I see!
And I know General partners (former "Residenz Immobilien") very vell. This is a classic house of cards. Although it was never ever able to convict anybody here.
General Partners is listed on the Vienna Stock exchange, a stock which languished for years. That begun when GP went public at $100, they quickly rose to $260 or so. Suddenly it turned out that a private company was able to cut out big gains when the public company acquired a stake in a sister company from the private partners which they aquired only at a fraction of the price. After all, GP trades at some $60-$70.
There is lots of documentation about this case.
At least 12 different companies and brokers are tied together, of which East Invest Holdings (that's the former name of the east broker) swaps stakes with other companies.
Story:
ROCKVILLE, Md., Feb 11 (Reuters) - Financial services firm
Eastbrokers International Inc. on Thursday said its largest
shareholder, Wolfgang M. Kossner, has raised his stake in the
financial services firm to 33 percent.
Kossner, through his Austrian financial conglomerate,
General Partners AG, bought 526,884 shares, raising the number
of shares he owns to 1,736,523 shares.
He is vice chairman of Eastbrokers and responsible for the
company's European operations, the company said.
Kossner bought the stock in a private transaction from
Peter Schmid, Eastbrokers' former chairman and chief executive,
for about $15 per share, the company said.
It is the third time in the past two years that Kossner hasraised his stake.
"In my opinion, the true value of Eastbrokers International
has not developed, as the company has yet to fully integrate
its assets in the U.S. and Europe," Kossner said. "However, I
fully expect in 1999 that the company will do so. We have a
tremendous amount of new developments which will propel the
company to the next level."
Eastbrokers International operates a highly diversified
international investment banking and securities network,
including EBI Securities Corp. in the United States.
In Europe, Eastbrokers operates WMP Bank AG, an Austrian
bank and brokerage company, in which the company maintains a
majority interest, and it owns an Austrian real estatedevelopment company. |
