Off to China…Again
By David Feldman at 26 June, 2009, 8:01 am
I leave tomorrow for Guangzhou, China to see a client next week. I have been simply floored by the amount of new activity I am seeing from new and potential clients in China. I am running out of copies of the Chinese translation of my book! I also plan on returning there in mid-August. With the further good news from DealFlow Media at the Las Vegas conference that overall deal activity has mostly returned to pre-scary levels (although financings have not yet returned but are improving quickly), there is indeed lots of reason for hope that the worst in the RM/IPO alternative downturn may be behind us.
When I get back, I hope to continue my determined effort at trying to convince the SEC to reverse the nasty “evergreen” requirement (Corporate Counsel in a recent issue called it the “currency” requirement though the irony is it seems to cause less currency to be available to companies going public!) which taints every former shell company with making it more difficult to sell shares publicly without registration under SEC Rule 144. We are not giving up on this one! It took years to get the SEC to reverse the very problematic Worm/Wulff letters which took 144 fully away from people who acquired shares in shells, but it got done. So hopefully this is also achievable…in some form.
Last, I will be working on my submission to the Reverse Merger Report rebutting their very negative article on Form 10 shells, which actually seemed to be negative about all shells in general. Hopefully my little netbook will serve me well over in the land of pandas.
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