GreenStar Agricultural Corporation V.GRE

Pucheng Facility being auctioned by court

[mtsuit]

Maybe that's why the auditors weren't able to visit ...

https://sf.taobao.com/sf_item/40470552148.htm?spm=a213w.3065169.6688509.7.lARjom#nav

[proinvestor91]

Wow good work that is the plant looks to be selling for about $1 m. It says for greenstar and gives their address so that must be it . seems their operations are no longer running .

[AghaJadoogar006]

Great job for finding this add, it is clear that our money is gone... But we need to find a way to hold them accountable and don't let them off the hook...  Is anybody living in Toronto? What about getting together for a coffee and discuss our options? Or planning a web conference to share our ideas on how to move forward?...

[clawsoon]

The CEO was using Bliss Time Limited (BVI Bliss) and Ally Fast Limited (BVI Ally) to hold his stocks and get around various restrictions using the "slow walk" option structure, as per this 2011 press release: https://www.newswire.ca/en/story/882875/green-star-announces-proposed-corporate-reorganization (I suspect, but can't say for sure, that the main purpose of this structure was

[proinvestor91]

I wouldn't think these companies have much assets besides GRE stock which isn't worth anything. Now I am not sure how negligence works in terms of directors and auditors https://www.theglobeandmail.com/report-on-business/industry-news/the-law-page/ontario-court-approves-117-million-settlement-with-sino-forest-auditors/article10044252/ GRE was very easy to see they didn't conduct a

[AghaJadoogar006]

本场拍卖已流拍 ！   This auction has failed to sell!  

[dwtna1]

If Google translate is correct, the auction ended on August 21st. The recent news release from GRE, dated Sept 4, did not mention the court's seizure of any assets. Which raises another troubling question - Did GRE deliberately omit the information about the auction or do the Canadian directors simply not know what is going on in China? I'm not a lawyer but it seems that there might be

[wchiching830]

that is messed up. anyways... .I still think that the acquisition in April is sort of fishy. I found the company's contact info and have emailed them to inquire about their relationship with Greenstar. I'll let you guys know when I hear back (hopefully). I mean, if the acquisition in April is indeed true, then could Greenstar operate out of the new facility that it recently acquired?? ....

[proinvestor91]

Its pretty obvious this facility didn't produce $40 m of revenue . a facility looking like this maybe does $1m. Yes i recently spoke to beichen and acquisition never happened .

[clawsoon]

The Pucheng facility auction appears to have been first announced on June 30 (!): https://translate.google.ca/translate?hl=en&sl=zh-CN&u=https://sf.taobao.com/notice_detail/28314.htm&prev=/search%3Fq%3D%25E7%25A6%258F%25E5%25BB%25BA%25E7%259C%2581%25E6%25B5%25A6%25E5%259F%258E%25E5%258E%25BF%25E7%25BB%25BF%25E4%25B9%258B%25E6%2598%259F%25E9%25A3%259F%25E5%2593%2581%25E6%259C%2589%25E9

[clawsoon]

The original (and shorter, but in Chinese) link: https://sf.taobao.com/notice_detail/28314.htm Two months is a long time to not realize that your only production facility is being sold...