Emergingcompanies report.
NTWK Naeem interview 10 minutes start some 12 minutes into the show.
http://www.emergingcompany.com/volume5week45.htm

http://biz.yahoo.com/prnews/010928/laf025_1.html


Kr
Jens

BW down to 1 share.
http://ragingbull.tenkwizard.com/fil_submis.asp?repo=tenk&ipage=1500720&doc=1&total=6&am...

Kr
Jens

Netsol International, Inc. Retains Rubin Investment Group
To Provide Investor Relations Services

LOS ANGELES, Sept. 19 /PRNewswire/ -- Netsol International, Inc. (NASDAQ:NTWK), a firm specializing in high-end software development, has retained Rubin Investment Group to serve as its provider of investor and public relations services. The initial term of the engagement is twelve months and it may be renewed thereafter

Naeem Ghauri, CEO, stated, "We are excited to have a world class investor relations firm such as Rubin Investment Group tell the Netsol story. We believe that both current investors and many new investors will be excited to hear many of the upcoming events which will make the NTWK stock one to be watched over the ensuing years."

Dan Rubin, President of RIG, added, "Rubin Investment Group is very excited about working with Netsol International and implementing a campaign that will take NTWK to the next level of national exposure."

Rubin Investment Group is a private investment bank with offices in Los Angeles and New York that specializes in meeting the financial and other needs of small and micro cap companies.

Certain information included in this communication contains statements that are forward looking, such as statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These forward looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.

www. rubininvestmentgroup.com

MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86608712 SOURCE Rubin Investment Group

-0- 09/19/2001
------------------------------------

Kr
Jens

I guess you ask if I have a position in ATEL - The answer is yes, I have a position that are more than 90% down.
Anticipating your next question - No I'm not going to average down while other odd people are still selling, in spite of the rosy outlook for a clean shell.

What "elsewhere" ones are of your concern?

Kr
Jens

No Jerome, there's nothing questionable in our cooperation at all - Is your message in any way related to the message you responded to?


Kr
Jens

BW down to 1MM shares in NTWK
http://www.alertwizard.com/display.php?link=3155769

Now if next short count show a clear reduction, or even zero short - then guess who helped to cover short positions without any squeeze.



Kr
Jens

SEC filing Registered 30MM shares withdrawn - May cause short positions to cover.
http://www.alertwizard.com/display.php?link=3114263


Kr
Jens

NetSol Appoints New CEO and Restructures Board

CALABASAS, Calif., Aug 29, 2001 (BUSINESS WIRE) -- NetSol International Inc. (Nasdaq:NTWK) ("NetSol"), today announced that Najeeb Ghauri has resigned as CEO and that Naeem Ghauri has been appointed by the Board to replace him, effective immediately.
Irfan Mustafa, Chairman, commented: "Under Najeeb Ghauri's guidance and leadership, the company reached many important milestones including its IPO and the listing on Nasdaq. We will always be indebted to him for providing a global and a sound platform to re-launch the business."

He further stated: "Najeeb Ghauri continues to be a member of the board of directors and is a shareholder of the company. As a board member and shareholder, his insightful contributions will remain intact."

Outgoing CEO Najeeb Ghauri stated: "The company is facing tough challenges and the recent proxy contest has been a major distraction for the management team. I am thankful to our loyal shareholders and dedicated employees who supported us in not only regaining control of the company, but also in the efforts to remove what was an `invalid management and board,' self-appointed by the now-disbanded shareholders group. I am also very proud of my team for taking the company this far and believe that we needed new leadership and perspective to re-build the business from here on forward."

Mustafa added: "I welcome Naeem Ghauri as the new CEO. It was a natural choice for the company. With the current challenges we are facing, we wanted someone who had the energy, in-depth knowledge of the business, commitment and ability to make bold decisions to turn the company around from the recent upheavals." Naeem Ghauri continues to hold his position as the Chief Operating Officer of the Company.

The company further announced that it has restructured its board and has accepted resignations from two of its directors. Two founding members of the board, Naeem Ghauri and Shahab Ghauri, resigned from the board, creating vacancies to be filled by the Board in the near future.

Mustafa commented: "We believe NetSol needed diversity on its board and two of the founders of the company, Naeem Ghauri and Shahab Ghauri, endorsed this viewpoint. We are thankful to the two departing board members for their valuable contributions made to the company. As shareholders of the Company, Messrs. Naeem Ghauri and Shahab Ghauri continue to be strong supporters of the Company."



About NetSol International Inc.

NetSol International Inc. is an ISO 9001-certified software developer in the global information technology industry. With an international workforce of more than 270 employees, NetSol specializes in software development, proprietary and asset-based leasing and finance programs, IT consulting, and creation of eBusiness and Web-based solutions for a growing list of blue-chip customers worldwide.
Clients include Daimler Chrysler Taiwan; Mercedes Benz Financing, Australia; Mercedes Benz Leasing, Thailand; Volvo Finance, Australia; St. George Bank, Australia; GMAC in Australia; Debis Portfolio Systems, U.K.; VoiceStream Wireless; Prism Inc., U.S.; Global One, U.S.; Leverage Consulting and OPSION Medical. For more information about NetSol and its subsidiaries, visit the company's Web site at www.netsol-intl.com.



Safe Harbor Statement

This release contains forward looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions identify forward looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance of those products and services. A more detailed description of certain factors that could affect actual results include those factors discussed in the Company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB and quarterly reports on Form 10-QSB. NetSol International Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date of this release. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.


CONTACT: NetSol International Inc., Calabasas
Malea Farsai, Corporate Counsel, 818/222-9195




Kr
Jens

Tuesday August 14, 9:01 am Eastern Time
Press Release
SOURCE: NetSol International Inc.
NetSol Partners With A&T Systems to Join the COMMITS Program
CALABASAS, Calif.--(BUSINESS WIRE)--Aug. 14, 2001--NetSol International, Inc. (Nasdaq SmallCap:NTWK - news; ``NetSol'') today announced that its wholly owned subsidiary, NetSol USA, has signed a partnership agreement with A&T Systems, one of the prime contractors of the COMMITS program.

NetSol will provide support for the functional areas of expertise in Information Systems Engineering (ISE) and Systems Operation and Management (SOM).

COMMITS (Commerce Information Technology Solutions) government program is the first Information Technology (IT) Indefinite Delivery Indefinite Quantity (IDIQ) multiple award contract set-aside exclusively for small, small disadvantaged, 8(a), and women-owned small businesses.

The Department of Commerce is committed to performance-based contracts and competing task orders to offer the best ``solution'' and price for a customer's requirements. COMMITS anticipates IT expenditures under these multiple award contracts to cumulatively reach $1.5 billion over the next five years.

NetSol will work with A&T Systems to provide IT consulting, project-focused solutions and staff augmentation to task orders/projects resulting from COMMITS. Various appropriate tasks for the Information Systems Engineering (ISE) area include: IT Strategic Planning, Program Assessment and Studies, Business Process Reengineering (BPR), Software Life Cycle Management (SLCM), Software Engineering / Development, Software Maintenance and Licensing, Electronic Data Interchange (EDI), Electronic Commerce (EC), and IT Research and Development.

Naeem Ghauri, NetSol's Chief Operating Officer, commented, ``We are very pleased to be working with A&T Systems to pursue contracts with the U.S. government. We are committed to providing the highest level of service to A&T Systems in order to ensure a long-lasting and mutually beneficial relationship going forward.''

About NetSol International, Inc.

NetSol International, Inc. is an ISO 9001-certified software developer in the global information technology industry. With an international workforce of more than 275 employees, NetSol specializes in software development, proprietary and asset-based leasing and finance programs, IT consulting, and creation of eBusiness and Web-based solutions for a growing list of blue-chip customers worldwide.

Clients include Daimler Chrysler Taiwan; Mercedes Benz Financing, Australia; Mercedes Benz Leasing, Thailand; Volvo Finance, Australia; St. George Bank, Australia; GMAC in Australia; Debis Portfolio Systems, U.K.; VoiceStream Wireless; Prism Inc., U.S.; Global One, U.S.; Leverage Consulting and OPSION Medical. For more information about NetSol and its subsidiaries, visit the company's Web site at www.netsol-intl.com.

Safe Harbor Statement

This release contains forward-looking statements relating to the development of the company's products and services and future operation results, including statements regarding the company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words ``believe,'' ``expect,'' ``anticipate,'' ``intend,'' variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. A more detailed description of certain factors that could affect actual results include those factors discussed in the company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB and quarterly reports on Form 10-QSB. NetSol International Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date of this release. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.


--------------------------------------------------------------------------------
Contact:

NetSol International Inc., Calabasas
Naeem Ghauri, 818/222-9195
naeemg@netsoler.com
--------------------
--------------------

Kr
Jens

Hmm... xinyin building see picture in below link - 20f = 20.floor???
http://www.google.com/search?q=cache:xGQ89MmZRmE:www.tourinfo.com.cn/all_units/H0000128/main.htm+%22...

Other addresses there 1905 1605:
http://www.google.com/search?q=%22888+yishan%22&btnG=Google-s%F8gning&hl=us&lr=


Kr
Jens


Kr
Jens

Thursday August 9, 12:53 pm Eastern Time
Press Release
SOURCE: NetSol International Inc.
Top Executive from DaimlerChrysler Financial Services joins Board of Directors of NetSol International Inc.
CALABASAS, Calif.--(BUSINESS WIRE)--Aug. 9, 2001--NetSol International Inc. (Nasdaq:NTWK - news), www.netsol-intl.com, has announced that Eugen Beckert, senior representative of DaimlerChrysler Services and former chief information officer (CIO) in Asia, has been elected to the company's board of directors.

Beckert has been instrumental in DaimlerChrysler's development of global technology in the Far East.

``We are very pleased Mr. Beckert has accepted to join NetSol International's board of directors. It shows the close relationship the two companies share and the confidence DaimlerChrysler Financial Services has in NetSol as its strategic partner,'' commented Salim Ghauri, president of NetSol International Inc.

He added, ``Mr. Beckert's knowledge and background in global technology will be a tremendous asset for NetSol, since he will truly understand how to execute NetSol's business model.''

Beckert has a longtime association with NetSol, which counts among its clients DaimlerChrysler offices in Singapore, Australia, Thailand and Taiwan.

Beckert said: ``NetSol is an important business partner for DaimlerChrysler. We have a long association with NetSol and are continuing to grow our relationship. I believe NetSol has the ability to grow and execute complex software projects, through its technical and management resources. Joining the NetSol board would allow us to contribute towards the company's strategic development and business growth.''

Beckert, a native of Germany, has been with Mercedes-Benz AG/Daimler Benz AG since 1973, working in technology and systems development. In 1992 he was appointed director of Global IT (CIO) for Debis Financial Services, the services division of Daimler Benz. In 1996 he was appointed director of Processes and Systems (CIO) for Financial Services Asia/Pacific. His office is now based in Tokyo.

NetSol International Inc. is an ISO-9001 certified software developer in the global information technology industry. With an international workforce of more than 275 employees, NetSol specializes in software development, proprietary and asset-based leasing and finance programs, IT consulting, and creation of e-Business and Web-based solutions for a growing list of blue-chip customers worldwide.

Clients include DaimlerChrysler companies in Australia, Singapore, Taiwan and Thailand; St. George Bank, Australia; GMAC in Australia; and Debis Portfolio Systems, in the United Kingdom. For more information about NetSol and its subsidiaries, visit the company's Web site at www.netsol-intl.com.

Safe-Harbor Statement

This release contains forward-looking statements relating to the development of the company's products and services and future operating results, including statements regarding the company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words ``believe,'' ``expect,'' ``anticipate,'' ``intend,'' variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance of those products and services. A more detailed description of certain factors that could affect actual results include those factors discussed in the company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB and quarterly reports on Form 10-QSB. NetSol International Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date of this release. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.


--------------------------------------------------------------------------------
Contact:

NetSol International Inc.
Naeem Ghauri, 818/222-9195
-------------------------------------------------
-------------------------------------------------

Kr
Jens

The implication there "after seeing NetSol fom the inside" IMO is not the reason - The reason IMO is that the group could not proceed with the deal their representatives (mainly Cary Burch) made.
Possible main points being - Having to sell the jewel back to the Ghauris + Having to put up 500K$
And as the court ruled that there was not to be any SM untill the ordinary they must find a new venue before then.

Obvious (as mentioned long ago) a well functioning whole company could never emerge from such action as we saw here.

Just my opinion.


Kr
Jens

The article:
http://www.stockpatrol.com/schlock/doghouse/netsol10.html
UPDATE: NETSOL INTERNATIONAL, INC. (NASDAQ: NTWK) – BACK IN THE SADDLE AGAIN

August 8, 2001
The showdown is over, the smoke has cleared, and look who’s still standing. It’s the Ghauri brothers - Naeem, Najeeb and Salim. They are back in charge at NetSol, having thwarted attempts by dissident shareholders to take over the Company. Meanwhile, the insurgents, led by hedge fund manager Jonathan Iseson, have left the scene.

It is just the latest turn of events in a saga that began when a group of insurgent shareholders, calling themselves the NetSol Shareholders Group LLC, initiated efforts to dislodge the Ghauris and NetSol’s old management team in favor of a new slate of directors and officers. The takeover stalled after a Nevada state court issued a temporary restraining order preventing the NetSol Shareholders Group from assuming control, and later appointed a receiver to run the Company until the dispute could be resolved.

Resolution appeared at hand on July 12th when NetSol issued a press release announcing that Peter Sollenne, a representative of the dissidents, would serve as Chief Executive Officer, while Naeem Ghauri would be NetSol’s President. That settlement also included plans for NetSol to sell its Pakistani operations to the Ghauri brothers in exchange for 1.75 million shares of NetSol common stock.

Now that settlement is history. On July 31st the Nevada court issued an order throwing out that settlement, dismissing the receiver, and restoring NetSol’s former officers and directors, including the Ghauris to their old positions. The Court said it was taking this action after learning that the insurgent shareholders were no longer interested in gaining control of the Company.

Leaving investors to wonder why, after seeing NetSol from the inside, they changed their minds.


©2001 Stock Patrol.com. All rights reserved.



Kr
Jens

Further - What is BW going to do with their position now?

Parameters are:
BW current and previous investors building case against BW/Iseson. (Fact!)
Fishy hidden related (Wahoo) funds short positions?
Ability to find supporters for further manipulation?
How will Netsol perform businesswise the next few months?
-----------------------
BW Options:
Selling, controlled by emotional motives? (stupid but possible IMO) - Shorting (further?) isn't an option as covering for any reason would cause a spike, as would new buyers the Ghauri's might find.

Buying, in order to get sufficient voting power to take over at the scheduled shareholders meeting ? (it will probably take a lot of buying as there may be issued shares from the registered pool in the meantime)

Waiting, would be the cool business way?(IMO)
OR
They may have to distribute the shares to those BW investors now acting against them.
-----------

I have no good guess at this time!!!


Kr
Jens

Charlie, I had a wonderfull vacation - In the Norwegian mountains(or hills 500-1132 meters over the sea).
-----
My guess after skimming the filings and news, is that the group could not put up with the agreement they made.
Now the shareprice of course is suffering from the selling by the parties that supported the group, and probably also the group.

What was wrong with the deal ? - I'd say
A) They had to sell the valueable part of the company back to Netsol PK
and
B) They had to sell shares to put up the 500K$. (Perhaps that after such selling they would not have any chance of majority voting)

13D: All of the Group's nominees have withdrawn their names from
consideration as directors of the Issuer. The Group currently does not have any
plans to solicit the stockholders in order to gain control of the Board.
The Group has decided that it will no longer act as a group, as such term is
used under Section 13(d) of the Securities and Exchange Act of 1934, as amended,
for the purpose of acquiring, holding or disposing of the securities of the
Issuer.




Kr
Jens

I received this in PM here on IHUB:
Tingleff,

I have analyzed your past messages, and i have come to a conclusion that you are Salim Ghauri.

I will not disclose how i came to this conclusion. Neither will i ask you to prove/disprove yourself. But i have very strong reasons to believe what i believe and if need be i can back up my claims.

I am not either your friend or enemy and mean no harm nor good. But i have a moral responsibilty to stop manipulation of this stock. Please realize that the information you seem to be posting here may be considered insider information. SEC may think it is fraud to manipulate the stock the way you are doing by posting on this board.

Now, the participant didn't want to discuss it in private, or back up the claim. So, I had to go figure where one could get such an impression. I guess it has to do with how one could know about the products of NTWK.

Now how could you obtains same information? - Rather easy actually - just ask the customers:

Here's a roadmap to where to look and whom to contact:

http://www.netsol-intl.com/client_comments.htm

http://141.113.71.51/debis/content/0,1845,SG-en-7_2,00.html (found via www.debis.de)

http://www.mercedes-benz.com.sg/finance/financing.asp

http://www.google.com/search?q=cache:QJZRSjwPXM8:ipindex.dragonstar.net/c/210/210_17.html+%22Tung+Ya...

Use the IP to find an e-mail:

http://www.apnic.net/apnic-bin/whois2.pl?results=all&search=210.17.66.0

OR

http://www.twn-online.com.tw/typ/detail.cfm?custid=T00118

and call and ask

-------

Australia:

http://www.abraxas.com.au/clients.htm - Click on any companyname there to get to the site of the customer.

Ask around, and you will find that they have interesting Client registration and Dokument communications programs on top of the finance products.



Kr
Jens

Stockpatrol article: http://www.stockpatrol.com/schlock/doghouse/netsol9.html

UPDATE: NETSOL INTERNATIONAL, INC. (NASDAQ: NTWK) – WHERE’S THE SCORECARD?
Life is never dull at NetSol International, Inc. On July 12th, just days after a Nevada Court issued a preliminary injunction that signaled a resounding defeat for an insurgent shareholders group, the parties have reached an accommodation that seems to keep at least one dissident foot in the corporate door.

The dissident shareholder group, led by hedge fund manager Jonathan Iseson, initiated a proxy contest as part of its effort to dislodge NetSol’s current management team. On June 10th, the dissidents claimed victory, announced new officers and directors for the Company, and seized control of NetSol’s corporate headquarters, with the assistance of armed security guards. NetSol’s existing management responded by seeking, and obtaining, a temporary restraining order that put the brakes on that takeover. (For more details, read Update: NetSol International, Inc. – Down in the Dumps; Update: NetSol International, Inc. – On the Receiving End; Update: NetSol International, Inc. – Going Nutso at NetSol; and The Radar Screen - Dueling Press Releases).

Then, on June 18th, the Court determined that it would be in the best interest of the shareholders for a receiver to take control of NetSol until matters could be sorted out. That receiver, George Swarts, will be remaining in charge of the Company for the foreseeable future. On July 6th a Nevada District Court granted a preliminary injunction, prohibiting the dissident shareholders and their representatives from taking any action on behalf of NetSol or holding themselves out to be duly elected officers and directors of the Company.

The preliminary injunction nullified any action taken at NetSol’s June 10th Special Meeting. Instead, the Court concluded that the election of directors would be deferred until the Company’s Annual Meeting scheduled for November 2001. But it reserved the right for the Court-appointed receiver, or the Court, to change that schedule.

And the receiver has already acted, appointing Peter Sollene, a representative of the dissidents, as NetSol’s Chief Executive Officer, and Naeem Ghauri, who represents existing management, as its President. According to a July 12th press release, “under the agreement, which is subject to court approval, the company will receive interim financing from the parties, and they will work in unison to further the business interests of NetSol.”

Representatives of both sides noted a desire to act in the best interest of shareholders.

What’s next? Stay tuned.


©2001 Stock Patrol.com. All rights reserved.

So they did chose the coop way in spite of all.
Peter Sollenne.
The immediate take is that his career seems to be in a deroute. SOSS -> Techna 2000 -> Aces 2001 -> NetSol.
But that does not necessarily mean that he could not be the HR Netsol needs. - Well, we will see.
---
Cary Burch, who negotiated for the shareholders, group, said: ``I am very pleased that we were able to bridge the gap and focus on shareholder value. This is win-win for everyone.'
I think he is right there - Yet, I also think that it is obvious that it is not even 10% of what the groupLLC set out to accomplish, even though regaining inside insight probably was the major issue in the whole gig.

Kr
Jens

NetSol International Inc. and NetSol Shareholders Group Reach Agreement

CALABASAS, Calif., Jul 12, 2001 (BUSINESS WIRE) -- The receiver for NetSol International announced this morning that he has appointed Peter Sollenne chief executive officer and Naeem Ghauri president of the company, pursuant to an interim management agreement entered into by the receiver, "The Ghauri Brothers," and "The NetSol Shareholders Group."
Under the agreement, which is subject to court approval, the company will receive interim financing from the parties, and they will work in unison to further the business interests of NetSol.

Naeem Ghauri said: "We are excited that an agreement has been reached between the two sides. We are now focusing on continuing to grow the business, and believe we have the right team in place to instill confidence in our loyal customers, employees and shareholders."

Cary Burch, who negotiated for the shareholders, group, said: "I am very pleased that we were able to bridge the gap and focus on shareholder value. This is win-win for everyone."



About NetSol International Inc.

NetSol International Inc. is an ISO 9001-certified software developer in the global information technology industry. With an international workforce of more than 300 employees, NetSol specializes in software development, proprietary and asset-based leasing and finance programs, IT consulting, and creation of eBusiness and Web-based solutions for a growing list of blue-chip customers worldwide.
Clients include Daimler Chrysler Taiwan; Mercedes Benz Financing, Australia; Mercedes Benz Leasing, Thailand; Volvo Finance, Australia; St. George Bank, Australia; GMAC in Australia; Debis Portfolio Systems, U.K.; Voicestream; Prism Inc., U.S.; Global One, U.S.; and Clinical Interactions. For more information about NetSol and its subsidiaries, visit the company's Web site at www.netsol-intl.com.



Safe Harbor Statement

This release contains forward-looking statements relating to the development of the company's products and services and future operation results, including statements regarding the company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance.


CONTACT: Sklar Warren Conway & Williams
Bryan Williams, Esq., Attorney for Receiver, 702/360-6000
bwilliams@sklar-law.com




Kr
Jens

8-K From Swarts:
http://www.alertwizard.com/display.php?link=1543721

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(the "EXCHANGE ACT")

Date of Report (date of earliest event reported): July 9, 2001

NETSOL INTERNATIONAL, INC.

(the "COMPANY")

(Exact Name of Registrant as Specified in its Charter)

Nevada
(State or Other Jurisdiction of Incorporation)

333-28861 95-4627685

(Commission File Number) (IRS Employer Identification No.)

(Address of Principal Executive Offices, Including Zip Code)

24025 PARK SORRENTO, SUITE 220, CALABASAS, CA 91302


(818) 222-9195


(Registrant's Telephone Number, Including Area Code)




INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 3. BANKRUPTCY OR RECEIVERSHIP

As previously reported on Form 8-K dated June 20, 2001, the District
Court, Clark County, Nevada (the "District Court") appointed George C. Swarts as
Receiver for the Company resulting from a pending motion for a preliminary
injunction in the case of NetSol International, Inc. vs. Jonathan D. Iseson, et
al. civil action (Case No. A435871) (the "Case"). On July 6, 2001, the District
Court issued an order granting a preliminary injunction (the "Order").

As part of the Order, the District Court found that:

(i) it was in the best interest of the Company that the Receiver
remain in control of the Company;

(ii) that Proxy Statements filed by the Company and the defendants
regarding the election of new directors and proposed amendments
to the Company's Articles of Incorporation and Bylaws and
consents obtained therewith are of no force and effect;

(iii) the special meeting held by the defendants on Sunday, June 10,
2001, and all resolutions, actions, minutes or decisions from
that meeting are of no force and effect; and

(iv) unless otherwise determined by the Receiver or further order of
the District Court, the next annual stockholders' meeting shall
be the sole and exclusive method for the Company's stockholders
to elect directors and/or amend the Company's Articles of
Incorporation or Bylaws and that consents in lieu of such meeting
shall be prohibited.

Until the next stockholders' meeting or further order of the District
Court, the Receiver intends to conduct the Company's business in the ordinary
course, including management of the Company's relationships with its
stockholders, customers, creditors and vendors, and will continue to work
diligently with all parties involved in the Case to resolve the outstanding
disputes as soon as reasonably possible.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits. The following documents are filed as exhibits to this
report:

99.1 Order Granting Preliminary Injunction, District Court, Clark County,
Nevada, Case No. A4345871 dated July 6, 2001.




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.

NETSOL INTERNATIONAL, INC.

By: /s/ GEORGE C. SWARTS
-------------------------------------
(Print name and title of signing officer)
George C. Swarts, Receiver

Dated: July 9, 2001



EXHIBIT 99.1

AVIVA Y. GORDON, ESQ.
NEVADA Bar No. 5333 FILED
ELLIS & GORDON
510 Ninth Street July 6 3:27PM '01
Las Vegas, NV 89101 Shirley B. Parraguirre
(702) 385-3727 Clerk
Attorneys for George C. Swarts, Receiver



DISTRICT COURT

CLARK COUNTY, NEVADA

NetSol International, Inc., a ) Case No. A435871
Nevada corporation, ) Dept. No. XII
)
Plaintiff, )
)
vs. )
)
Jonathan D. Iseson, et al. ) ORDER GRANTING PRELIMINARY
) INJUNCTION
Defendants )
)
---------------------------------------

The court review of all the pleadings and arguments made of counsel
all parties and the court having determined that their good cause be good
cause and proper reason makes the following findings:

That the plaintiff has established a reasonable probability of
success on the merits of its claims on file herein;

That if a preliminary injunction is not issued, NetSol International
will suffer irreparable harm;

That it is in the best interest of the corporation and its
stockholders that the status quo be maintained until the results of a vote
for control of the board of directors can be determined with certainty; and


<PAGE>

That it is in the best interest of the corporation and its
stockholders that the receiver appointed on June 18, 2001, remain in control
of the corporation.

NOW THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED that this
Court's order appointing the receiver of June 18, 2001, remains in full force
and effect.

IT IS FURTHER ORDERED, ADJUDGED AND DECREED, that until further order
of this Court, the defendants to this action, their agents, servants,
employees, attorneys, and any person acting in concert or participation with
them are enjoined from (1) taking any action whatsoever on behalf of or with
respect to NetSol; (2) representing that they are holding themselves out as
the duly elected directors or appointed officers; (3) engaging in or
continuing any further consent solicitations of NetSol's stockholders; and
(4) seeking relief against NetSol in any forum other than this court.

IT IS FURTHER ORDERED, ADJUDGED AND DECREED that the Proxy Statements
filed by NetSol and the defendants regarding the election of new directors
and proposed amendments so NetSol's Articles of Incorporation and Bylaws and
consents obtained in connection therewith, are of no force and effect.

IT IS FURTHER ORDERED, ADJUDGED AND DECREED that the special meeting
conducted by defendants on Sunday, June 10, 2001, and any resolutions,
actions, minutes or decisions from that meeting are of no force and effect.

IF IS FURTHER ORDERED, ADJUDGED AND DECREED that unless otherwise
determined by the receiver or by further order of the court, NetSol's annual
stockholders' meeting scheduled for November 2001, shall be the sole and
exclusive method wherein shareholders shall elect directors and/or amend
NetSol's Articles of Incorporation or Bylaws. In any event, consents in lieu
of any such meeting shall be prohibited.

///

///


IT IS FURTHER ORDERED, ADJUDGED AND DECREED that the bond in the
amount of $10,000 previously posted by plaintiff for the temporary
restraining order shall serve as security for this preliminary injunction.

DATED this 6th day of July, 2001.

/s/ JAMES. C. MAHAN
------------------------------------
DISTRICT COURT JUDGE

Submitted by:

ELLIS & GORDON



By: AVIVA Y. GORDON, ESQ.
-------------------------------------
Aviva Y. Gordon, Esq.
510 S. Ninth Street
Las Vegas, NV 89101
(702) 385-3727
Attorneys for the George C. Swarts, Receiver

Message on RB which support the speculation that "Old management" won the battle.
http://ragingbull.lycos.com/mboard/boards.cgi?board=NTWK&read=6929


Kr
Jens

Speculation - Think the GroupLLC lost the battle.
Why:
A) GroupLLC supporters on Yahoo boards seem to have abandoned ship.
B) The trading Wednesday was in groups (2) - networked action - Nearest friends first and then the next level. If it was Netsol employees it would have been morning trades Wednesday, as they are 14 hours ahead of US EDT.


Kr
Jens

This is my personal opinion:
In software development we have a rule - 3T - Things Take Time - No matter how far RAD's (Rapid Application Development systems) are used and good customer analysis are done to create real running systems, the implementation with necessary amendments take as long or longer that the initial production phase.

I did some checking through old acquaintances of mine, and found that Daimler Chrysler out in Singapore had such delays as mentioned above. They have now the whole span of products for automotive financing, from application to full administration delivered from Netsol. There is a lot of technical background needed to understand it all - I do humbly have quite a bit of that, and in my personal opinion Netsol really has a good chance of bringing a full system to the world market. Translatable too - e.g. Tung Yang Leasing in Taiwan has their version too, running both "Simple Chinese" and English at the click of the mouse.
Netsol really has a fair chance of becoming the first worldwide supplier of this!!
Add their chance of establishing the SW-factory in PK. -
As initial target to have 300 people bring in 100-150K$ each a year at a direct cost of less than 20% is a basis for growth. - I'm not saying it is a piece of cake - It is definitely a huge challenge to take on - not a thing that will be happening overnight. Yet, Netsol has good customer connections to support a move forward there.

Revenues of 30 to 45MM$ would mean profitability IMO.

In case the Ghauris win the battle, I'd say they had a huge experience here, helping them to obtain better advise and improved international understanding, and I'd expect to see a viable mission statement soon.

Facts are that they have the systems above running - plus the ones in Australia, of which the Volvo system may be customisable to other branches e.g. agricultural leasing.
Speculation is whether the above will be sufficient to build the business.
My opinion is that there is certainly a fair chance.

Any connection to NTWK stock of course provided that the old management win the battle. In case they don't NTWK is a totally different company.

JMHO


Kr
Jens

What I/we (we are a group of hobby researchers) know and find is solely from plain internet research and analysis of the information we find. - Actually we make it an issue not to contact company management or hired IR/PR in order to obtain information, as we would only be feed hype information which would impact our opinion, rather than analyzing on information available.

As you, I'm pissed that there has been no proper info coming out - I think though that if you have the PACER access to court rulings, you will be able to obtain same level of information as stockpatrol gets. (PACER is a paid service, and we only use free services)

My bet, looking at the trading last few days, is that the real management (netsol old management) is in the lead to win the battle, and that the support teams for the the GroupLLC was the selling parties. Supposing it is true that the receiver stay as stockpatrol reports, I'll guess it is until the final proxies are counted, and then Netsol can go back to normal business. - Of curse then all that happened has been an extraordinary learning experience for the management - that is actually a positive thing.

If my bet is reight, the downside marketwise is very muct depending on what BW will do now - Let's hope they will stick to money managing, and not try to buy and run companies with their investors money - A period of safe play in this down market IMO would be the best way to recover - In other words I'd advice BW to stick to their line of business.


Kr
Jens

Currently I believe it is the receivers responsibility.
I think guidelines for timely 8K maybe leaves too much slack for this modern world, assuming it is 14 days - In todays world that should be 24 hours IMO.



Kr
Jens

The final date for the proxys was also postponed - so it is quite confusing right now.

Kr
Jens

The scenarios of the selloff:

The groupLLC winning the battle - and some 3-400 employees selling their shares.

OR

The other option - Ghauris won the battle and the GroupLLC supporters who wanted to participate in turning NTWK into a "Great White Company" abandoned ship.

That scenario raises some questions:

Why didn't BW just buy sufficient shares to winn the battle? - Because it would prevent them from selling for another six months - NO definitely not, because the short swing rule would be eliminated in a merger.
So what was it all about?
More or less deliberate loosing the battle?
What will BW do with their 2.1MM shares now?

OR
The selloff is just something totally different

------------------------------------
I have to say that IMO it is very poor investors protection from the SEC side that a stock isn't halted during such time like this.


Kr
Jens

Outrageous that the individual investors are not being informed here.
http://finance.yahoo.com/q?s=NTWK&d=c&k=c4&t=5d
Insider groups selling is what is going on IMO.

Kr
Jens

Don't worry daisy - that message is not correct.

But it is interesting to see that the groupLLC now believes that the shorting comes out of PK! (if it isn't just smoke and mirrors from their side) - One from the inside .

What happened yesterday? - 2:15PM - Someone on yahoo mentioned the deletion from Russell 3000 index, but that was announced last friday (June 22.2001), and may also have been announced on the list from June 15.2001.
So I'd say the action yesterday is not connected with that.

---------
OT: I did personally get the hay in this year too - top quality - good investment and yes it did make me a redneck - Not a Mississippi one though





Kr
Jens

For some technical reason this message could not be posted on RB:
Seneca, look at RB message #5406.
http://ragingbull.lycos.com/mboard/boards.cgi?board=NTWK&read=5406

diesels1 didn't like it back when you had no doubts about JI and BW competence.

What is there to read from that? - IMO:
A) diesels1 was short covering back then, and now looking to short again.
or
B) his/her current messages are pure irony.

I'd say Diesels1 isn't Isesons wife:
May 31.2000
Jonathan Iseson, 42, a hedge fund manager, has just taken delivery of a new 48ft cruiser, docked at Sag Harbour yacht club. The last one was 55ft. "I got rid of the wife so I didn't need the space," he said.

http://www.google.com/search?q=cache:fiL8gHda4zw:www.guardian.co.uk/Print/0,3858,4023891,00.html+%22....

------------

Now, Iseson didn't only use Diesels3 as AKA on the boards:
Look for nordicracer on yahoo board back in the middle of 2000 - How did he come up with that AKA - NordicRacer - Look at Grand Prix Sports filings.

Effective March 9, 2001, the Company entered into an Agreement and Plan of Share
Exchange (the "Exchange Agreement") with Damask International, Jonathan Iseson,
R. Todd Stabler, and Dr. and Mrs. Robert J. Harman. Damask International and
Jonathan Iseson constituted the record and beneficial owners of forty percent
(40%), or 67 ordinary shares, of the issued and outstanding shares of the
capital stock of Nordic Racing Limited, a British corporation ("Nordic").
Pursuant to the terms of the Exchange Agreement, the Registrant sold and issued
an aggregate of 200,000 (pre-split) shares of its common stock -- 140,000 shares
to Damask International, 30,000 shares to Jonathan Iseson, 20,000 shares to R.
Todd Stabler, and 10,000 shares to Dr. and Mrs. Robert J. Harman.

http://www.sec.gov/Archives/edgar/data/1104891/000089256901500327/a72695e10qsb.txt

And there was Dr Harman (One of those initially involved in the GroupLLC) too.

A couple nordicracer message on Yahoo:
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....

Blue:

http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404....

Jiseson:
http://messages.yahoo.com/bbs?board=1600540471&tid=ntwk&sid=1600540471&action=m&mid=....

And then of course all the 3diesels posts everyone heard of. Here's the ones from RB: http://ragingbull.lycos.com/mboard/memalias.cgi?member=3diesels


Tell me that a state of the art trader and money manager bother with the b-boards like that above, and I'd tell you that proportions in such mind seems somewhat screwed.
Just my humble opinion.
------------

To those who might think "Why don't Jens question Seneca's motives?" - Seneca is a confirmed "been there done that" honest Individual Investor.


Kr
Jens

Then again - Cary Burch (As officer in First American CREDCO) may know Swarts:
http://www.lvrj.com/lvrj_home/2001/Jan-06-Sat-2001/business/15151908.html
http://www.lvrj.com/lvrj_home/1999/Feb-17-Wed-1999/business/10628184.html


Kr
Jens

Georg Swarts of Swarts & Swarts CPA's has been used for other receivership tasks before. - Checked to see if there were any apparent connection between Swarts and either of the parties. Did not find any. That and that they have been appointed by Nevada court in previous cases lead to believe that the receiver is the judges call.
I'd say it means that neither part could really prove their point at the hearing.

IMO This also means that no news will come out of the company until Swarts is replaced by either management, apart from such as we have seen in the recent filings - Copies of journalists work that is.




Kr
Jens

So the action the GroupLLC started ended up with a temporary receivership, at least until June 26.

This is a sincere question, as we do not know, but have seen it on other issues when a receiver is installed: Will this mean that NTWK are temporary out of NASDAQ and moved to pink sheets?

Kr
Jens

The article:
UPDATE: NETSOL INTERNATIONAL, INC. (NASDAQ: NTWK) – ON THE RECEIVING END
June 17, 2001
Who’s in charge at NetSol International, Inc.? Not the former management team, which has been fighting a hostile takeover staged by dissident shareholders. And, as it turns out, not those dissident shareholders, who claim they gained control of the Company through a proxy contest. For the time being, NetSol is being run by a receiver named George Swarts who was appointed by Nevada District Court Judge James Mahan on June 15th to manage the Company’s affairs until the Court reconvenes on June 26th. Maybe Mr. Swarts will be able to sort through the corporate mess by then. While he attends to that task, however, a few additional questions should be considered.


Raising The Bahr

Who is David Bahr? Curious NetSol International, Inc. shareholders are probably asking the same question. What is his connection with the beleaguered Company? We first came across Mr. Bahr in July 1999, at the time we published our first article about NetSol (See NetSol: An Oasis On The Horizon Or Just Another Mirage?). Now, his name has re-emerged in the midst of the chaos that ensues as the incumbent management team battles dissident shareholders calling themselves the NetSol Shareholders Group for control of the Company. (See Update: NetSol International, Inc. - Going Nutso At NetSol and Radar’s Doghouse: NetSol International, Inc. – Dueling Press Releases).

These days, David Bahr seems to be aligned with the insurgents. But that was not always the case. Our initial article on NetSol examined the Company’s relationship with a company called Manhattan West. At the time, we made the following observations:


According to its Registration Statement, the Company offered to sell public investors (i) a minimum of 250,000 shares of common stock, and (ii) a maximum of 500,000 shares of common stock and 1,000,000 warrants, at prices of $5.15 per share and $.10 per warrant.

The Company, however, wasn’t the only one selling shares. Existing [shareholders of Mirage, the predecessor of NetSol] were registering 564,065 common shares and 397,000 warrants which had been issued in connection with an April 1997 private placement, at prices of $.50 per share and $.10 per warrant. The Company had used $200,000 of the $290,000 raised in that Private Placement to acquire its interest in Network Solutions (PVT).

More family ties. One of the investors in the Private Placement was Manhattan West, a company that is apparently involved in the financial services industry. (Manhattan West later divested its private placement warrants because of concerns raised by the NASD at the time of the IPO). The prospectus identifies Tariq Kahn as the sole officer and director of Manhattan West. At the time of the offering, his sister, Saikma Khan was the President of Mirage’s wholly owned subsidiary, Mirage Collection, Inc. Mr. Khan’s mother and father were among the selling shareholders at the time of the Mirage IPO.

The relationship between Mirage and Manhattan West did not end there. On February 13, 1997, Manhattan West entered into an agreement to provide business and consulting services to the Company. Its compensation? Mirage would pay Manhattan West’s expenses. Less than two weeks later, on February 26, 1997, Manhattan West loaned $46,997 to the Company and received a promissory note which it could choose to convert into shares of the Company’s common stock at $.50 per share -- that’s 93,994 shares. Based upon the IPO price of $5.15 those shares would be valued at $242,034.55. That makes for quite a nice return.

One thing more. Aica Ghauri, wife of the Company’s President, Najeeb Ghauri, is employed by Manhattan West.

There is one additional connection to Manhattan West that we did not explore in our earlier report. On February 13, 1997, Manhattan West entered into a Consulting Agreement with Mirage Holdings, Inc. (which subsequently became NetSol). That Agreement was signed on behalf of Manhattan West by its President, David Bahr. (A copy of that Consulting Agreement is an Exhibit to the Form SB-2 Registration Statement filed by Mirage at the time of its Initial Public Offering.)


More Bahr

More recently, the name David Bahr appeared on a Schedule 13D filed by the NetSol Shareholders Group LLC (the dissidents seeking control of the Company). Both the Form 13D and the files of the Nevada Secretary of State identify Mr. Bahr and Blue Water Master Fund L.P. (run by insurgent director-candidate Jonathan Iseson) as the “managers” of the NetSol Shareholders Group LLC. Is this the same David Bahr? If it is, the proxy documents filed by the NetSol Shareholders Group fail to omit any reference to his position at Manhattan West and prior relationship to the Company.

The David Bahr connections to NetSol seem to run long and deep. The “Rege Ludwig Clinic” operates a school for polo players. The web site for the “Rege Ludwig Clinic,” features a picture of one David Bahr standing next to one Cary Burch dressed in their polo playing regalia after a polo lesson. Is this the same David Bahr? Is it the same Cary Burch, the incumbent NetSol director who recently joined the insurgents in their efforts to seize control of the Company?

The records of the Nevada Secretary of State identify Paracorp Incorporated of Carson City, Nevada as the “Resident Agent” for NetSol Shareholders Group. Paracorp Incorporated was also the designated “Agent” in Nevada for Mirage. Has some individual been directing each of these entities to Paracorp – and, if so, who?

And consider this. NetSol International, Inc. was originally formed as a Nevada corporation on May 1, 1997. Its designated agent in Nevada was Paracorp Incorporated, and the records of the Nevada Secretary of State indicate that the corporation has now been “dissolved.” To compound the confusion, two companies called NetSol International, Inc. have been registered in California. The first, which filed in California on July 2, 1997, listed one Matthew Bahr as the “Agent for Service of Process.” That corporation is classified as “forfeited” by the California Secretary of State – which means it is no longer registered in the state. The second, registered in California on January 16, 2001, lists Najeeb Ghauri (NetSol’s President under the old management team) as the “Agent For Service of Process.” Why have there been two NetSol’s registered in California? Is Matthew Bahr related to David Bahr?


Being Bahred

Who is David Bahr anyway? In July 1996, the National Association of Securities Dealers found that a Newport Beach, California broker named David Bahr failed to invest $20,000 in customer funds and instead used $18,000 for his own benefit. The NASD also found that Bahr solicited and entered customer transactions while he was not registered. Bahr was barred from association with any NASD member in any capacity and fined $174,000.

Is that the same David Bahr now involved with NetSol? In July 1998, the NASD Adjudicatory Council considered allegations that a broker named Nancy Martin had allowed an unregistered person named David Bahr to use her account executive number to place trades for a customer named Masood. Martin claimed that Masood was actually the customer of Tariq Khan, and that Khan was the President of the brokerage firm, Shamrock Partners. Sound familiar? Tariq Khan, as we have seen, was identified by NetSol as the “sole officer and director of Manhattan West.”

Of course, there was at least one other officer at Manhattan West along the way – David Bahr.


http://www.stockpatrol.com/schlock/doghouse/netsol7.html


Kr
Jens

The article:
DUELING PRESS RELEASES

The New York Mets had this problem last year. With two pitchers named Bobby Jones it was natural for fans to become confused. At least they had different middle initials.

As we told you earlier, a group of dissident shareholders is claiming that they now control NetSol International, Inc. Not so fast, according to the people who have been running NetSol until now. They (the old management team) say that the dissidents have jumped the gun. And they have gotten a Nevada Court to issue a temporary restraining order (TRO) preventing the dissidents from taking over. So now we have two groups – each calling themselves NetSol International. (See Update: NetSol International, Inc. – Going Nutso At NetSol).

Each of these dueling factions has been issuing press releases on behalf of NetSol International – with no middle initials to alleviate confusion. Maybe they could start calling themselves new NetSol and old NetSol, or good NetSol and bad NetSol (although investors might be unable to agree on who’s who).

Which NetSol is saying what? As a general proposition we think it is reasonable to conclude that the new NetSol (which may not be any NetSol at all once a Nevada Court rules in proceedings initiated by the old NetSol) is issuing the press releases denouncing the old management and extolling the virtues of the designated dissident directors. Conversely, we can only assume that the old NetSol has been sending out the press releases commending the Nevada Court for issuing a temporary restraining order that places a halt (at least a temporary one) to efforts by the dissidents to assume control of the Company.

So where does that leave today’s press release announcing that NetSol International (a generic reference to the corporate entity called NetSol and controlled by Group A, Group B or nobody at all) has retained Softbank Investments International (Strategic) Ltd., a Hong-Kong based investment banking firm as financial advisor to the Company. Certainly, this did not originate with the old NetSol. Softbank Investments is the employer of Shelly Singhal. Mr. Singhal is one of the Directors designated by the dissident shareholders who claim to control the new NetSol. According to his resume, Mr. Singhal joined Softbank just this month.

Curiously, the press release issued June 14th does not mention that Singhal is one of the purported new directors of NetSol selected by the dissidents, or describe his relationship with Softbank. Do potential conflicts loom? The only reference to Singhal comes at the end of the press release where he is listed as the “contact” for Softbank. We (and we expect you) can only wonder why these other facts have been omitted. It hardly marks an auspicious debut for the putative new management team.

Oh yes, the contact listed for NetSol is Cary Burch, who once was a director of the old NetSol, switched allegiances to the new NetSol, and was rewarded by being named Chairman of the Board by his new dissident associates. So this release must have come from the new NetSol. But that raises another question. Have the dissident shareholders violated the TRO by issuing the press release in the name of NetSol International? Or by entering into an agreement with Softbank?

No doubt the Nevada Court will be considering those questions tomorrow. Can the regulators be far away from this mess? (6/15/2001)
http://www.stockpatrol.com/radar/toc.html#061501
----------------------------------------------
----------------------------------------------

Kr
Jens

The Patrol article:
UPDATE: NETSOL INTERNATIONAL, INC. (NASDAQ: NTWK) – GOING NUTSO AT NETSOL
June 14, 2001
Who’s in charge at NetSol International, Inc? That all depends on whom you ask. A group of dissident shareholders calling themselves The NetSol Shareholders Group, LLC claim that they now control the Company, but the old management team begs to differ. They say that the dissidents haven’t won control of NetSol – at least not yet. And they are charging that the dissident group seized the Company’s headquarters improperly with the help of armed security guards. It gives a whole new meaning to the term “hostile takeover.”

Investors will be looking for some answers later this week when a court in Nevada weighs in with its opinion. NetSol says that the Nevada Court has issued a temporary restraining order (TRO) ousting the dissident shareholders and their new “management team” from NetSol headquarters. According to a press release issued by NetSol on June 12th (and apparently generated by the old management group) “the insurgent shareholder group and the directors it claims to have elected are prohibited from taking any action whatsoever with respect to the company, at least until the court hearing scheduled for Friday, June 15, 2001.”


Bloodless But Not Painless

The Court’s action came quickly on the heels of a June 11th press release (this time apparently coming from the NetSol Shareholders Group) declaring that the NetSol Board of Directors had been expanded from eight to fifteen members, including the seven dissident candidates nominated by The NetSol Shareholders Group. They claimed control of the Company when one of the previous directors, Cary Burch, perhaps influenced by newly Independent Senator Jim Jeffords, switched to the dissident side. Like Senator Jeffords, Burch was rewarded for his move. Burch, the June 11th press release said, would now be Chairman of the Board and interim Chief Executive Officer of NetSol.

The dissidents also claimed that the old management team consisting of Chief Executive Officer Najeeb Ghauri, President Salim Ghauri, Chief Operating Officer Naeem Ghauri, and Corporate Secretary Rick Poole were out, and had been replaced by Burch (as CEO) and dissident director designees Peter Sollenne (as President and COO) and Gregory J. Martin (as Secretary). As if that were not enough, NetSol’s purported new management announced immediate plans to sue former officers and board members (presumably excluding Mr. Burch).

The TRO from the Nevada Court halts the combat for the moment. As a rule, courts do not issue TROs unless they believe that the party seeking that order is likely to prevail. Consequently, the July 12th press release points out that the Nevada Court issued its order after concluding that NetSol “has shown a reasonable probability of success on the merits of its claim, specifically that the defendants are not properly elected members of the Board of Directors of NetSol, and that their purported election violates Nevada law.” The press release doesn’t enumerate those violations of law.


Here’s To Coup

So who is behind the coup, and what makes them think that they can do a better job than existing management? On April 26th a group of unhappy NetSol shareholders announced that they had formed the NetSol Shareholder Group, LLC, “for the purpose of exploring available options [such as] replacing some or all of the current Board of Directors and executive officers of NetSol with a new management team, merging with or being acquired by another corporation, and attracting additional shareholders, business partners or other investors for purposes of generating additional financing to acquire control of the company.” (See Update: NetSol International, Inc. – Revolutionary Developments).

That “exploration” didn’t take long. The next day, April 27th, the NetSol Shareholders Group initiated a hostile takeover of the Company by filing a proxy that sought to replace the existing directors and management team with a slate designated by the dissidents. Leading the dissident charge was Jonathan Iseson who runs a group of hedge funds including Blue Water Master Fund, LP.

Iseson’s emergence as a dissident leader is ironic considering the role played by his Blue Water funds while NetSol shares were soaring from $9 per share in December 1999 to highs of $80 per share in March 2000. Massive purchases by the Iseson group fueled interest in the Company during that period. At the same time Iseson, using the alias “3diesels,” touted the stock vigorously on NetSol’s Raging Bull Message Boards. Without disclosing his true identity, Iseson used Raging Bull to hint at impending developments at NetSol and suggest that the Company was undervalued when compared to its “peers.” (See Update: NetSol International, Inc. – Singing The Blues).

Now Iseson and his associates apparently are disappointed that NetSol didn’t live up to the hype. But what should they really have expected? At its core, despite aspirations to enter myriad hi-tech businesses, NetSol’s principal operations involved the creation of software packages for auto leasing entities - hardly the basis for the Company’s inflated valuation in early 2000.

When NetSol shares began to plummet, one group of Blue Water investors sued Iseson, charging that he, and several associates, had engaged in a "fraudulent, deceptive and manipulative scheme to inflate the value of the funds’ assets through the purchase of NetSol shares at artificially high prices." So perhaps it should come as no surprise that Iseson has been looking for an exit strategy that might salvage some portion of these investments and dispel any lingering rancor among Blue Water investors. Enter The NetSol Shareholders Group.


Showing Them the Gate

Just what does The NetSol Shareholders Group plan to do if they gain control of the Company? The proxy materials suggested that a merger partner was high on the list. Did the dissidents have a particular company in mind? The proxy didn’t say. But some details have emerged that suggest they could have one possible scenario in mind. At least two of the directors proposed by the dissidents are affiliated with an OTC Bulletin Board Company called NetGateway, Inc. – NetGateway Chief Executive Officer Donald Danks and NetGateway Director Shelly Singhal (whose principal occupation is investment banking, most recently with Softbank Investments).

As they began to engineer their hostile takeover of NetSol, the dissident NetSol shareholders entered into an alliance with NetGateway. Some details of that burgeoning relationship are contained in the proxy materials filed by the NetSol Shareholders Group. It seems that several of those dissidents, including the Blue Water group, had cemented their new association by giving NetGateway an option to purchase 300,000 shares of their NetSol common stock. In exchange, those NetSol dissidents received warrants to acquire 300,000 shares of NetGateway.

Why would NetGateway want to become involved with NetSol? Start with this – NetSol – despite the alleged incompetence of its management - is a NASDAQ listed company. NetGateway used to be on NASDAQ, but in January 2001, it was bounced from that exchange when it failed to comply with the NASDAQ listing criteria. Now it trades on the OTC Bulletin Board. Could NetGateway be looking to a merger with NetSol as a way back to NASDAQ? If that’s the case, what’s in it for NetSol?

And why should investors feel confident that the NetGateway team will be an improvement for NetSol? In January 2001, NetGateway fired its auditors, KPMG, LP after they had issued warnings (in 1999 and 2000) that the Company “has suffered recurring losses from operations and a has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern.” NetGateway continues to shuffle auditors. In April 2001, that Company replaced the accounting firm of Grant Thornton LLP with Richard Eisner LLP.


The Devil You Know

All of this may leave investors wondering whether the proposed new management team would be a measurable improvement. Are they likely to manage the Company more successfully than their predecessors? Do they offer a preferable alternative to existing management?

In addition to Iseson and the contingent from financially-challenged NetGateway, the dissident group includes Peter Sollenne, who would serve as NetSol’s President and a member of the Board of Directors. Mr. Sollenne has had a somewhat peripatetic career in recent years, including stints as:

President and Chief Executive Officer of Techna Global Solutions, Inc. since May 2001 (one month);

President of Aces International Inc. from November 2000 to April 2001 (an eight month span);

President and Chief Executive Officer of InQuote.com from May, 2000 to October, 2000 (about six months);

President and Chief Executive Officer of re:Solutions Group, Inc. from December 1998 to May 2000 (about 18 months); and

President of SOS Staffing Services from August 1997 through October 30, 1998.

Does Mr. Sollenne anticipate a longer tenure at NetSol? Or is he likely to put those travellin’ shoes on once again? According to a recent article on Bloomberg.com, Mr. Sollenne departed SOS Staffing shortly after SOS warned of lower than expected revenues and earnings, and that Company’s investment banker, Lehman Brothers, removed a buy rating for SOS shares.

Then there’s Gregory J. Martin, the NetSol Shareholders Group’s designee as corporate secretary. Mr. Martin reportedly served as President of a company called Ice Holdings, Inc., a public shell, for four months beginning in April 20 1997. His resume states that Martin “directed the re-organization of [Ice] into an operational holding company which acquired and helped to grow emerging technology companies.” How did he accomplish that task? According to published reports, during his brief tenure at Ice, Martin made just one acquisition, purchasing Default Management Network, Inc. for $1,500. Shortly thereafter, Ice became delinquent in its public SEC filings.


Lost At Sea?

Recent events have left NetSol in a state of limbo – at least until the Nevada Court speaks on June 15th. Will the Ghauri family remain at the helm of this shaky ship? Or will Iseson and his crew succeed in their efforts to push the Ghauri’s overboard into that deep Blue Water? Either way, its is likely that investors will need plenty of sea-sickness pills. It looks like a rocky voyage, with no end at hand and no destination in sight.


©2001 Stock Patrol.com. All rights reserved.



Kr
Jens

A fellow researcher send me this in e-mail:
------------------------------------------------
Regarding Earl T Schannon:

He is about 32 living in Fort Lauderdale, South Florida

Stakes in NTWK INVZ PAHI and others... I once ran a 10kwizard search on him and found out that he was also involved with at least 2 other completely unknown disaster stocks, one being "Tomorrows Morning"...according to a friend, that company was also a fraud...

He is the CEO of this little company: www.saltyswarehouse.com
run an IP check search on the website and you will see, on the website you can see he is also selling a yacht..

He is (was?) befriended with Tariq S. Khan (CVRG Manhattan West, Digital Men, Essential Tec www.esstec.com) who IMO is a con man and with direct relationship with offshore firms, related to the offshore firms that sold PAHI CVRG etc (Pakistani criminals... I have quite some info on the Khans)

He is also involved with a Bahamian offshore fund "Silas Fund", something like that, read that in the filings of PAHI (Page Active Holdings Inc.)

He is the managing director (or whatever title) of Winthrop Venture Capital www.winthropventure.com email earl@wwintrhopventure.com.

Also if you put Tariqs address in he search engine www.northernlight.com tariqkhan@manhattanwest.com you will find the 2 PRs been released with regard to PAHI in 1999 or more and in the PR you can also find the info/confirmation of Earl T Shannon.
Interesting bit of info?, in one offshore boiler room, there is a senior broker: Michael Shannon...

Well, I hope this helps you a bit....will do some more research...
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Kr
Jens

Someone on yahoo deemed the current management corrupt and accused them for lining their pockets.
Something or someone is "corrupt" indeed, but is it the current management? – Did they profit from the rise last year - from 7 to 80.
Have a look into the filings and see how much was going into NTWK - Peanuts compared to what the odd parties behind the scenes took in, while at the same time urging NetSol to buy worthless companies - There was a lot of pumping going on - When so, then there is dumping too - Only it wasn't the company which dumped shares - And it wasn't the company either that shorted - Think about it! – Going from a market cap 4MM to market cap 800MM and down to 15MM and now around 50MM. All the time while someone made money on those swings.

We did some rethinking, based on the questions: Is the current situation really started in order to save individual investors? - What initiated the current situation? - Who did make profits and who will profit from the GroupLLC winning the battle?

It has definitely been convenient for some, that BW suddenly, surprisingly, and unbelievable stupid found itself tied to the short swing rule - How on earth could such wall street people do such a mistake - was it a mistake? or just darn smart to stall 2.1MM shares thus keeping the float low? - Did the company profit from BW's stalled position? - Yeah 1.4MM - Peanuts - Did the investors in BW profit from that? No - Will they ever? - They put 40MM? into BW!
Plenty of individual investors and some institutions lost a lot of money here - where did that doe go? - Not in the company pockets and not in the ordinary investors pockets and not in the BW investors pockets - Not really much in Ghauri pockets (margin calls caused 2 brothers to sell chunks of shares) - Who is left?

Some EARLy directors - Some off-shore funds / Ltd's* - Khan's - Bahr's - Shogren? - Wahoo? - some private investment advisors - OTCJournal... and of course the Market Makers.
You know, these people are just too experienced in the US stock market, too intelligent and too clever to be losers in the game that has been seen here. They are just about so experienced and clever that they might have orchestrated it all.

Now when the Ghauri's do no longer want their advice, when the inside of NetSol isn't as visible for them anymore, it becomes difficult to keep the play going, so of course they have to try to gain control - The show must go on.

Just an opinion.

*)Scroll down to highlights in this google archieve:
http://www.google.com/search?q=cache:qcHHWuIze6k:www.stockreporter.de/german/01_report/compreports/n...



Kr
Jens

Todays Filings 3.
8-K
ITEM 5. OTHER EVENTS

On June 11, 2001 the management of the Registrant obtained a temporary
restraining order prohibiting Netsol Shareholders Group, LLC and the
directors it claims to have elected to the Registrant's board of directors
from taking any action whatsoever with respect to the Registrant, at least
until a court hearing scheduled for Friday, June 15, 2001. In granting the
temporary restraining order the Court found that the Registrant had shown a
reasonable probability of success on the merits of its claim, specifically
that the defendants are not properly elected members of the board of
directors of Netsol International, Inc. and that their purported election
violates Nevada law.

A copy of the Press Release announcing the temporary restraining order, which
was filed by the Registrant as DEFA14A, additional proxy soliciting materials -
definitive, with the Securities and Exchange Commission on June 12, 2001, is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.
http://ragingbull.tenkwizard.com/fil_submis.asp?repo=tenk&ipage=1433246&doc=1&total=7&am...



Kr
Jens

Are this GroupLLC getting anything right ? eom

Kr
Jens