Posted on 09/27/2007 2:12:06 AM PDT by CutePuppy
Burkle-Led Group Gives Lift to Stock Of the Chinese Firm
September 27, 2007; Page C2
Xinhua Finance Media Ltd., battling concerns about its governance practices and those of its Chinese parent, said U.S. investment firm Yucaipa Cos. would purchase an unspecified stake in the company from insiders.
..... Xinhua Finance's $45 million acquisition of Glass Lewis this year thrust the Chinese company into the spotlight when two Glass Lewis executives, including the former chief accountant of the U.S. Securities and Exchange Commission, resigned after the takeover. Standard & Poor's recently downgraded Xinhua Finance because of corporate-governance concerns.
..... In recent months, Ms. Bush has tried to deflect allegations of self-dealing and links with businesspeople with checkered pasts. Company shares had plunged to record lows, and Ms. Bush has been hit with investor lawsuits and staff defections.
..... Xinhua Finance Media's American depositary receipts rose 90 cents, or 11%, to $8.78 in 4 p.m. Nasdaq Stock Market composite trading yesterday. That followed a 50% increase in the stock in the four prior days. The shares remain below the company's March offering price of $13, however. The size, scope and timing of Yucaipa's investment weren't clear, and it appeared that money will flow to selling shareholders rather than to the company.
Xinhua Finance Media said in a statement that the appointment of David Olson, a Yucaipa partner, as an independent director would strengthen its corporate governance. Yucaipa, which is run by Los Angeles billionaire Ronald Burkle, counts former President Clinton as a partner.
..... The Glass Lewis executives' concerns stemmed, in part, from Xinhua Finance's connection to Xinhua News Agency, an arm of China's communist government that helped start Xinhua Finance with Ms. Bush in 1999.
.....
(Excerpt) Read more at online.wsj.com ...
Ron Burkle / Yucaipa - China ping
From Post:
http://www.nypost.com/seven/09272007/business/burkle_takes_stake_in_xinhua.htm
..... Terms of Yucaipa’s proposed investment in Xinhua Finance Media, which was announced yesterday, were not disclosed. In a release, the Los Angeles-based private equity powerhouse said that it is slated to “purchase a block of existing shares from certain shareholders that have come out of IPO lockup.” Chicago-based Yucaipa partner David Olson is set to join the board.
Xinhua Finance Media provides business news programming and advertising services across China. The company is best known in the U.S. for its troubled ownership of Glass Lewis, a proxy adviser and corporate governance watchdog. In the spring, several key Glass Lewis executives left the company after raising concerns publicly over Xinhua and the quality of its disclosures.
A series of Post investigations into Xinhua’s numerous related party transactions highlighted some of former company CFO Shelley Singhal’s profitable dealings with several of the company’s subsidiaries. Singhal resigned abruptly in May after Barron’s questioned the company about undisclosed regulatory problems in his past.
.....
Now to link Hsu, Yucaipa, and Xinhua.
Also, it's long past time to grab Soro's records and see what other campaign finance violations he is guiltyof.
Here is Clinton’s money conduit from the Chinese mainland.
Now to link Hsu, Yucaipa, and Xinhua.
$50 million is an interesting number.
http://www.freerepublic.com/focus/f-news/1909186/posts
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.