Asia Properties Inc. (ASPZ)

[Katydidit]

DD in Exchange for Apology

I was agast when I re-read a post of mine and found I had written Japan(ese) instead of China. I apologize to the group and offer this DD as support for my sanity.

Asia Properties Announces $2M Funding for Entellium
March 29, 2004
Asia Properties, Inc. (OTC:ASPZ) today announced that Entellium Corporation, a CRM company in which API owns 2 million shares, recently completed a $2 million funding from Ignition Partners.

Daniel Mckinney, CEO of Asia Properties said, "This is great news for Entellium and for API. We look forward to their plan to become the preeminent CRM company in North America."

http://www.encyclopedia.com/doc/1G1-114718703.html
--------------


How deep did Entellium's fraud go?
Oct 9, 2008
$50 million of venture capital down the drain. A fraudulent set of books, going back to 2004. How did this happen? Entellium, a Seattle-based software company, saw CEO Paul Johnston and CFO Parrish Jones resign, days before the two were charged with wire fraud. What no one has explained: How on earth were the two executives able to get away with overstating the company's revenues to investors by a factor of four?

Ignition Partners, which put in $19 million of the $50 million in venture capital, is playing dumb, insisting it never would have invested had it known the company's true financial condition. But Entellium, which started in Malaysia in 2000, was trouble from the start. It went through a period, after the popping of the bubble, when employees went unpaid.

Since then, it attracted investments from Ignition and others, including Intel Capital, West River Capital, Sigma Ventures, and Mavcap, a Malaysian venture fund. Are we to believe that all of these investors committed their limited partners' money without a thorough audit?
http://valleywag.gawker.com/5061205/how-deep-did-entelliums-fraud-go
------------

Distressed Properties
Oct. 23, 2008
HONG KONG and BELLINGHAM, Wash(GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today that its board has approved a plan to participate in purchases of distressed resort real estate assets in Asia over the next two years.

CEO, Daniel McKinney said, "Due to the recent financial turmoil and world wide economic malaise, we expect to find some interesting distressed Asian deals over the 24 months."
This PR is not found on the API website
http://www.globenewswire.com/newsroom/news.html?d=152835
------------

Galaxy Gets Shares
Nov. 30, 2009
3,400,000 shares issued to Galaxy Entertainment. (VIP Promoter sub-license ?)
http://www.galaxyentertainment.com/eng/ir/announcements/a091130.pdf
------------

VIP Club Acquisition
Dec. 1, 2009
(after 3 previous press releases...first mention of Peak Winner.)
HONG KONG and BELLINGHAM, WASHINGTON --- Asia Properties, Inc. (API) (OTC: ASPZ today released further details regarding its change of business direction and investment in Macau gaming.

API announced on November 17th that it signed a Memorandum of Understanding “MOU” to acquire 50.10% interest of a Macau casino VIP club from Peak Winner Holdings Limited (“Peak Winner”). (No Google results for this entity) Peak Winner has a profit share interest in Sing Hou VIP Club (“Sing Hou”) located in the StarWorld Hotel (directly across the street from the Wynn Casino) and has been in operation since November 2008 under a VIP Promoter sub-license from Galaxy Entertainment Group. The Company wishes to further clarify that the Company has not now, or at anytime been involved in negotiations for an investment in either the StarWorld Hotel and/or Galaxy Entertainment Group. (What about Peak Winner?)

http://www.asiaprop.com/news/2009/dec/20091201.html
------------


Techdirt: Greed vs. Due Diligence: Another Case of Startup Fraud?
11-25-2009
The world of startups can be a fast moving place, with lots of money thrown around quite rapidly at times. In such a world, it's no surprise to hear stories of pure outright fraud mixed in with all of the real stories of actual startups. They seem to come along every year or so -- and usually involve companies raising a ton of venture capital (VC) money and simply making up financial results, which the VCs never seem to check. Last year, it was Entellium who raised $50 million while totally making up revenue numbers. We wondered, at the time, how its investors never got around to actually auditing the company they gave so much money to. However, it really is par for the course for many investors to simply trust the management.

http://www.newsfactor.com/blog_article.php?aid=2475375&full_skip=1
------------

The integrity of Dan McKinney?
How might he compare to the CEO and CFO of Empellium? Mentors?
------------

VIP Clubs, Starworld
Current
Spanning between 4,000 to 6,000 square feet each.You can take a breather in the recess areas, dining zones or private restrooms.There are enclosed gaming areas that enable you to enjoy optimal gaming fun in a private, cosy environment.

http://www.starworldmacau.com/en/entertainment/vip_club.htm
Look for photos and find the generic one used on the API website.

And after all this, I still reserve my right to jump in again.
So it's emotional, with very guarded apprehensions. Cuz I too am drawn to the razzle dazzel.

Peace, and Happy New Year to all.