NetSol International Inc. (NTWK)

[Tingleff]

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.


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