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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (83047)	1/26/2003 6:55:16 PM
From: SEC-ond-chance	Read Replies (1) \| Respond to of 122087

The Xinhua News Agency leaves New Tel and Martino to fend for themselves! ``We do not understand this comment from Golden Tripod,'' said Domenic Martino, a New Tel director. ``We suspect it's because New Tel has been able to secure this deal ahead of China.com.'' New Tel, Shares Booming, Rejects Claim It Isn't Linked to China's Xinhua By Duncan Craig New Tel Rejects Contention it Isn't Linked to China's Xinhua Sydney, Jan. 13 2000(Bloomberg) -- New Tel Ltd., an Australian telecommunications company whose stock surged on news of its agreement with China's Xinhua news agency, denied a rival's claim that the pact doesn't exist. New Tel shares more than doubled since Jan. 1, when it said it signed an agreement with Xinhua Holdings Ltd., described by the Australian company as a unit of the state-owned Xinhua news agency. Some investors said the company's Xinhua connection will give it better access than rivals to a Chinese Internet market that is expected to grow to $12 billion within two years. The stock kept rising even after Golden Tripod Technology Ltd., which also said it's a Xinhua unit, said on Jan. 10 that New Tel ``is not associated in any way'' with the official Chinese news agency. Golden Tripod owns a stake in China.com Corp., a Chinese-language online news provider in which the Xinhua news agency owns a 10 percent stake. New Tel officials disputed Golden Tripod's contention. Chief Executive Peter Malone called it ``wrong'' and said New Tel's Xinhua link has never before been called into question. New Tel said it has paid a deposit and is still appraising the details of its web site purchases. >b>``We do not understand this comment from Golden Tripod,'' said Domenic Martino, a New Tel director. ``We suspect it's because New Tel has been able to secure this deal ahead of China.com.'' Since its public debut in July, China.com has entered into a number of joint ventures, and last month it set aside US$10 million to fund Internet startups over the next six months. China.com China.com officials weren't immediately available for comment. New Tel plans to make an official statement to the Australian Stock Exchange today, the chief executive said. In November, New Tel said it planned to raise A$200 million (US$131 million) on Nasdaq to fund the purchase of the Chinese language Web sites and online access providers. Malone said he planned to present a document to investors next month, outlining the Chinese web sites it plans to purchase. By the end of February New Tel hopes to proceed with its share offer in the U.S. New Tel plans to initially carry content from 18 Chinese government World Wide Web sites and own 35 percent to 50 percent of each site. The company estimated the market for Internet services in China will grow to US$12 billion in two years. Malone also said that An Zhou, a director of New Tel, has been a senior officer at the Xinhua news agency for 20 years and that New Tel already has 25,000 phone customers in China, secured through an agreement with Xinhua. That agreement was signed two years ago. New Tel's American depositary receipts rose 11.9 percent Wednesday to US$15 15/16, while its Australian shares jumped 17.4 percent today to A$2.60.

To: StockDung who wrote (83047)	7/13/2003 1:03:12 PM
From: SEC-ond-chance	Read Replies (2) \| Respond to of 122087

Wasn't New Tel (Nasdaq NWLL) in Dirks and Heysek's 100 wk 100 dollar club! New Tel bosses to face lawsuit Herald Sun 14jul03 THE liquidator to the collapsed telecommunications group New Tel will launch legal action against Peter Malone and fellow directors of the failed telco within a month, alleging they allowed the company to trade while insolvent for at least six months. A PricewaterhouseCoopers partner, Phil Carter, is seeking to claw back $40 million to $50 million owed to New Tel creditors and, depending on his success, said anything from 0c to 60c in the dollar would be returned."This is an Australian public company that lost a lot of money, and from where I'm sitting I'm expecting to sue every one of the directors," Mr Carter said. PWC's case for insolvent trading, if proved, will mean Mr Malone and his boardroom colleagues can expect the Australian Securities and Investments Commission – which continues to investigate the collapse of New Tel – at the very least to launch action seeking to ban them acting as company directors. New Tel collapsed in December last year when one of the company's biggest creditors, Optus, appointed PWC as administrators. The company had raised more than $100 million during the telco boom and question marks remain over where all the money went. "I'm confident that New Tel was insolvent in the last six months," Mr Carter said, adding there was "evidence to suggest it was even earlier than that". Directors during this time were Mr Malone, chairman Harry Sorensen, US-based Mark Hake, and Hong Kong-based Gary Koh and An Zhou. High-profile director Domenic Martino quit the New Tel board in February 2002 and is not expected to be targeted by PWC. But he was forced to resign as chief executive of accounting group Deloitte Touche Tohmatsu following the controversy over New Tel. As reported last year, unaudited cash-flow statements obtained by The Australian indicated the company was insolvent by at least August last year. From May 2002, New Tel had started slashing payments to suppliers, including Telstra, Optus and AAPT. In May it paid $17.2 million to suppliers but slashed this to $581,457 in June. At the end of August it had just $408,582 in cash but only after stalling payments, indicating the company was already insolvent. Mr Carter is also seeking to unwind payments made to third parties during this period, particularly focusing on a $5 million deposit to Sydney-based telco company Digiplus. It is understood arbitration between PWC and Digiplus over the payment – part of a failed merger bid launched by Mr Malone as he looked for ways to save the company – is due to start in the next few weeks. New Tel directors are also believed to have a $10 million insurance policy to cover them for insolvency actions. Mr Carter would not comment on the policy or which insurance company it was with. He also defended PWC against criticism that it had taken too long to settle New Tel's affairs, saying by comparable liquidations PWC was well advanced. Critics have accused PWC of raking fees which sources indicated are now up to about $3 million.