HotStockMarket › Forums › HSM Stock Forum › Canadian Stocks › TRE - Sino Forest (TSX)
New Posts  All Forums:Forum Nav:

TRE - Sino Forest (TSX) - Page 15

post #281 of 298
1/9/12 at 10:04pm

i saw that as well

 

he was caught holding this and BAC ....

 

SJE, you might know this better than I, i thought i read (i could be completely delusional and this could be completely wrong) that Paulson still got paid bonuses and the whole works for 2011 - so much that it amounted to more than the previous 2 years...again, I could completely be out to lunch, but I swore I read that headline, and just skipped it in disbelief.
 

Quote:
Originally Posted by StockJock-e View Post

Im sure Paulson was happy that 2011 ended, his hedge fund took a -47% hit.

 

 

Reply
Reply

Featured Stories on HotStockMarket

Mark's Weekly Trading Log
Stonerangers forum
e-mini S&P Futures Trading
post #282 of 298
1/18/12 at 7:41pm

Not too updated on this one . Last I recall this one was a roller coaster ride . So it's going to resume trading on the 26th of this month ?

Reply
Reply
post #283 of 298
1/18/12 at 8:14pm

Yeah. Does anyone follow-up closely with this one? i have been lately but very confusing from various sources.

Please light US up.

Reply
Reply
post #284 of 298
1/19/12 at 9:04am

thats what i thought as well...recently i read an article that an update will be released by the 31st

 

however, does that mean trading still resumes after the 25th? Or will it ever even trade again? Im lost on this one
 

Quote:
Originally Posted by kenshi3 View Post

Not too updated on this one . Last I recall this one was a roller coaster ride . So it's going to resume trading on the 26th of this month ?



 

Reply
Reply
post #285 of 298
1/21/12 at 1:21am

I do believe TRE has to get the Q report out and submitted to the TSX for approval before being reinstated for trading. If and when it reopens may be a good trader, as it will open in the pennies, very unlikely that it will open over a dollar, given the default and deal struck with the bondholders.

Reply
Reply
post #286 of 298
1/21/12 at 1:28am

TRE, SIno-Forest,  the Chinese timber company fending off allegations of fraud, said it reached a waiver agreement with a group of bondholders, reducing the risk of bankruptcy.

Holders of a majority of its senior notes due 2014 and 2017 agreed to waive the default, Hong Kong- and Mississauga, Ontario-based Sino-Forest said yesterday in a statement. In December, the company said it received notices of default after announcing it wouldn’t publish its third-quarter financial results on “a timely basis.”

“It keeps Sino-Forest out of bankruptcy for the time being,” Geof Marshall, who helps oversee C$5 billion ($4.9 billion) of fixed-income funds at CI Investments Inc. in Toronto, said in a telephone interview.

A special committee of directors has been investigating allegations in a June report by short seller Carson Block’s Muddy Waters LLC that Sino-Forest overstated its timber assets inChina. After the report, the shares fell 74 percent before trading was suspended by the Ontario Securities Commission in August, reducing the company’s market value by C$3.3 billion.

Sino-Forest, which is also under investigation by the OSC and the Royal Canadian Mounted Police, denies the allegations.

Trading Suspension

The company is also negotiating terms of an extension of a share-trading suspension by the OSC, Canada’s main securities regulator, which was due to end Jan. 25, according to the statement.

Greenheart Group Ltd. (94), Sino-Forest’s unit, was unchanged at 85 Hong Kong cents as of the 4 p.m. close. The benchmark Hang Seng index climbed 0.6 percent.

Greenheart, 64 percent controlled by Sino-Forest, surged 50 percent on Jan. 11 when its parent said it’s “optimistic” of reaching a waiver agreement with bondholders.

Sino-Forest said yesterday it will complete and make public a final report on the special committee’s investigation of the Muddy Waters allegations by Jan. 31. The company said last month the report wouldn’t be completed until some time in 2012.

The waiver agreement with the bondholders gives them a say on appointments of Sino-Forest directors and senior executives, access to the company’s offices, accounts, books and records, as well as updates on significant transactions, according to the statement.

Sino-Forest said it has agreed to make the $9.78 million interest payment due last month on its 2016 convertible notes. The company will also pay a waiver fee totaling $9.99 million, or 1 percent of the principal amount, to all holders of the 2014 and 2017 senior notes.

Minimum Cash

Sino-Forest agreed that it and its subsidiaries will keep at least $165 million in cash in China, excluding Hong Kong, and a minimum of $140 million outside of China, including Hong Kong, according to the statement. The company also agreed to “monetize” assets to repay debt.

Sino-Forest said it also pledged to provide a strategic plan to the committee of bondholders before the end of March.

Chief Executive Officer Judson Martin said in November that Sino-Forest may consider going private, selling a stake or seeking a merger to raise funds. Martin took over from company co-founder Allen Chan in August and is also CEO of Greenheart.

 
Reply
Reply
post #287 of 298
1/23/12 at 11:32am

halt on trading extended until april 16th

Reply
Reply
post #288 of 298
3/31/12 at 7:29am

SINO-FOREST SUES MUDDY WATERS FOR 4 billion $

Sino-Forest Corp. isn’t going down without another fight against its nemesis Carson Block and Muddy Waters.

Bloomberg News

The Chinese company was hammered by Block, who was shorting the stock, in a report last June. The report sent the company’s shares plunging and led to the company’s stock being pulled by the Toronto stock exchange. Canadian regulators said the company may have committed fraud.

But while it is seeking bankruptcy help in Canada, Sino-Forest has sued Muddy Waters and Carson Block today for $4 billion.

The suit seeks $3.5 billion for defamation, punitive damages of $400 million and another $100 million for the cost of investigating the “tortious false allegations.”

The suit alleges Muddy Waters and others made “hundreds of millions of dollars and perhaps more” by taking down Sino-Forest shares.

Block responded in a statement that: “The lawsuit is entirely without merit. We stand behind our work and have no doubt the outcome will be favorable for us.”

About Sino-Forest’s bankruptcy filing, the  Muddy Waters statement added that: ”This is yet another indication of what we have said all along, that Sino-Forest’s management has committed a massive fraud and has deceived its shareholders and creditors.”

The suit alleges that Muddy Waters, along with 100 unnamed hedge funds, set up short positions in Chinese companies with listings on Western stock exchanges. The suit then alleges the group would put out “what is popularly described as a ‘bear attack’ on the companies” in the form of a report with a “veneer of truth” that would create a “cataclysmic effect on the stock price.”

The suit adds that Muddy Waters tried to “road-test” its strategy on other companies first and saw that it worked, even when the companies refuted its claims.

“Wherever Muddy Waters looked, they found fraud,” the suit says. “Muddy Waters and Block were ready for the big leagues, and along with the other defendants, determined to take down Sino-Forest as their next victim.”

In the lawsuit, Sino-Forest says Muddy Waters used “inflammatory language” to increase the impact of its allegations. Sino-Forest only refers to the report as “research” in quotations. The suit says the report used the word “fraud” at least 39 times and “sensationally” described Sino-Forest.

Among the claims Muddy Waters made that are incorrect, the suit alleges, was that the conditions and size of the offices of Sino-Forest suppliers seemed to indicate the suppliers weren’t as large as Sino-Forest claimed. Instead, Sino-Forest says in the suit, that is how many businesses in China operate, by “downplaying” their size “to not attract attention from governmental authorities.”

UPDATE: This post has been updated to reflect that Muddy Waters had alleged, and Sino-Forest is now disputing, claims made about the offices of suppliers for Sino-Forest, not the offices of Sino-Forest itself.

Reply
Reply
post #289 of 298
3/31/12 at 7:34am

Muddy Waters was also named in a lawsuit from Silvercorp , after the short and distort campaign knocked a billion $ off SVM's valuation, despite Silvercorp proving that ALL of the shorters claims were bogus. The first attack by the short and distorters alleged a billion $+ accounting fraud at SVM.

Muddy Waters and his hedge fund associates may have made billions, but now some of the heavyweights they attacked are fighting back. It may cost them a pretty penny to keep their azzes out of jail.

Reply
Reply
post #290 of 298
4/2/12 at 12:01pm
Quote:
Originally Posted by mouserman View Post

SINO-FOREST SUES MUDDY WATERS FOR 4 billion $

Sino-Forest Corp. isn’t going down without another fight against its nemesis Carson Block and Muddy Waters.

 

I saw this headline and was confused.

 

Sino gets exposed as a scam, yet they want to sue for $4B?

 

Ok then... Let me pull out my popcorn!

Reply
Reply
post #291 of 298
5/10/12 at 5:53pm

Any update on this anyone?

 

Thank you in advanced.

Reply
Reply
post #292 of 298
5/10/12 at 5:58pm

Resignations, delistings... they are toast:

 

* Former CEO Allen Chan resigns from company

* CFO resigns executive job, to stay on to assist

* Three other executives fired

TORONTO, April 17 (Reuters) - Embattled Chinese forestry company Sino-Forest Corp said on Tuesday its former CEO had quit his final role at the company and three other executives were fired after securities regulators signaled they could press charges against them.

Sino-Forest said Allen Chan, who stepped down as chairman and chief executive in August, has resigned from his position as "founding chairman emeritus".

Reply
Reply
post #293 of 298
7/25/12 at 8:45pm

Any update anyone?

Reply
Reply
post #294 of 298
7/26/12 at 1:47pm
Sino-Forest Proceeds to Implement Restructuring Transaction Contemplated by the Restructuring Support Agreement and Terminates Sale Solicitation Process
2012-07-10
TORONTO, CANADA – July 10, 2012 – Sino-Forest Corporation (“Sino-Forest” or the “Company”) announced today that it is proceeding to implement the previously announced restructuring transaction pursuant to which its creditors will acquire substantially all of the assets of the Company (the "Restructuring Transaction") in accordance with the terms described in the Restructuring Support Agreement (the “Support Agreement”) entered into by certain noteholders (the “Ad Hoc Committee”) and the Company on March 30, 2012.
Click here for release 简体版新闻稿
Reply
Reply
post #295 of 298
7/26/12 at 1:49pm
Sino-Forest Proceeds to Implement Restructuring Transaction 
Contemplated by the Restructuring Support Agreement and 
Terminates Sale Solicitation Process
TORONTO, CANADA  –  July 10, 2012  –  Sino-Forest Corporation (“Sino-Forest” or the 
“Company”) announced today that it is proceeding to implement the previously 
announced restructuring transaction pursuant to which its creditors will acquire 
substantially all of the assets of the Company (the "Restructuring Transaction") in 
accordance with the terms described in the Restructuring Support Agreement (the 
“Support Agreement”) entered into by certain noteholders (the “Ad Hoc Committee”) and 
the Company on March 30, 2012.  Pursuant to the Restructuring Transaction,
 Sino-Forest will transfer substantially all of its assets, other than certain excluded assets, to a 
newly formed entity owned and controlled by its creditors in full and final settlement of 
all claims against the Company.
As announced  on June 8, 2012,  holders of more than 72% of the aggregate principal 
amount of the Company’s outstanding notes (with more than 66.67% of the principal 
amount of each of the four series of Notes) have agreed to be parties to the Support 
Agreement.    Pursuant  to certain  revised deadlines under the Support Agreement,
Sino -Forest is required to file a plan under the  Companies' Creditors Arrangement Act
("CCAA") in respect of the Restructuring Transaction on or before August 7, 2012.
In accordance with the sale process procedures approved by the Ontario Superior Court 
of Justice on March 30, 2012 (the “SPP”), Sino-Forest's financial advisor, Houlihan 
Lokey, had been soliciting offers to purchase substantially all of Sino-Forest's assets. 
Following consultation with the court-appointed Monitor, FTI Consulting, the Company's 
financial advisor and the Ad Hoc Committee and its advisors, the Company determined 
that none of the bids submitted pursuant to the SPP constituted Qualified Bids as 
defined in the SPP and the sale solicitation process has been terminated in accordance 
with the SPP.
Additional details regarding the Restructuring Transaction are contained in the Support 
Agreement, a copy of which is available at www.sedar.com and on the Monitor's 
Reply
Reply
post #296 of 298
7/26/12 at 2:12pm
I think this answers the big question...
 
in  the  case  ofaRestructuring  Transaction  all  Existing  Shares,  Equity
Interests,  including  all  existing  options,  warrants, deferred share  units  and 
restri cted  share  units  held  by  current  directors  and  officers  or  other  third 
parties, and all EquityClaims shall have been cancelled or extinguished or 
otherwise  dealt  withto  the  sat isfact ion  ofthe  Ini tialConsenting 
Noteholders,  acting  reasonably  to  ensure  that  no  ri ghts  in  respect  thereof 
attach  to  the  assets  and  property conveyed  to  Newco  pursuant  to  the 
Restructuring Transaction
Reply
Reply
post #297 of 298
7/28/12 at 11:44pm

Related article...http://brontecapital.blogspot.com/2012/06/macroeconomics-of-chinese-kleptocracy.html

                       plus interesting comments attached by readers.

Reply
Reply
post #298 of 298
12/10/12 at 8:41pm

Well its official , common shareholders will get nada. I  feel very bad for those that got caught trading or investing in this scam.

Court Approves Sino-Forest's Plan of Compromise and Reorganization

TORONTO, Dec. 10, 2012 /CNW/ - Sino-Forest Corporation ("Sino-Forest" or the "Company") announced today that the Ontario Superior Court of Justice has approved the Company's Plan of Compromise and Reorganization pursuant to the Companies' Creditors Arrangement Act (Canada) (the "CCAA") and the Canada Business Corporations Act dated December 3, 2012 (the "Plan"). The Plan is designed to facilitate the completion of a restructuring transaction concerning, affecting and involving Sino-Forest under which, among other things, Sino-Forest will transfer substantially all of its assets, other than certain excluded assets, to a newly formed entity to be owned by the affected creditors of Sino-Forest.

Court approval of the Plan satisfies a key condition precedent to implementation of the Plan. If the remaining conditions precedent set out in the Plan are satisfied or waived within the time frames anticipated, Sino-Forest intends to implement the Plan as soon as possible and not later than January 15, 2013.

Further information concerning the Plan is available on the Monitor's website at http://cfcanada.fticonsulting.com/sfc, the Company's website at www.sinoforest.com, and on SEDAR at www.sedar.com.

This news release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), including forward-looking statements relating to Sino-Forest's intention to implement the Plan as soon as possible and not later than January 15, 2013. The forward looking statements expressed or implied by this news release are subject to important risks and uncertainties. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. The results or events predicted in these statements may differ materially from actual results or events and are not guarantees of future performance of Sino-Forest. Factors which could cause results or events to differ from current expectations include, among other things: Sino-Forest's ability to complete the Plan in the time period contemplated, if at all, which is dependent on its ability to comply with the closing conditions to the Plan, many of which are significant and beyond the control of Sino-Forest, including the approval of securities and other regulatory authorities; actions taken by the Company's noteholders, lenders, creditors, shareholders, and other stakeholders to enforce their rights; actions taken against the Company by governmental agencies and securities and other regulators; actions taken by the Monitor; the outcome of examinations and proceedings currently underway by law enforcement and securities regulatory authorities; the outcome of class action or other proceedings which have been or may in future be initiated against the Company; and the Company's ability to continue to operate without former senior management, almost all of whom have ceased to employed by the Company; and other factors not currently viewed as material that could cause actual results to differ materially from those described in the forwarding-looking statements. Sino-Forest Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


SOURCE: Sino-Forest Corporation

Reply
Reply
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Canadian Stocks

Featured Stories on HotStockMarket

Mark's Weekly Trading Log
Stonerangers forum
e-mini S&P Futures Trading
HotStockMarket › Forums › HSM Stock Forum › Canadian Stocks › TRE - Sino Forest (TSX)