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Thu Mar 14, 2013, 03:32 PM

Living A Nightmare Since They Sold Their Business To A Chinese Company

Be careful what you ask for

http://www.businessinsider.com/vision-china-and-dmg-lawsuit-2013-3

Linette Lopez | Mar. 14, 2013, 2:56 PM | 3,563 | 12



AP/Sang Tan
It's the worst case scenario for an investor: You make a deal and your counterparty refuses to pay. Time to go to Court.

Terrible, of course, but a group of American investors are living a nightmare that takes that scenario one step farther. Despite having gone to Court and winning every judgement here in the States, they still can't get their money.

Somehow, it's stuck in China.

snip

And "they" can do this because it's incredibly hard to get a Chinese company's money out of the country and in the hands of foreign investors without the company's cooperation. VisionChina argues that moving the money is up to China's State Administration of Foreign Exhange (SAFE), and that SAFE isn't having it. The Court's response to that argument has basically been... prove it. So in the midst of the SEC's investigation into Chinese auditing firms, and the media hype around Chinese shorts, VisionChina's problem hasn't even been discussed.


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Arrow 8 replies Author Time Post
Reply Living A Nightmare Since They Sold Their Business To A Chinese Company (Original post)
SoCalDem Mar 2013 OP
AnotherMcIntosh Mar 2013 #1
awoke_in_2003 Mar 2013 #2
southernyankeebelle Mar 2013 #3
csziggy Mar 2013 #4
jsr Mar 2013 #5
AnotherMcIntosh Mar 2013 #6
SoCalDem Mar 2013 #7
KT2000 Mar 2013 #8

Response to SoCalDem (Original post)

Thu Mar 14, 2013, 03:38 PM

1. Good. Let's hope that every sell-out politician who voted for "free-trade" and the shipping of

 

jobs to foreign countries like China has their money tied up in China.

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Response to SoCalDem (Original post)

Thu Mar 14, 2013, 03:39 PM

2. Lay down with dogs. nt

 

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Response to SoCalDem (Original post)

Thu Mar 14, 2013, 03:39 PM

3. I know I shouldn't say this but this is what happens when you deal with China.

 

They are stealing this country blind. I don't feel sorry at all for these american companies. Stay home and invest in your own country. Now they should realize how american working people feel.

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Response to SoCalDem (Original post)

Thu Mar 14, 2013, 03:44 PM

4. No sympathy for them - venture capitalists invest in a Chinese company

Sell it to a larger Chinese company and get ripped off. Why would they have expected American courts to be able to enforce the deal? Both the company they sold and the company that bought it are in China. The vulture venture capitalists need to go to China and try to enforce the deal in the Chinese court system.

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Response to SoCalDem (Original post)

Thu Mar 14, 2013, 03:46 PM

5. They knew what they were getting into.

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Response to SoCalDem (Original post)

Thu Mar 14, 2013, 04:06 PM

6. I, for one, would like to see the Chinese do this with each and every one of the investors in China.

 

It would serve them right.

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Response to AnotherMcIntosh (Reply #6)

Thu Mar 14, 2013, 04:13 PM

7. This may be the template they use for future confiscations

I pity the people who have their 401-k's "invested" in these companies..

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Response to SoCalDem (Original post)

Thu Mar 14, 2013, 05:22 PM

8. Tough shit!

People need more than dollar signs in their eyes before investing in China. US business is going there with arrogance and a sense of superiority. All they can see is a Gold Rush.
They need to have an understanding of China's history and culture.

Simply put - China always comes out ahead and always has. It is not difficult to outsmart stupid greed.

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