Investorman- As a long-term shareholder of Hartcourt, I received Enova shares as well. Here are what I learn about the whole situation:
1. Enova sold Pego and received 15 Million shares of SRUN (now 1.5 Mil after split). These 15 Million shares are still there: nothing is lost.
2. SRUN sold Pego to Embro and received a note of $2 Million. The note is still there: nothing is lost.
3. The auditing firm forced SRUN to write down the note to $500,000. The note is still $2 Million. Nothing disappeared. Since the note is due in 2004, we won't know about its collectibility until then.
4. SRUN bought Pego for 15 Million shares, worth about $450,000 in market price. As the shares are restricted, the value is much less. If SRN collects just $300,000, I think the SRUN shareholders lose nothing.
5. ET merged its operation for a total of 90% of SRUN (or ETLK)total outstanding shares. This deal closed on or about Jan 15th. Anything happened before then will not affect the new ETLK shareholders a bit.
JIMHO, but I think it adequately put things in perspective. I would have the same concern you do, but in this case, the idiotic bashers just tried to find something to bash for the heck of it. As usual, they are full of hot air.
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