Hi John,a very good question.This post would be a lenghty one to fully explain the whole fiasco that took place initially with Cavico.But if you research back on the posts you will find exactly what took place and how it all happened.I will give you a briefer synopsis and I believe you will be able to fill in the blanks.
The Company had no idea how to start trading on the American Exchanges.In fact they are the first company from V.N. to do so.
The CEO of Cavico and the CEO of PRVH,another company from Asia, are best friends.SO BUI,the CEO of Cavico left it up to his best friend to walk him thru the procedure.Henry,the CEO of PRVH,was having problems of his own at the time with the SEC.
For whatever reason he decided to bring the company public on the pink sheets,telling BUI,it would be better to start at the bottom and learn as he goes up the exchanges.The shell he made Cavico buy,at the time ended up not being a clean shell,and trading was halted when Cavico was trading at 1.79 a share.
At the time Cavico had the lawyers,accountants,and Investor Relations firms suggested by Henry Fahman.
Since the trading was halted a year ago,Cavico fired the lawyers,and retaind a New York Law firm to represent them,fired the IR Company,which everyone on this board felt, with good reason were useless,and fired their accountants,who never answered the phone when called.In fact he spent more time in his dentists office then actually accounting.
When the company was trading as CVCP they had 81 million A/Sshares .
While under suspension Cavico was able to uplist to the Bulletin Boards,which that in itself is something,I myself have never come across in trading.A company being suspended while it was a pink sheet company and comes back to trading as an OTCBB,I thought was a monster move.
When they came back to trading the A/S were changed from 81 million to 131 million.not sure why but I will get the answer.I have a feeling it is going to come back to companies that Cavico is partners with, and had to give shares to, so they could claim revenues from these other companies.
I do believe that Cavico definitely belongs on the big boards and the New York lawyers they have now,I'm sure see $$$ signs about getting them there, in a very short period of time.The revenue is there and the amount of investors is also there
(2271 investors),Hope this helps a little.JMO
WSM
"Luck is what happens when preparation meets opportunity."
