Love-built shares lockout five-year debt case reorganization critical period retrial

Billions of dollars in debt Jiuan reconsideration of the Song of shares restructuring with the rapid development of trust industry in recent years, the trust license is becoming more and more hot, but the love of building a trust with a wholly owned subsidiary is not optimistic. As the East Fujian Electric Power sued the trust to return up to billions of dollars in customer transaction funds in the lockout 5 years after the resumption of trial, is currently in the restructuring of the key period of love to build shares or will face huge potential risks. "There is no relevant information disclosed and everything is subject to the announcement of the company," the securities daily Reporter said yesterday.　　"Lockout five-year lawsuit resumes hearing the cause of litigation disputes between AI Jian Trust and Fujian Electric power, which can be traced back to a paper opening agreement of 9 years ago. December 27, 2001, the Eastern Fujian Electric power and love building securities Shanghai Fuxing Road Securities Business Department signed the "Open account Agreement", and deposited 100 million yuan securities trading settlement funds. 2004, because of love to build securities refused to withdraw the margin of power in eastern Fujian, Fujian Electric Power will love to build trust, love to build securities Shanghai Fuxing East Road Securities business Department, love to build securities court, asking the defendant to return the customer transaction settlement funds and interest 1.628 million yuan. January 20, 2005, the Shanghai Second Intermediate People's Court ruled that because the defendant Shanghai Ai Jian Trust the original legal representative of the alleged criminal offence and its alleged criminal facts and the facts of the case, in view of the results of the above-mentioned criminal cases may affect the trial, so the case should be suspended.　　This stop is 5 years. In the meantime, the power of eastern Fujian has been trying to resume trial. It is understood that in recent years, the eastern Fujian Electric power through the acting law firms and contractors lawyers and litigation cases to host the judge and the relevant political and political organs for many times to communicate. In coordination with the court, the case was exchanged for a new round of pre-trial evidence on August 26, 2010.　　October 19, the second Intermediate People's Court in Shanghai, written verification, the case has entered the resumption of trial stage. It is noteworthy that this huge amount of litigation, although there is no final verdict, is likely to produce "one good, one bad" outcome for both parties. Since this incident, the East Fujian Electric Power in 2003, 2004 for two consecutive years, the cumulative total of more than billion of bad debt preparation, so even if the losses on the company's current profits or period of profit has no negative impact. And if the successful recovery of these funds, it is undoubtedly a big positive.　　However, the eastern Power also said that because of the outcome of the proceedings can not be determined, its positive impact on the company's profits can not be determined by the specific amount.　　The reopening of this lawsuit is undoubtedly a major risk factor for the love-building stake that has been deeply involved in the construction of the Trust Fund.　　Recombination twists love build trust bomb frequency after three times after the failure of restructuring, in 2009 when the love of the construction of the "hydrangea" the fourth time cast, and finally came to Shanghai International Group (hereinafter referred to as Shanghai International). August 2009, the strong Shanghai international in love to build shares restructuring plan twists, will be expectedBecome the "Terminator" of the long road of Reconstruction. Shanghai International has taken a two-pronged approach to investing in real estate assets and the trust cash bailout. This compound reorganization plan not only makes Shanghai International real estate Development Business by this listing, this 700 million yuan real gold and silver injection is to love to build shares the most important trust assets-love build trust entered the valuable cash "blood". Information shows that the shares will be the Shanghai International private issue of about 214 million shares (has been raised to 220 million shares) to acquire its subordinate Shanghai investment Real Estate Co., Ltd. and Shanghai Tongda Real Estate Co., Ltd. 's full stake. Upon completion of this release, the Shanghai International Group will directly and indirectly total shares of the total share capital of 22.　　23%, become the first major shareholder of the shares. It is understood that, if through the targeted distribution to inject real estate program approved by the SFC, love to build shares will be issued to the international Group of private 63.6942 million shares, 700 million yuan to raise funds will be all used to build trust to increase capital.　　If the directional issue is successfully completed, love to build shares in its real estate development business has a larger increase at the same time, trapped around the company for many years of love to build trust funds black hole problem also ushered in the dawn. As a wholly-owned subsidiary of the building of shares, love to build a trust up to 6 billion yuan of capital black hole, such as a boulder has been pressed in the heart of love to build shares.　　Shanghai International for the 700 million yuan in cash injection, love to build shares stressed will be used to replenish capital, to meet the regulatory authority of its trust business qualification requirements. It has been a year since the release of the reorganization plan, and the "marriage" between the shares and Shanghai International is still awaiting the approval of the SFC. Some people in the industry said that the trust litigation is now revived, or will have an impact on the restructuring programme. At present, the company has decided to extend the term of purchase of assets to a specific target by a period of one year to November 27, 2011.