A-Power Energy Generation Systems, Ltd.(fka APWR)

[dingocub]

GE Arbitration Is The Issue: MUST READ

The only thing that might be causing us delays is this as far as I can Tell..

Here is what I have found so far on the subject..

In Feb 2013 - A-Power Counter-Sued GE Transpo in BVI courts as a counter suit to GE's Arbitration Lawsuit that GE Filed in HK courts in 2012.

Reason for this counter suit was APWR failed to respond in time to inqueries in the HK arbitration case in 2012 and the HK arbitraitor ruled in GE's Favor of $361 Million.

Hence the APWR counter-suit claiming the GE has no right to that money because APWR was incorparated in BVI territory and BVI laws are different in regards to contracts etc etc...

BVI Judge was to make a ruling on this fact on May 31 2013..
Per BVI court website .. No ruling was ever posted... OUTCOME UNKNOWN

http://www.eccourts.org/


On July 25th 2013 - In HK Courts GE Filed a complaint..
Writ Number: HCMP1792/2013

(HCMP) stands for (Miscelanous Proceedings) in HK court filings

No updated info can be found on this because no judgement has been made as of yet per HK court website at
http://legalref.judiciary.gov.hk/lrs/common/ju/judgment.jsp

However : The orientaldaily webste ( A Tabloid News Agency in HK )
reported the following

"In April last year was the Nasdaq delisting of A-Power Energy Generation Systems, Ltd., Its Chairman Lu JinXiang creditors to the Supreme Court yesterday was sued creditors refers Lu let A-Power's assets during the arbitration Liaoning Hi-Tech Energy Group sales go, in violation of arbitration decisions and court orders freezing assets, creditors are now asking the court to impose a fine or imprisonment to punish Lu.
Creditors of GE Transportation Co., Ltd., The parties in respect of a transaction ? ?? commence arbitration, the arbitration ruling last August, A-Power shall pay GE for more than $ 361 million (approximately HK $ 2,817,000,000). Writ Number: HCMP1792/2013"

That's all it said...

Obviously the translation is rough, and from a questionable source. However, it basically states that supposedly LU tried to transfer some assets in violation of Arbitration Rules...


In Sept 2013 - Writ No. HCA1720/2013 In HK Courts GE Filed a Civil complaint.. HCA1720/2013

(HCA) prefix refers to (Civil Action) in HK Court Files

No updated info can be found on this because no judgement has been made as of yet per HK court website at
http://legalref.judiciary.gov.hk/lrs/common/ju/judgment.jsp

However : The orientaldaily webste ( A Tabloid News Agency in HK )
reported the following

GE claims and blocking transactions to the A-Power
Related companies General Electric GE Transportaion (Shenyang) Co., Ltd. Favor of arbitration in Hong Kong last year, NASDAQ delisted the company A-Power Energy Generation Systems, Ltd. Shall pay GE for more than $ 361 million (approximately HK $ 2.8 billion) .

But GE refers to A-Power Long Group held by the company during the first arbitration, at a low price to the first dragon Liaoning Hi-Tech Group's assets sold to Asian Equity Energy New Energy Group, the purpose is to compensate the arbitration obstructing the A-Power. GE litigation requires a statement yesterday to sell shares in Liaoning's walk transaction is invalid, the parties to the transaction, including A-Power and its Chairman Lu Jinxiang such claims 1.5 billion.
Writ No. ? HCA1720/2013

That's all it said...

Obviously the translation is rough, and from a questionable source. However, it basically states that supposedly LU tried to sell some of Liaoning Hi Tech Energy Assets to a new holding group...

As of now there are NO FINAL RULINGS OR JUDGEMENTS filed in regards to either of these 2 case numbers on

http://legalref.judiciary.gov.hk/lrs/common/ju/judgment.jsp

Do your own search..

As you can see the plot is thick.. The Outcome unknown..

But now you all know what I know... PEACE

Just remember one thing.. All of A-power's assets are not tied to Liaoning Hi Tech Energy - The companies assets are split under 2 major subs - Head Dragon Holdings and Easy Flow Limited

The Apwr Jv was under GE Drivetrain Technologies (Shenyang) Co., Ltd., and JV between Shenyang Yixiang Wind Power Equipments Co., Ltd. which is the wholly-owned subsidiary of A-Power and GE Transportation Drivetrain System in U.S. has completed the relevant corporate register matters in Shenyang Hunnan New District, symbolizing the new JV enters into its normal operation.

Which falls under the EASY FLOW LIMITED side Where as Liaoning Hi Tech Energy falls under the Head Dragons Holdings Side..

See Graph
http://www.sec.gov/Archives/edgar/data/1399233/000114420410017467/apowerstructurechart.jpg

So what does it all mean WTF KNOWS...