RichieBoy....SUIP management......
"Fascinating speculation, but the stinging reality is management have accomplished nothing for investors since this shell was spun off. IF this is to move management is not likely to show much indication, that's there nature."
The fact that SUIP management has not yet filled this shell with a merger candidate or successfully implemented a new business plan is not something I hold against the management team. By their very nature, most shells are basically in similiar situations and have lengthy periods of time where it appears as if nothing is happening (and seemingly no hope of anything ever happening). And the last year or two have been particularly difficult for shell management teams as a result of the market downturn and credit crunch.
SUIP looks interesting to me at this point in time for a couple of reasons.....
1) Many reverse merger firms have been indicating over the last few months that they are seeing a significant increase in Chinese/foreign companies inquiring about reverse mergers in the United States. I believe this could eventually lead to an improved market for reverse mergers and perhaps lead to periods of renewed speculation in the shell market.
2) I was actually somewhat impressed by an action SUIP took last year to restore shareholder value to the shell after SUIP management basically got blindsided by the events that transpired surrounding SJEL (the company that it purchased a $500K convertible note from). That $500K came from the $3 million that the CEO and his associates invested in SUIP in early 2008.
I don't have the time/energy to go back through SJEL's filings but from what I recall just a few months after SUIP purchased that note a large international financial institution unexpectedly pulled some loan or line of credit from SJEL. This created an extremely serious financial situation for SJEL almost overnight, and it potentially could have resulted in SUIP shareholders losing that $500K.
SUIP's management did something you rarely see. The CEO basically took personal responsibility for that situation. The CEO took ownership of that note, and then completely restored SUIP to its original shell condition prior to their $3 million investment. Unless SJEL has recovered financially from that incident, it is entirely possible that SUIP's CEO may have taken a personal $500K hit. And thanks to his efforts to insulate other shareholders, SUIP shareholders managed to emerge from this unscathed.
While this doesn't guarantee that future actions by SUIP's managment team will lead to an eventually profitable investment, it does suggest to me that they are trying to do the right thing.
