alectric
10 years ago
Phil did finally respond to my e-mail. He appreciated my suggestion (to immediately reinstate Mr. Cheng as an officer of the company) and indicated he was doing everything in his capacity to resolve the situation (with the NASDAQ listing). Basically, he has two options: 1) Request an appeal to the delisting, which if granted, would give him more time to resolve the situation with Mr. Cheng (stock trading would remain halted); or 2) Reinstate Mr. Cheng as an officer in the company by Friday, notify NASDAQ, that the company chop is now in his possession and trading can resume. I was pressing him for the latter, as I do not believe the NASDAQ will grant an appeal.
If the stock is de-listed, some market maker will likely apply to trade it on the pink sheets. The share price will probably plummet from 1.40 a share to under .50 as sellers overwhelm buyers. It will be nearly impossible in the future to get another NASDAQ listing.
I have inquired with Rosen legal about the possibility of expanding their class action beyond the parties affected by the lack of disclosure of Mr. Cheng's firing. They have indicated they cannot say at this point, meaning, I suppose that they have to wait and see what happens on Monday. If they do file, it will take 3 years to wind its way through the courts and shareholders in the end will only recover about 5% of their losses.
At some point the SEC will probably get involved to find out what happened, but don't expect much to come out of that.
alectric
10 years ago
It is extremely important that you write Phil Fan (phil_fan@tri-tech.cn) and insist that he resolve this situation with Mr. Cheng immediately! Even if it takes bringing him back at CEO. Believe me, I have gone through this with Rino International and it will not be pretty! The SEC will get involved, lawsuits will be filed, and even if he succeeds in getting the stock to trade on the pink sheets, it will become virtually worthless. The lawsuits will get you pennies on the dollar and that assumes the court can collect. We must do all we can. Remember China is 13 hours ahead of EDT, so we have already lost a couple of days. The company must resolve this by Friday!
Milo2
11 years ago
That changed today with today's news! Good turn of the balance sheet to help leverage their technologies/expertise in a country that direly needs their services!
Look for follow-thru day tomorrow!
GO TRIT!!
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Tri-Tech Holding Updates the Sales of Land in Baodi, China
11:03 AM ET 10/15/13 | PR Newswire
Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that the sale of the company's land in Baodi, China is proceeding on schedule.
Mr. Peter Dong, the CFO of the Company commented, "The sale of our land in Baodi, China is proceeding smoothly. We have received the first installment, which we used to pay off our corporate bond and related interest. This will improve our debt ratios. Future installments will further improve our cash position. We expect that the balance of the installments will improve our cash and cash equivalents beyond current levels, subject to adjustments for operations."