Interesting to note that Goldman Sache pull off their credit line and only give a few hour notices to pay back $61 million. What on earth will be able to muster $61 mil within a few hours...
Also Buyer has been arranged to takeover the shares but Goldman Sache opt to force sell the shares. Doesn't this means lower amount of money to be recovered. Is Goldman Sache acting in their own interest by opting to force sell and collapse the share price?
IN THE latest twist in the penny stocks meltdown over Blumont Group, Asiasons Capital and LionGold Corp, two shareholders are mounting legal action against global bank Goldman Sachs.
A shareholder with stakes in all three stocks, Ms Quah Su-Ling, has filed a lawsuit against a unit of Goldman Sachs. Ms Quah, the chief executive at Ipco International, has alleged that the bank had breached its duty.
Court papers cited in an article in The Edge magazine yesterday state that Goldman Sachs had force-sold Ms Quah's shares in the three counters from Oct 2.
This came within hours of the bank demanding that she repay her entire loan in cash by 1.30pm that same day.
Since she had opened her account in February this year, Ms Quah's loan with Goldman Sachs grew from $12.4 million to more than $61 million by Oct 1.
Sunmoon is now 10.6 cents (+0.3 cents) after releasing 4Q16 results.
Net profit of $5.3 m ... but this was boosted by one-off gain from disposal of subsidiary of $5.7 m
Market cap now $33 m. Have to wait for concrete sign of profitability after the restructuring of the biz. If can achieve $3 m, then PE is abt 11X.
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