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Get a load of this!! I bet the MOD is with Mike Alexanders crew as well. Especially since Mike was posting from the beginning. and also didn't Rufus mention about naked shorts and HSM??? Wonder what that was about.
Today, 09:23 PM #11577
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I understand that an Interview may take place on Subpenny radio tonight and some individual is going to transcribe what is said during the Interview. Due to liability reasons, and possible mistakes which could be made in transcribing what is stated, I refuse to allow anyone to post the worded document on HSM. If anyone attempts to post it here, you will be banned immediately. Listen to it on subpenny radio if you want to hear what is said, or go to some other site to view it. There will be no misunderstanding this policy and please do not PM me on this issue.
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Originally Posted by bohogirl
OK Phil, I'll help out a bit here, since I stayed up half the night last night rereading the 10k and the original and amended 8k from July.
10k says 'The mentioned preferred stock was held by Former CEO Michael Alexander and was nullified upon the execution of the Merger Agreement dated July 8, 2006 with CSHD and filed with the Security Exchange Commission is incorporated herein by this reference to 8-K/A [html][text] 500 KB [Amend] Current report, item 2.01 Acc-no: 0001297077-06-000068 (34 Act).'
All right.
Lets go over to the 8-K/A, which was signed and notarized and filed on July 11, 2006.
First thing we see in regards to the issue is the often quoted Article II, point 2.2, Company Shares, which clearly states:
(a) Each share of the Company's capital stock (the "Company Shares"), par value $0.001 per share, issued and outstanding immediately prior to the Effective Time shall, by virtue of the Merger and without any action on the part of the holders thereof, be canceled and converted at the Effective Time into the right to receive the Merger Consideration (as defined below) in accordance with this ARTICLE II.
(b) Each Company Share, by virtue of the Merger and without any action on the part of the holder thereof, shall at the Effective Time no longer be outstanding, shall be canceled and retired and shall cease to exist, and each holder of certificates representing any such Company Shares shall thereafter cease to have any rights with respect to such shares, except for the right to receive the Merger Consideration.
(c) Notwithstanding anything contained in this Section 2.2 to the contrary, any Company Shares held in the treasury of the Company immediately prior to the Effective Time shall be canceled without any conversion thereof, and no payment shall be made with respect thereto.
(d) From and after the Effective Time of the Merger, there shall be no transfers on the stock transfer books of the Surviving Holding Company of Company Shares that were outstanding immediately prior to the Effective Time. If, after the Effective Time, certificates representing Company Shares are presented to the Surviving Holding Company, they shall be canceled, and exchanged for the Merger Consideration as provided for herein.
Now, lets dig a little deeper here.
What if we were to scroll all the way down to EXHIBIT A - FORM OF PLAN OF MERGER, and look at the point E, Conversion and Exchange of Shares?
So, the point of this long rant is, it looks like some of us got confused on which one is 'the company' and is getting shares 'canceled' and which one is 'the buyer' and has all shares remain outstanding.
Remember - it was a reverse merger - Fronthaul 'bought' CVSU. Fronthaul is the buyer, and Fronthaul's shares shall remain outstanding and shall not be affected by the Merger.
Dealerschool, hey! longtime no see!
Rufus has commented on those bonds - said maybe the shareholders could sue the institutions hollding them since they were fraudulent. and those UCC notes from the State of Washington - they were proved to be worthless - read LeeWebb article on that. The note numbers on old Waatle Filings matched the ones in the courts that were deemed to be worthless. Rufus even said 2 interviews ago that he had some new and improved irrefutable US bonds to use now. Plus he said he was going to IPO 200 -280 million to get assets worth 1 Billion. I think you should listen to the interviews. He's coming on tonight at 9pm subpennyradio. And I am sure it is in response to Mike A filing today for those OVERLOOKED 50 MILLION shares.
Rufus said JA needed to deal with the default. He said Mike had to deal with the default in order to exercise those shares that ousted him. Neither was done. And there was no mention that Rufus was going to do anything. He still didn't admit to having a lawyer.
If you want a transcript - here's a volunteer! I bet she types with more fingers than me. I read something of her's about that call to Alana Black - she should do a good job. let's me off the hook! Thanks Jenna!!!
Today, 09:10 PM #11556
Jenna J.
HSM Newbie
Join Date: Nov 2006
Posts: 16
Hey guys- I will try to transcribe SPR tonight.....I'm going to do it on ALL STOCKS though but you guys can copy & paste it over here...just don't get me banned ok? LOL
Yes tonight! You don't think Rufus is going to let Mike a get away with that filing!!!
I called it!!! Rufus is calling back at 9:00pm.
HSYT
Well Hunter, I do believe these investors were suckered in many many ways. they all thought they had the inside scoop with Mike Alexander posting on their message board. Yeah, they all got greedy. But people shouldn't be scammed just because they are stupid. Rufus had a duty as did Mike Alexander running a public company. I think they damn well better blame them. People shouldn't walk away from these things and say they should have known better. these guys led them all right over a cliff. There were so many extenuating circumstances that made it so much worse. I am happy they are at least realizing it was Rufus and Mike jerking them around and not a bunch of naked shorters that destroyed the company. Rufus committed fraud according to the SEC. And Mike Alexander pulling this shit with the Form 4 is nuts. NOBODY overlooks 50 MILLION shares.
Today, 07:48 PM #11418
CaptainSolo
HSM Addict
Join Date: Sep 2006
Location: Long Island, NY
Posts: 4,945
More confusion, more mental trauma, more cshd crap. Someone needs to help us. What are the FBI and SEC allowing to happen to us. I can't help but think there is a law suit against our agencys for permitting this to ruin our lives for so long.
I am so sickened over this ****ing deal, all these people involved and all the lies .
Today, 07:39 PM #11406
wallymac
HSM Regular
Join Date: Feb 2006
Posts: 370
Quote:
Originally Posted by ww2player
OK so now Mike is saying that he "forgot" to file the form allowing him to convert and is now backdating the conversion? So this was supposedly done when he was CEO. But according to Bodi's post it was done before the 6-1. I thought.. and he wasn't ceo then, so how could he convert them? especially if he had already signed them away in the merger agreement..
From the merger agreement.
Preferred Stock
CSHD's Certificate of Incorporation authorizes the issuance of 20,000,000 shares of preferred stock, $.001 par value.
Furia issued 500,000 shares of its convertible preferred stock in connection with the acquisition of Fronthaul Inc. in August 2004. Each outstanding share of preferred stock is convertible into 100 shares of the Common Stock of Furia, for an aggregate of 50,000,000 shares of Common Stock.
The mentioned preferred stock was held by Former CEO Michael Alexander and was nullified upon the execution of the Merger Agreement dated July 8, 2006 with CSHD and filed with the Security Exchange Commission is incorporated herein by this reference to 8-K/A [html][text] 500 KB [Amend] Current report, item 2.01 Acc-no: 0001297077-06-000068 (34 Act).
http://www.pinksheets.com/quote/filings_by_name.jsp?url=%2Fredirect.asp%3Ffilena me%3D0001297077%252D06%252D000083%252Etxt%26filepa th%3D%255C2006%255C10%255C19%2 55C&symbol=furia
Funny that mike doesn't remember this being in the agreemment he signed. HMM
GLTA
Wally
RisingPhoenix
HSM Addict
Join Date: Nov 2006
Posts: 2,727
Quote:
Originally Posted by Buster 74
Here's an interesting question...Who would benefit the most if CSHD was delisted???
The SHORTS!
Today, 07:34 PM #11401
CaptainSolo
HSM Addict
Join Date: Sep 2006
Location: Long Island, NY
Posts: 4,943
Quote:
Originally Posted by RisingPhoenix
The SHORTS!
And guess who wants it delisted!
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Deja Vu??
Originally Posted by IronGuillotine
BUMP...
>>>>>it's a long story...suffice to say, BBAN shareholder's are probably regretting they got rid of Harris and company.
Harris was removed by a shareholder vote after he recalled the shares of all non-performing officers and fired them all, which, in hindsight, was the right thing to do. Problem is, he ticked some scam artists (the former B.O.D of BBAN) off by doing this. The old B.O.D that were fired by Harris was able to rally the shareholder base with the help of a fella by the name of Holbrook. They ooh'd and awed shareholders with all kind of promises...and shareholders bought into it gleefully, voting Harris and company out at an emergency shareholder's meeting.
BUT mr harris had their case vacated and had them brought up for violation of a court order. the board of directors cannot be located of BBAn anymore, the phone number doesnt work, their office has been moved out of. some of their people went to jail over it.<<<<<
???? You mean to say that DD stops with TRUE LONGS? They never look back to see why their stock ended up where it is?? Now that's sad.
Everyone has some agenda I guess, and some are more honest than others.
Hey NO BOARD!!???
yeah sure you did!!! LOL!! I immediately looked at it!!!
Oh dear, that filing is definitely not going over weel with the HSMers!
Today, 07:09 PM #11377
samaelrocks
HSM Addict
Join Date: Dec 2005
Location: Atlanta
Posts: 3,316
Quote:
Originally Posted by RisingPhoenix
WTF has been legit in CSHD?!?
Apparently the kool aid Rufus served.
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Today, 07:09 PM #11378
Buster 74
HSM Addict
Join Date: Aug 2006
Location: CSHD Purgatory
Posts: 1,877
Quote:
Originally Posted by RisingPhoenix
What else has been overlooked?
Ethics
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I Ching "Those that know do not speak, those that do not know speak"
OK so now Mike is saying that he "forgot" to file the form allowing him to convert and is now backdating the conversion? So this was supposedly done when he was CEO. But according to Bodi's post it was done before the 6-1. I thought.. and he wasn't ceo then, so how could he convert them? especially if he had already signed them away in the merger agreement..
Quote:
Originally Posted by bodi
I never gave up my preferred shares...Rufus offered to buy them in 100,000 million dollar blocks...there are other shareholders out there he promised $50.00 per share and up...within 6 months...I converted them prior to the 6-1 date...for obvious reasons...
and yesterday AND the day before!!!!
I wonder if this means Rufus will be on SubPenny tonight!!! LOL!
Rufus did say he had a notorized document that shows that Mike signed away those shares. Mike doesn't remember signing it. Hope it wasn't because of to many cocktails. from either of them.
The shares had been discussed on Subpenny. Maybe Mike realized after he never filed it? LOL! right. No I think it is being done now to jive with that document that was showed to James Gee that indeed Mike A was the majority shareholder and could oust Rufus.
maybe something is on pacer?
Quite the oversight!!!!
Explanation of Responses:
1. ISSUANCE OF CONVERTIBLE PREFERRED STOCK TO MICHAEL D. ALEXANDER AS CHIEF EXECUTIVE OFFICER PREVIOUSLY OVERLOOKED. PREFERRED STOCK CONVERTS AT A RATIO OF 100 COMMON SHARES TO 1 PREFERRED SHARE.
/s/Michael D. Alexander 01/31/2007
** Signature of Reporting Person Date
WOW! I just realized it was filed today??? Someone from the shareholders committee - maybe James Gee - did say that the T/A had shown him a copy that Mike owned those shares, so that he could vote them on Rufus' ousting. (the second one - although Rufus claims to have resigned the first time.)
Maybe we are closer to finding out who the REAL CEO is!!!
Well that depends on who you ask. Rufus said Mike signed those away when the merger happened. Mike said he never signed it. Those are the 50m shares that appaerently helped oust Rufus as CEO. Rufus did admit on one of the subpenny that there was some clause in the merger agreement that if fraud was perpetrated that Mike could exercise those shares. Well Mike thought because the SEC accused Rufus of Fraud the T/A could sign over the shares for execution. But according to Rufus, Mike was suppose to go to court and deal with the default first and have the courts decide if he was the true CEO.
there was also chatter that Mike was the one that sold his shares over the Berlin stock exchange.
Guess the courts will decide on that one - but no one has bothered to get an attorney to deal with the default yet. Not that I have heard.
Don't get me started on him!!! As long as you understand what he says is not what he is doing all the time!!!
Don't be greedy - and I know you already learned that lesson!!!
Yup, in pennyland, it's all about the MOMO.
Well maybe that was what he planned to use that IPO money for - was suppose to get him up to a billion in assets - that might be enough to start a timeshare MoonGlow Lodge on the moon.
Speaking of moonglow - isn't J/A in Germany to discuss some deal about luminecent anti-terrorist surface something or other???
Actually I tried a new forum BUT there were actually bagholders from CSHD there! and they were NOT pleased to see me asking questions! If some got out the day I got banned - they did good!!!!
Hey! I was nice to you and answered that question for you about the FBI!!! And I spent over 6 hours listening to Rufus on Subpenny and doing the transcript! and this is the thanks I get!!! Go back to HSM if that's the way you want to be!!! geez!!!! How about an apology for that remark???
LOL! I remember the day that $0.035 trade went in!!! someone was so freaked they sold at that price - I think they call it a fat finger trade.
Go ask Hititup from HSM about that...I heard he did use his student loan to buy more CSHD. and look at JesusPower - ran up all his credit cards and then some. And someone did take out a second mortgage on their house - and all these things were when the stock was in the $2 - 3 range! Very sad. All with the encouragement and hype of Phil and a few others over on HSM. tsk tsk
No more Kool Aid for you!!!
EXACTLY!!! That's the problem with the greys - tough to know what's really happening. Someone could put in a see for 100 shares at .05 and if no one is around - hey - it might slip through and show like something bad happened. Nothing is going on right now. the volatility means nothing - with low volume.
I am happy for you Jazz!!! Don't want you all to start taking out that 3rd mortgage on your house though!!!
yeah yeah!! at 3:20 the volume was 219.84k and price at .17 - and at 3:50 the volume was 221.84k and the price at .19. so 2k shares moved it big time! maybe someone entered a market order (LOL j/k). shows you the possibilities of manipulating the share price with a very small amount of cash.
This 8k wasn't pred - it was filed on jan 26, 2007
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 2007 (January 24, 2007)
____________________________
FUSHI INTERNATIONAL, INC.
____________________________
(Exact name of Registrant as specified in charter)
Nevada
0-19276
13-3140715
(State of Incorporation)
(Commission File No.)
(IRS Employer Identification Number)
1 Shuang Qiang Road, Jinzhou, Dalian, People’s Republic of China
116100
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (011)-86-411-8770-3333
_____________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act(17CFR230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
2
------------------------------------------------------------------------
Item 1.01. Entry into a Material Definitive Agreement
On January 24, 2007, Fushi International, Inc. (the "Company"), Fushi Holdings, Inc. (formerly, Diversified Product Inspections, Inc.), a wholly-owned subsidiary of the Company (“FHI”), Fushi International (Dalian) Bimetallic Cable Co., Ltd. (formerly, Dalian Diversified Product Inspections Bimetallic Cable Co., Ltd.), a wholly-owned subsidiary of FHI (“FID”), Dalian Fushi Bimetallic Manufacturing Co., Ltd. (“DF”) and Citadel Equity Fund Ltd. ("Citadel") entered into a Notes Purchase Agreement (the “Notes Purchase Agreement”) pursuant to indicative financing term sheets dated December 19, 2006 by and between the Company and Citadel. Pursuant to the terms of the Notes Purchase Agreement, the Company offered and sold and Citadel purchased (a) $40,000,000 of the Company’s Guaranteed Senior Secured Floating Rate Notes due 2012 (the “HY Notes”) and (b) $20,000,000 of the Company’s 3.0% Senior Secured Convertible Notes due 2012 (the “Convertible Notes” and collectively with the HY Notes, the "Notes").
The offer and sale of the Notes were made in an offshore transaction pursuant to Regulation S under the Securities Act of 1933, as amended. The transaction closed on January 25, 2007.
The HY Notes and the Convertible Notes were issued pursuant to indentures, each dated January 25, 2007 (the “HY Indenture” and “CB Indenture”, respectively, and together, the "Indentures") among the Company, the FHI, as guarantor, and The Bank of New York, as trustee for the Notes. Pursuant to the Indentures, FHI has agreed, and all of the Company’s other existing and future domestic subsidiaries are obligated, to guarantee, on a senior secured basis, to the holders of the Notes and the trustee the payment and performance of the Company’s obligations thereunder.
As security for the Notes, the Company and The Bank of New York, as collateral agent, entered into a share pledge agreement, dated January 25, 2007 (the "Share Pledge Agreement"), to guarantee the Notes with all of the shares of common stock of FHI held by the Company as collateral.
In connection with the transaction, the Company, FHI, FID, DF, Li Fu, our Chairman and Chief Executive Officer, Mathus Yue Yang, our President, Chris Wenbing Wang, our Chief Financial Officer and Citadel entered into an Investor Rights Agreement dated January 25, 2007. Pursuant to the Investor Rights Agreement, Citadel was granted, among other things and subject to certain conditions, the right to designate up to certain number of the Company’s board of directors, a right of first refusal with respect to any financing sought by the Company and the right to approve the Company’s annual business plan and budget. In addition, pursuant to the Investor Rights Agreement, Messrs. Fu, Yang and Wang agreed to a non-competition covenant relating to their employment and ability to engage in a business that is competitive with the Company's business for five years.
3
------------------------------------------------------------------------
Merrill Lynch Far East Limited acted as placement agent with respect to the sale of the Notes and received a placement agent fee equal to $2.4 million by the Company.
Each of the Notes Purchase Agreement, the Indentures, the Investor Rights Agreement and the Share Pledge Agreement (each, a "Transaction Agreement" and, collectively, the "Transaction Agreements") sets forth certain other rights and obligations of the parties. A copy of each Transaction Agreement is attached hereto as an exhibit and is hereby filed and incorporated herein by reference. The description of each Transaction Agreement in this current report is a summary only and is qualified in its entirety by the terms of each such Transaction Agreement.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
On January 24, 2007, the Company entered into the Notes Purchase Agreement for the sale of the Notes to Citadel. The Company will pay interest at a rate of LIBOR plus 7.0% per annum (subject to decrease in certain circumstances) on the principal amount of the HY Notes, payable semi-annually in arrears on January 24 and July 24 of each year, starting on July 24, 2007, to holders of record at the close of business on the preceding January 10 and July 10, respectively. The Company will pay interest at a rate of 3.0% per annum (subject to increase in certain circumstances) on the principal amount of the Convertible Notes, payable semi-annually in arrears on January 24 and July 24 of each year, starting on July 24, 2007, to holders of record at the close of business on the preceding January 10 and July 10, respectively.
The Convertible Notes are convertible, by the holders thereof, at any time on or prior to maturity, into common shares of the Company initially at the conversion price of $7.00 per share (subject to adjustment in certain circumstances, including semi-annual reset of the conversion price, failure by the Company to meet certain net income targets, and upon occurrence of certain dilutive events, in each case subject to certain conditions).
If a Change of Control (as defined in the Indentures), or certain other designated events including de-listing occur, holders of the Notes may require the Company to repurchase all or a portion of their Notes for cash at the applicable redemption price.
Additional terms and conditions are contained in Item 1.01 and are incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities
The information pertaining to the Notes in Item 1.01 is incorporated herein by reference in its entirety. Neither the Notes or the common shares issuable upon conversion of the Convertible Notes have been registered under the Securities Act and neither may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This current report on Form 8-K does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitution an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
4
------------------------------------------------------------------------
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed with this Current Report:
Exhibit No.
Description of Exhibit
4.1
Notes Purchase Agreement among the Company, FHI, FID, FD and Citadel dated January 24, 2007
4.2
HY Indenture among the Company, FHI and The Bank of New York, as trustee, dated January 25, 2007
4.3
CB Indenture among the Company, FHI and The Bank of New York, as trustee, dated January 25, 2007
4.4
Share Pledge Agreement between the Company and The Bank of New York, as collateral agent, dated January 25, 2007
4.5
Investor Rights Agreement among the Company, FHI, FID, DF, Li Fu, Mathus Yue Yang, Chris Wenbing Wang and Citadel dated January 25, 2007
5
------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
latest 8K
http://www.sec.gov/Archives/edgar/data/710846/000114420407003899/v063737_8-k.htm
EX-99.1 2 ex99-1.htm
EXHIBIT 99.1
DALIAN, China, Jan. 29 /Xinhua-PRNewswire/ -- Fushi International, Inc. (the "Company") (OTC Bulletin Board: FSIN) today announced that it has closed a US$60 million financing with Citadel Equity Fund Ltd. ("Citadel"). In this transaction, Citadel purchased (i) US$40 million principal amount of guaranteed senior secured floating rate notes due 2012 and (ii) US$20 million principal amount of senior secured convertible notes due 2012, which are convertible into shares of the Company's common stock at an initial conversion price of US$7.00 per share. These notes are secured by the shares of the Company's wholly-owned subsidiary, Fushi Holdings Inc., a Delaware corporation. Citadel was also granted certain corporate governance rights over the Company and its subsidiaries. Merrill Lynch Far East Limited acted as the placement agent for this transaction.
Neither the Notes nor the Common Stock issuable upon conversion of the Convertible Notes have been registered under the U.S. Securities Act of 1933, as amended, nor is the Company obligated to so register them. The foregoing description of the sale of the Notes and the documents relating to such sale are qualified in their entirety by the description contained in the Company's Current Report on Form 8-K filed today and the transaction documents annexed thereto.
About Fushi International:
Fushi International is engaged, through their indirectly wholly-owned operating subsidiary, Dalian DPI, in the manufacturing and sale of bimetallic composite wire products, principally copper clad aluminum wires ("CCA") and copper clad aluminum magnesium ("CCA-M"). CCA, which is the company's core product,combines the conductivity and corrosion resistance of copper with the light weight and relatively low cost of aluminum. It is a cost effective substitute for single copper wire in a wide variety of applications such as coaxial cable for cable television (CATV), signal transmission lines for telecommunication networks, distribution lines for electricity, wire components for electronic instruments and devices. For more information on Fushi International, visit its website: http://www.fushiinternational.com .
About Citadel:
Citadel Equity Fund Ltd. is one of the entities for which Citadel Limited Partnership serves as portfolio manager and Citadel Investment Group, L.L.C. provides administrative and investment-related services. Citadel Investment Group, L.L.C. was founded in 1990. Affiliates of Citadel Investment Group, L.L.C., including Citadel Equity Fund Ltd., deploy investment capital across a highly diversified set of proprietary investment strategies in nearly all major asset classes in all the world's principal markets. Citadel Investment Group, L.L.C. and its affiliates maintain offices in Hong Kong, Chicago, New York, San Francisco, Tokyo and London.
------------------------------------------------------------------------
Safe Harbor Statement:
This press release contains forward-looking statements concerning Fushi International, Inc. and its business and products, which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. Fushi International, Inc. undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact:
Investors Contact:
Matthew Hayden
HC International, Inc.
Tel: +1-858-704-5065
Email: matt@haydenir.com
Company Contact in China:
Chris Wang, CFO
Fushi International, Inc.
Tel: +86-139-1101-5690
Email: chris.wang@fushiinternational.com
------------------------------------------------------------------------
Should I even bother to ask a question here?? I can see that Redwood Capital assited Dalian Fushi going public and was curious as to the percent ownership that they have.
also I am looking for information about the Kuhn Brothers involvement in this.
Psst! SC - a little something for you! LOL! learn something new everyday!!! Wanna buy some black sand beach property???
Experience the majesty of Iceland with a full circumnavigation of the island. Over 9 days, between the numerous shore visits, hikes, and zodiac excursions you will be able to view and experience the volcanoes, icecaps, fjords, coastal cliffs, bays and beaches of Iceland. Get close to guillemots, puffins, eiders, shags, fulmars, Arctic terns, razorbills, kittiwakes, skuas, swans and ducks, to name just a few. Explore deserted fjords, once farmed, and now the realm of the Arctic Fox. Call on remote fishing villages. Watch for orca, humpback, minke and blue whales, plus harp seals, grey seals, harbor seals and hooded seals. Learn about the history and amazing geology of a country, where in 1973 everyone was caught by surprise by a volcanic eruption. Photographic opportunities will abound.
http://72.14.253.104/search?q=cache:pXS2Xh1HPNEJ:www.galapagostravel.com/iceland.html+beaches+in+Ice...
HEY YOU!!!
Ever hear of global warming??? Well maybe beachfront property in Iceland ain't so farfetched!!!!
Yeah, I know Rufus had said on 2 of the interviews that the short elimination had already happened. And of course we all know about that non-existent 75 milion shares short. Still want to hear whether any of the insiders were shorting against their restricted shares. There are ways the insiders can legally hedge their positions on restricted shares:
from "restricted securities trading network":
"...Restricted securities – including restricted stock, warrants and debt – are a $1.2 trillion asset class, according to Depository Trust and Clearing Corporation (DTCC).
Despite certain transfer restrictions that apply to restricted securities, there are exemptions that holders may rely on to sell their restricted positions. The Restricted Securities Trading Network (RSTN) was created to facilitate these privately negotiated sales..."
restrictedsecurities[dot]net
----------OR
forbes dec 12 '06 article: [just one quick example]
"...Investors receive restricted shares, typically at a price that is below the current market price of the company. The shares can't be traded until the restriction is lifted, which comes after the issuer has an effective registration statement, a process that takes up to 120 days...investors can hedge their investments by selling short the company's shares in the open market before the registration statement is effective...as the SEC has found increasingly lately, there are plenty of traders who seem willing to ignore those rules. Gryphon sold short shares of the companies in the PIPE deals, only it did so without borrowing them, a practice called naked short-selling, according to the SEC. The trading took place in Canada. Once the registration was effective, the fund used the shares issued to cover its short positions..."
-----------OR
from an article, "Hedging Strategies for Protecting Appreciation in Securities and Portfolios", on a financial planners website:
"...The plaintiff [investor] alleged that the defendant [financial planner] said that hedging the downside risk of the restricted stock was not possible. The plaintiff later learned from another investment firm that hedging the restricted stock was possible and the plaintiff implemented a hedging strategy (using a combination of put options and call options to provide a floor and ceiling value on the stock) with another investment firm..."
------------OR
from "A New Method for Raising Equity" by Austin Murphy, Ph.D.:
"...To reduce this risk to the convertible investor (and to provide the convertible holders with some benefit if the stock price rises), caps have been placed in a majority of the convertible contracts that restrict the flexible conversion price from rising beyond a certain point. With caps in the indenture, the convertible investor can then short the stock immediately upon being issued the convertible without risking unlimited losses to the extent that the stock price rises subsequent to the short sales but prior to conversion..."
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Rufus first - since I haven't been banned from CSHD!
In the World According to Rufus - this is what he said:
Posted by: cindyyoohoo
In reply to: cindyyoohoo who wrote msg# 143859
Date: 1/29/2007 3:04:14 PM
Post #
HA!! I forgot the best one!!! The IPO for 200- 280 mill that would purchase up to a billion in assets! Yes siree, Our Rufus does not disappoint in his little world!
S. - what regulation
S. Feb 5 th with new trading system in place
RPH - - will have immediate effect on naked shorts overnight.
S. - What would happen over night with CSHD.
RPH - it would eliminate the short -with DTC agents. between the brokers ( sorry unclear)
- gives you more confidence in the dtc system.
- looking glass reference.
- now will eliminate all the naked short stuff.
- everyone has to have it implimented. it's a regulation. check it out.
S. Feb 5 for regulation to kick in. Have to settle up. There should be someinteresting activity next week with CSHD?
RPH - It would be a great scenario. A proxy in place. GrouAt the same time - delivering an ipo for about 200 - 280 million into the market.
S. wouldn't that be dilution?
RPH - call it what you want. self justifyiable
if you pay for 290m at $1/share and purchase assets for 900m, wouldn't that be good? getting assets of billions for 280 million?
(I think Rufus forgot the first step was to get a lawyer to deal with the default! - Although I believe he also said "watch Pacer".)