday... you guys are pumping a pink sheet stock that I believe is already on the SEC and FBI radar, and thats probably not a good idea. Perhaps they can kill two birds with one stone as they say..
Looks like there are 10,369,275 preferred series III out there,
BUT that was the shares belonging to PA CA and RB..
us/you guys have the series II preferred shares. 283,123
PBLS, or the new shell owners, if the preferreds are not cancelled, in my non legal expert opinion, owes $103,692,750 to PA CA AND RB, plus accrued interest. they would owe at least $2,831,230 to series II owners, plus accrued interest, although i think there are more series IIs out there..
If minnie mouse is given the shell BEFORE the bk is done, this could be really amusing...
My advice to PA CA and RB is to agree with everything the shareholder advocate lawsuit claims and drop this baby right in their lap.. "here you go guys, have fun"
I bet that lawsuit is recinded, and then "bashers" will be blamed for the deal not going through..
This is like offering yourself to stand trial instead of John Allen Muhammad, in my opinion...
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=10925
it appears to me that if the bk judge doesnt cancel the preferreds, and minnie mouse gets the shell, the shell will still owe that money to the preferred shareholders...
lets see, 5 years of accrued interest at 6% and just how many preferred series III's are out there?
lets see, Mr. Chinese company... you will now be a publicly traded pink sheet company in the US, that owes $ _________ million dollars to previous shareholders...please sign on the dotted line and hand over a check for said amount.. great deal, huh?
xylan, do you know how many preferred series III's there are?
so, if there is no dilution and no reverse split, how does the acquiring company get control of the company? They do not get the shares from the previous management, or current shareholders it is their personal property. any shares authorized but not yet issued would be dilution, and there are no more shares to issue on pbls, they are at their max or very very close to it..the new company would have to be issued shares in order to have control of the company...
so assume there are 3 billion shares here, which there are,,
and mini mar/SA, llc gets "custody" but owns no shares, how do they deliver a shell? the new company insiders would also have no shares, and would effectively give their company away to the previous shareholders...
If you answer that one, i'm in. I only have 3 posts a day, but i will comment on your answer.
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ok so it is not a clean shell without liabilities.. Thank you for clarifying that..
tell me please what shareholder advocate gets if they get the shell..
1- do they inherit the liabilities?
2- if not, how does that possibly happen.. I have proof of a chinese otc-bb company buying a BB shell AND inheriting a subsequent (filed after the chinese company took over) lawsuit filed agianst the "previous" company, and losing the lawsuit.
this is a nice link...
http://www.publicfinancial.com/articles/reverse-mergers.html
Xylan, is there any mention of the series III preferred shares or monies owed to the preferred shareholders in any bk filing?
therefor,
it is still the same company that it was a week ago, the only difference is that an entity by the name of shareholder advocates has sued in clark county to take over the shell, which includes all their assets and liabilities, is that correct???
That being asked, I only talk for myself, but others may agree.
I for one belive i was scammed, and although i would like to have my shares worth something, I detest, protest and will not invest, if i believe that the gains in the stock are from another scam. It is one thing to get back some of the losses, it is quite another thing to gain from having others fall for another scam...
The people on this board have become alot more aware of the pitfalls in pink sheet stocks, and thanks to xylan, have become very informed as to the goings on in this matter.
fool us once , shame on you, fool us twice...
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If the "shell" is taken over, the new owners will owe preferred shareholders, unless pbls included the preferred shares as liabilities or in their documentation to the courts. Of course, the new owners will find themselves replacing PA, CA and RB in bk court, in my opinion.
Xylan, did pbls list the preferred shares in their filings with the bk judge?
Also note that the BK court will decide where all pbls' assets go, including the asset of the publicly traded shell.
In my opinion, and only my opinion, Shareholder advocate has in no way been harmed by pbls, and therefor has no real claim, however. SA can and has sued quite cheaply in clark county to get the shell of more than a few pink sheet companies that I THINK didnt respond to the complaint. Xylan, can you check the clark county records and see if SA has ever gotten a shell when the defendant answered the complaint?
Next, I find it unusual that if there are a few people that knew of this lawsuit in clark county, and understood the ramifications of the lawsuit, as they claim, they would be quietly buying the stock, to be positioned when the shell is won by Shareholder advocate, instead of posting the lawsuit all over the place the day after it was filed, and advertising how great these minnie mouse deals are.
Wouldnt a smart buyer try to scoop up shares as quietly as possible if they knew public info that no one else knew the ramifications of, or would they post the lawsuit all over the place and post on and on about how great the deal is, so that they have to pay more for the shares????
Actually it would be a hoot if SA is given the shell.
they would then be on the hook for all the liabilities, including the preferred shares.
I think that the trustee should immediately agree with SA's suit and give them the shell and all the liabilities that go with it.
Also, it should be noted that a clean pink sheet shell sells for about $150,000 and a lawsuit in clark county costs about 2k.
I also think that it is far less risky for a group to pump and dump a stock of a dead company, instead of pumping and dumping their own pink sheet company, if they had one, since the SEC has more effective regulations against a company that pumps their own shares.
BTW, if minnie mouse or whoever did some research , they would know that the management of PBLS holds no common shares, they took preferred shares instead, sold that common into the open market, and 100% of the common stock is on the street..
I say when and IF minnie mouse gets the shell, he can mod.
if they take over this "shell" it will bk minnie mouse or whoever is pumping this deal...
The "shell" owes about $18 million to people on this board in preferred dividends!!!
PBLS never listed those dividends in their court filings, so it remains an obligation to the shell...
instead of filing $2000 templete lawsuits to get a shell which would otherwise cost $150,000, they should do some research into what they are trying to get, in my opinion.
BTW, watch the bk court squash that lawsuit in clark county, In my opinion
1- they can not take over the shell, it is in BK court.
2- If they do, then they owe creditors 30 million dollars, and preferred shareholders 18 million dollars.
very interesting
http://www.zamagedigitalcorp.com/docs/ZamageCourtOrder.pdf
However, it wont be that easy this time, since PBLS is mired in BK..
notice the 1 day pump on this one
can't do anything, a pink sheet company can not issue shares without a form D filing, and they can NEVER sell shares into the open market legally
Why this is NOT A SHELL
1- If anyone takes over the shell, they become the defendants in all the lawsuits against pbls, along with all their liabilities.
2- The "suitors" would have to file a motion with the BK judge to "buy" the shell.The BK judge would have to approve any transfer of the "shell" Xylan could easily find either one.
3- no company in their right mind would become "pbls" and inherit the liabilities.
4- if anyone tells you that 1&2 are incorrect, they are the pumpers of this deal
all in my opinion of course