Interesting story below. I wasn't aware of this. Looks to me like Perfect Trader Inc. was a victim of its own greed.
CAYMAN ISLANDS, March 23 11:76 /PT News Services Inc./ -- Perfect Trader Inc. has filed a $100 trillion lawsuit against a group of people purporting to be former directors of QQQ, after a hostile takeover of the tracking stock, contending that QQQ "has no employees, no production facilities, and, as far as we can tell, not a single marketable product."
Perfect Trader Inc. made a hostile $10.1 trillion bid for QQQ last March, at the height of the bull market, and paid for the tracking stock with high-risk junk bonds. Company officials had planned to carve QQQ into at least 100 companies, and sell off the pieces for a quick profit. After the hostile raid, Perfect Trader Inc. contends in the lawsuit filed in a branch office of United States District Court in the Cayman Islands, they discovered that QQQ was "nothing more than an empty shell."
Lawyers for Dewey, Cheatham & Howe, representing Perfect Trader Inc. in the lawsuit, said, "We trusted that QQQ, as a tracking stock, would have some sort of stock in trade. It didn't. This is not one of those 'frivolous shareholder lawsuits' Congressmen are so fond of railing against. We mean to sound the alarm when it comes to tracking stocks, so no one else is fooled into launching a hostile takeover."
"Frankly, we were shell-shocked," said Anton van Leeuwenhoek, the company's founder and president. "We had a hunch the company wasn't doing much, but we had plans to move it to a third-world nation such as New Mexico, hire cheap labor, establish a completely new line of products, and then sell QQQ piecemeal. We felt there was a real synergy between Perfect Trader Inc. and QQQ, and that we could make it a leader in the global marketplace. When we set out to find the corporate headquarters and production facilities, we realized we'd been hoodwinked by people claiming to be Nasdaq officials and members of QQQ's board of directors. We couldn't even go through with our planned layoffs for QQQ."
Holders of Perfect Trader Inc. common stock, sold to subscribers earlier this year even though the company is privately owned, may wish to contact Dewey, Cheatham & Howe to discuss their rights and interests in the lawsuit.
Perfect Trader Inc., a financial services company, was founded as a day-trading firm in 1647 by Anton van Leeuwenhoek. The company claims to service 600 million active accounts with $825 trillion in subscriber assets. |
