Hi FR1, <<Changsah? … guess...buy real estate!!>>
Nope. I am trying to get rid of a power plant on behalf of a US client wannabe corporate investor who paid too much, for major majority interest in a power plant that was never completed due to disputes between the local and foreign partner, between the joint venture and the general contractor, between the contractor and equipment suppliers. The local partner is near bankruptcy and no longer needs the power and steam as originally planned, the contractor won an arbitration judgment against the plant joint venture, and it will be curtains for the whole lot of them because the plant has been rusting for three years already. Court sanctioned auction can take place at almost any time.
The reason I am called in at this late date is because the client wannabe listened to a bunch of lawyers over the last 24 months, against my advice given 24 months ago. My wisdom is needed, but this one time I have trouble seeing what I can do and so I promised to do nothing except give it the old college try, through several meetings with all involved parties, separately and then together. We do not take in all client wannabies, because we have to be selective, given we really do want to be able to earn our success fees, on top of our retainers and man-day based fees.
China investments involve much pain, and folks generally are willing to pay me more on the way out than in. They tend to swagger on the way in, grasping, and stagger going the other way, gasping, choking, or simply no longer breathing.
Chugs, Jay |
