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Strategies & Market Trends : Contrarian Investing
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To: pcyhuang who wrote (933)12/13/2006 10:17:49 PM
From: pcyhuang  Read Replies (1) of 4080
 
BBC -- Interpretation of the machine translated article


"Company sponsors of the shares in the company three years is not transferable. Bodisen do not convertible transactions and offshore companies. Only 19 shareholders and limited liability company BBST no such restrictions. International operations in New York, listed declaration does it will become a limited liability company BBST Bodisen shares. listed or plate in a short period of time and so successful."

The above machine-translated article is not comprehensible for a non-Chinese reader. Here is my interpretation of it:

According to Chinese commercial law, shares owned by sponsors of a publicly-held company are only transferrable 3 years after the company's establishment. So the reported acquisition of all domestically-listed BBC's shares by a foreign entity is not recognized by the Chinese authorities.

BBC's management created another legal entity, a limited-liability company in the United States, whose shares are 100% owned by 16 insiders. Then the insiders did a reverse merger with an OTC Bulletin Borad listed company, and signed a paper document claiming full ownership of all the shares of the China listed BBC.

The 16 insiders claim 100% ownership of the new company, without giving any allowance to the interests of individual shareholders of the China listed BBC.

pcyhuang
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