Largest Investor Surrenders Stock

[GrandpaD]

Via Bloomburg, SEAS largest investor surrendered is stock to a securities agent.

Sun Wise Co., its largest stockholder and an affiliate of China’s Zhonghong Zhuoye Group Co., handed the shares over to a securities agent after defaulting on its loans.

 

[Jahrules]

Yep. This was mentioned at the financial results call which I have a thread about.

One of the two zonghong board members stepped down. The other was asked to stay on based on personal merits (i.e. he has a lot of experience and everyone likes him)

 

[GrandpaD]

Yep. This was mentioned at the financial results call which I have a thread about.

One of the two zonghong board members stepped down. The other was asked to stay on based on personal merits (i.e. he has a lot of experience and everyone likes him)

I know you have a thread. While the board members situation was mentioned I didn't see a mention of the forfeiture of stock, which is newsworthy in itself.

 

[Jahrules]

Ah yeah. In my hurry I failed to mention it.. yeah zonghong stock in bgw that was given as collateral has been seized.

 

[b.mac]

Funny that the entire deal was permitted to happen in the first place considering the group was under financial scrutiny in China before the deal happened. At least the deal didn't negatively affect SEAS, they dodged a bullet there.