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Are there any ZAP dealers or ex-dealers posting here?
Are you affliated with ZAP Concord by any chance?
Congratulations Tom! Do you mean that you have recovered your previous lossses and are now above water in your investment?
CATHAYA is a private equity fund investing in China and specialized in cross-border operations where Chinese and foreign partners lever their key success factors to make businesses grow and create value. Most of the companies CATHAYA invests in are either due to be listed or to be sold to larger entities.
....The original size of the fund was raised to 50 million dollars in September 2010. As of today the two main investments are in electrical vehicles with the newly merged Zap Jonway Corporation, and in private clinics in China, under the Asia Pacific Medical Group with existing facilities in Beijing, Shanghai and Guangzhou.
http://www.google.com/imgres?imgurl=http://www.jaccar.net/data/imgs/cms/page/priscilla-lu-et-jcv-shanghai-expo_128577812316249900.jpg&imgrefurl=http://www.jaccar.net/emi-funds_43.php&h=229&w=540&sz=104&tbnid=mTMGsoE_wXjexM:&tbnh=56&tbnw=132&prev=/images%3Fq%3Dpriscilla%2BLu&zoom=1&q=priscilla+Lu&hl=en&usg=__miNpi5Vpc48PWvfVGZXTeWiQK6g=&sa=X&ei=dOslTYGVN4T6lwfauJyOAg&ved=0CB8Q9QEwAw
I apologize for not having properly introduced myself.
It is "Miss" lolita-cachita,my good sir or madam.
You are assuming, of course, that ZAP has actually made the remaining $19M payment.
WOLD:
In deference to your seniority and long established trading relationship with ZAP, I would like to appoint you as the ZAP "spokesperson" for this messageboard.
Please feel free to consider yourself the CEO/CFO/COO representative for all of the investors here.
BTW- When was the last time ZAP held a shareholders meeting?
Did you happen to get any information regarding the status of the Jonway audit and whether or not ZAP has made the $19M payment to seal the deal?
WOLDMUR:
I respect you for your long investment history and your patient endurance of ZAP's (mis)management. You would know better than anyone else here how to read between the PR lines and interpret what you are told by IR, etc.
Did you get this information directly from Alex himself?
You stated that you called "the California facility" and you were told that it "is only being used for low quantity assembly and storage."
That is blatantly false and if "the company" gave you that information they were not giving you full disclosure of the actual facts.
Here is the information about the property from their own website:
ZAP purchased the historic $3.25 million dollar office building in downtown Santa Rosa in 2003 and moved out of its location at 117 Morris Street, where the headquarters has been housed since 1995.
This property is ZAP's corporate headquarters containing their executive offices, accounting, sales and marketing, service and other functions. ZAP also uses the first floor of the three-story, 20,000 square foot building as a retail showcase for its electric vehicles. ZAP also sublets part of its office space for professional services in accounting, legal, finance, marketing and other areas.
http://www.zapworld.com/node/823
The the original $10M loan was secured by real property that serves as ZAP’s principal executive offices.
"....The material terms of the Settlement Offer are that ZAP shall (1) pay to Al Yousuf LLC the total combined cash sum of $1,800,000 over a period of two years; (2) transfer the property located at 501 Fourth Street, Santa Rosa, California to Al Yousuf LLC; and (3) transfer the property located at 44720 Main Street, Mendocino, California to Al Yousuf LLC in exchange for ending the litigation...."
btw- 501 Fourth Street is the headquarters and showroom of ZAP.
ZAP was in default on the $10M loan issued by AL Yousuf Group LLC.
ZAP had no choice as they were going to lose the property in the foreclosure process.
"On September 25, 2009, a complaint captioned Al Yousuf LLC v ZAP (Case No. SW 245950) was filed in the Superior Court for the County of Sonoma. The complaint alleges causes of action for judicial foreclosure and deficiency judgment in connection with a loan agreement with Al Yousuf LLC. The President of Al Yousuf LLC, Eqbal Al Yousuf, is a member of ZAP’s Board of Directors. In its complaint, Al Yousuf LLC claims that ZAP has failed to make scheduled payments required under the loan agreement which is secured by real property that serves as ZAP’s principal executive offices. Al Yousuf LLC seeks to foreclose on the property that secures the loan agreement and recover their attorneys fees, and obtain such other and further relief as the court may deem just and proper."
On December 30, 2010, Mr. Eqbal Al Yousuf informed ZAP of his resignation from the Board of Directors of ZAP, effective immediately. Mr. Al Yousuf resigned for personal reasons and there were no disagreements between him and ZAP on any matter that resulted in his resignation........
http://biz.yahoo.com/e/110104/zaap.ob8-k.html
He knows the building and property they got in the settlement of the lawsuit is worth more than the company.
Current report filing (8-K)
"On December 14, 2010, Samyang,converted the outstanding principal balance of $5 million plus interest into 8,340,369 shares of ZAP common stock. The stock is subject to resale restrictions under Rule 144."
So is SamYang in or out? What is your interpretation?
Could Rising Commodity Prices Kill (Or Hurt) The Electric Car?
http://www.allcarselectric.com/blog/1052951_could-rising-commodity-prices-kill-or-hurt-the-electric-car
Any thoughts?
Wow!!! I see my name at the top of this messageboard and all of a sudden a passion has turned into a big responsibility!
I am both honored and flattered to be invited by Tom to assist him moderate this messageboard. I promise to post as informatively and objectively as possible.
Congratulations and Happy New Year Tom!
You and I have not always agreed but we have always agreed to disagree and to do it politely.
I know that you have a deep rooted history as an ICE "car guy" or "motorhead" as they used to call it. I respect your experience and your knowledge of the auto industry. I also respect your willingness to embrace the paradigm shift that is happening in the auto industry.
You and I were both right in our shared belief that EVs were the "ride of the future" and while we originally met on the ZAAP Yahoo messageboard, we have both always been very civil and polite in our diametrically opposed views on ZAP.
As you well know by now, my animosity is not directed at ZAP as a publicly traded company, but at the misdirected and disingenous management by the gluttonous insiders who have used the money of the dedicated investors for their own benefit.
There is no doubt in my mind that ZAP was one of the the original EV pioneers. Gary Starr was involved in the design and production of the gorgeous Model Z Roadster featured on Nash Bridges. Gary was on the cutting edge of the EV conversions of the USPS vehicles when he was at Electricar.
However,imho, Gary Starr and Steven Schneider single handedly turned ZAP into private a money tree for their own personal gratification when they plotted to remove Jim McGreen.
ZAP should have been the company to deliver the first electric roadster to the conzsumer market not Tesla. Tesla has come further in a shorter amount of time than ZAP ever could have imagined. ZAP has burned through more money and more investors in the past 16 years than Tesla has in the short amount of time it has been a publicly traded company.
I will not bore you or your readers with the "rest of the story" as you know how much you yourself invested in this company as an outside investor.
I applaud you for removing yourself from the egregious Yahoo board and becoming the moderator of this board. The quality of the postings here indicates your own ability to remain objective as well as informative.
Best of luck with your remaining ZAP investment in 2011.
Thanks for pointing that out. It was such a fleeting mention that i initially missede it.
Here is more on Gisli Gislason:
http://green.autoblog.com/2010/09/19/driving-sustainability-the-plan-to-make-iceland-nation-full-of/
What does this have to do with ZAP?
Hi Tom!
How is everything? As a die hard EV enthusiast, you might want to check out the latest KNDI KANDI Technologies)news. I just posted it on the Yahoo ZAP messageboard. They just delivered a fleet of 60 EVs to the Postal Service in Hangzhou, Zhejiang Province.
The ZAP Alias hung tough in the XPrize competition. Hopefully, ZAP will get this vehicle to the American consumer and not disappoint us again.
Have you put a reserved an Alias? I decided to put my deposit on a Nissan Leaf with the 8 year warranty. Hoping to get one before the end of 2011.
Me too :)
"Driver Al Unser Jr., though, was convinced that the Alias is capable of passing the test as a higher speed. The Alias also passed the 60-0 mph deceleration test on the first attempt, but the car's clutch was slipping "quite seriously," in Unser's words, and so had a hard time passing the 0-60 acceleration test"
Anybody care to elaborate on this?
Electric car dealer zapped by lawsuit
By NATHAN HALVERSON
THE PRESS DEMOCRAT
Published: Thursday, April 22, 2010 at 3:51 p.m.
Last Modified: Thursday, April 22, 2010 at 3:51 p.m.
( page of 2 )
Electric vehicle retailer Zap lost ownership of its flagship building in downtown Santa Rosa after reaching a settlement with one of its investors.
The 15-year-old company was sued by investor Al Yousuf Group in Sonoma County Superior Court for failing to pay $5.6 million to the Dubai-based investor, according to the settlement....
http://www.pressdemocrat.com/article/20100422/BUSINESS/100429796
Can we talk?
Tom:
You know as well as I do that the factory in Kentucky does not exist as of now. ZAP is in default of the $10M loan from AYG and their existence depends on the mercy of Al Yousuf and the remote possibility of a DOE loan application.
Imho, ZAP will not get a DOE loan as their electric "trikes" do NOT meet the US govt safety standards. Can you just imagine the lawsuits should the DOE grant them any $$$$?
Wait and see.............