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If not for the huge buys I would suggest this will have a nice run while it's decided who owns the $5 billion....hopefully WAMU, INC. The huge buys do indicate some folks are betting strong here and this is beyond a nice run.. Who knows what they know.....either WAMU, inc. will be reborn post reorg....maybe FDIC/Chase are rethinking terms....who the heck knows. In this litigious era...no way in heck the big names who get burned here say oh well and give up.
S3 Investment Company Announces Completion of CEO Visit to China in Preparation for Anticipated Redwood Capital Reverse Merger C
DANVILLE, CA -- (Marketwire) -- 09/29/08 -- S3 Investment Company, Inc. (PINKSHEETS: SIVC) and its wholly owned Redwood Capital subsidiary, which assists private Chinese companies in accessing the U.S. capital markets through reverse mergers into public companies, today announced that Chairman and Chief Executive Officer Jim Bickel has completed a trip to China to work with management of Redwood Capital on its pending reverse merger transactions.
In addition to meetings related to existing Redwood Capital clients and pending reverse merger transactions, Mr. Bickel participated in meetings with additional prospective Redwood Capital clients which comprise the pipeline for future potential reverse merger transactions.
S3 has announced that the company expects two current Redwood Capital clients to participate in successful reverse merger transactions and enter the U.S. public markets before the end of the 2008 calendar year.
"We expect a very busy last quarter of 2008 for S3 and Redwood Capital, and my most recent trip to China further pointed up the significant opportunities for Redwood to work with quality companies there that are seeking entrance into the U.S. public markets," commented Mr. Bickel.
Redwood Capital participated in a transaction involving Dalian Chuming, a pork processing company that trades in the U.S. as Energroup Holdings Corporation under the symbol ENHD. As part of the transaction, ENHD, a Nevada corporation, acquired all of the issued and outstanding capital stock of Precious Sheen Investments Limited ("PSI"), a British Virgin Islands corporation and parent company of PRC-based Dalian Chuming.
During his trip, Mr. Bickel attended the SIG Second Annual Beijing Management Summit, which was held September 10 - 12, 2008 at the Grand Hyatt Hotel in Beijing, China, and met with Mr. Yizhao "Philips" Zhang, who was recently appointed as Chief Financial Officer of Chuming. Mr. Bickel discussed with Mr. Zhang Redwood Capital's continued cooperation with Chuming and to assist with its new status as a U.S. public company.
Redwood Capital was issued 428,095 shares of ENHD as the equity portion of its payment for advisory services provided for the transaction.
Institutional and accredited investors participated in a $17.0 million private placement with Energroup Holdings Corporation, paying $4.40 per share for their positions. At the placement price, the value of Redwood Capital's equity position would exceed $1.8 million.
To sign up to receive information by email directly from S3 Investment Company when new press releases, investor newsletters, SEC filings or other information is disclosed, please visit http://www.s3investments.com/investors/.
About S3 Investment Company
S3 Investment Company, Inc. (http://www.s3investments.com) is a holding company with two subsidiaries doing business in the China market. S3 holds a 100% equity interest in Redwood Capital (http://www.redwoodcapinc.com), which assists private Chinese companies in accessing U.S. capital markets by utilizing a network of investment banking relationships to achieve reverse merger transactions, and a 51% equity interest in SINO UJE (http://www.sinouje.com), a non-stocking distributor of medical and industrial high-tech products to markets throughout China.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
Contact:
For S3 Investment Company
Gemini Financial Communications, Inc.
A. Beyer
(951) 677-8073
Email Contact
If nothing else some who don't understand whether they need to cover or not will cover to be on the safe side. I say close to a buck tomorrow is possible. Then it's a falling knife until it becomes another shell with the possibility of rebirth down the road.
Folks would even take a special tax credit.
It's hard to believe every big investor and power player and mutual fund who were wiped out will simply shrug their shoulders. There is enough obvious public comments by the CEO, etc. suggesting this would and could survive. I still expect a handful of strange trades allowing some bigges to get out even now. Not sure how the MMs will work it but I expect it. The gov't ought to figue out how to let this trade for a few days for folks to cut losses. It will save billions in legal fees for them down the road.
I'm asking as this has been stuck in a very stubborn trading range for months. Hard to believe it can't move past .006.
Do folks feel strongly this will trade over a penny by end of October?
I wouldn't be surprise to see some strange trades to allow certain parties to get out.
Well, 930 tonight i am going to be either laughing or crying...
We shall see.... JPM can't be delivered billions of good deposits/branches for nada while the gov't takes the debt.
JPM conference call tonight. It's reported a sale to a US bank either JPM or Citi is likely as the complexity of selling to private equity w/ the bailout a huge impediment to taking care of the toxic debt. Expect $4.50 as the bottom w/ higher possible.
I find it inpractical that WM won't rebound post bailout. What a confidence booster it would be for the markets if the largest savings and loan can't be helped by the package. No one will let WM fail and undermine the bailout. Sit tight and everything will be fine IMO.
The ride here has been one for the ages. All over the map.
The longer this goes before a bailout/sale the worse it will get as more doubters will arise and more will say so long to WM.
Well .. The Seattle Times is reputable and I do not think it's a stretch to think folks would pull accounts from WM.
I do not have the link but I read yesterday seniors in the seattle branchs were in large numbers closing accounts...sad
I don't know what to make of this.....Sitting on shares @ 4.25 and praying.
Something will be done this week for sure.....they were praying for no deposit draining but it's now a well known crisis and folks are bailing out of WAMU, closing checking accounts and CDs.
Not looking like w/ the bigger market events that SIVC will be the story stock of Sept. as proposed, unforeseen events , maybe next month I hope.
If the gov't takes much of WM's toxic debt into this new entity I can easily see sale @ 7-8 considering TPG's investment was at $8.75
Hopefully this Tripp was not blowing smoke in his conversations and this is going to happen.
Thanks....figured as much from the lack of volume...hope we are talking weeks not months with this one.
Wasn't the deal to be done by today?
Financial institutions & brokers will be recalling all two bit $12 per hour bashers on WM tomorrow. New assignment. Game over.
MOASS starts premarket tomorrow. The truth is out. WM is in better shape than folks would like us to believe.
None of these piddly downgrades or poison pen articles will hurt any longer. WM set the record straight.
Read between the lines. That PR does not sound like a business in trouble. It's a business turning the corner back to prosperity. It will be painful but as they say no pain no gain. I expect the $4 open may never be seen again. This flys soon.
WM is not on an island. Realize the gov't needs WM to prosper and it will. If you think the new CEO does not have external forces pushing on WM's behalf then.........WM has begun the assault beginning with countering Moody's nonsense.
WM PR was the beginning of the end for shorts. Big name institutions to follow with positive statements re; WM. Gov't needs this to happen to send a message to shorts there is a line that can't be crossed which jeopardized the market. Clearly WM is still hurting but will prosper long term. This price is a joke. I would like to see who the Gov. called to rally aroung WM tomorrow IMO>
Well I thought tomorrow was D- day and an 8 k to follow in the next few days. Holding out hope here.
WM has 310 billion in assets. Do you think the FDIC wants it's insurance fund destroyed if WM goes down. WM will get out of this big time and the gov't will ensure it.
hope the 8k hits soon and we do not need to read the i've sold posts from longs
The gov't & treasury are looikng at Lehman & WM closely. They will be opening up the purse strings big time to help the year end balance sheets. While it looks bad now...........well WM and LEH are not going under as the gov't won't the biggies to continue to be casualties. Expect a few positive statements from WM soon & keep your ears open for the Treasury's comments.
Clearly WM will speak soon. I am sure they would have preferred for the markets to do their thing and ride out the ups and downs. But this thrashing today basically requires they step up and make a statement...which I am sure they will. This story is a sad indictment of our financial markets. I believe WM will recover either on it's own or through a merger... Nonetheless this action on WM will lead to additional changes in security laws and trading. Each sliver of news on WM is timed to coincide with a party's buy or sell interest. That's nothing new but it has been taken too far here and expect WM will be the example where shorts pay dearly soon w/ help from the gov't.
This is so friggin insane with WM. 60 billion in liquity and $8 per share in assets and this is getting murdered by shorts. I have always seen the merits of shorting in the marketplace....it's part of the markets. But the unmerciless slaughter of WM has me thinking changes to shorting rules are needed.
Glad to have added a chunk last week @ .10-.20. When are we expecting confirmation or closure of the suggested deal? What are the odds it happens? Do we expect a big spike
No bid coming soon to this POS
WM is one of the craziest stocks I've seen. The intraday moves are incredible.
Pretty clear this is headed to double figures in the next few weeks. I believe WM know what's it's doing has been laying in the weeds for the right time like the announcement of Killinger. MOASS for a big board stock coming to WM.
got 13829 @ .19/.20. still waiting on about 7k more but won't pay more than .20