TWoodWil wrote:Our bid was for all 80% of the available shares of Weinberg Cruises. Furthermore, the limit of ownership at such time was 80% - now it has been reduced to 20%. The change quantity and cost of our bid and the unprompted and unannounced unilateral restriction of share ownership instituted after the deal was completed rocks our faith in the Beiteynu International Stock Exchange and Weinberg Cruises. No investor can participate in an exchange where prices, bid quantity, and ownership quotas are changed upon the whims of the BISE's management and the companies allowed to register on the exchange. There must be common sense regulation in place or this stock exchange is useless.
We demand the full amount that we purchased or we will pursue legal and financial action against Weinberg Cruises, the Beiteynu International Stock Exchange, and its parent company for securities fraud.
Lene Muyskens
Co-Chairperson, ZGPIS-SNO Holdings Ltd
I happen to agree with Mr. Muyskens. I was under the impression that the 80% of Weinberg Cruises would be sold to the highest bidder, and, while it was completely your decision when and who tell sell it to, seeing as it is your subsidiary, I am as appalled as Mr. Muyskens about your changing the percentage cap. If you did not want another company to have majority stake in Weinberg Cruises, why did you release all of its available stocks on the BISE? For example, I wanted to gain some money from selling part of my subsidiaries, but wanted to retain control over them. As such, I offered no more than 33% of either company total, and no more than 30% per shareholder. That is perfectly fine, but had I changed these percentages mid-bid, surely you and the Zilberschlag Group would have had my head.
As Mr. Muyskens said, without common sense regulation, the BISE will be useless. Considering that, I propose the following simple and sensible regulations, although I do not think they should be made retroactive:
1) Companies may sell as much percentage of themselves and/or their subsidiaries as they wish; obviously, this percentage may not be greater than 100% and must be greater than 0%. They may increase the amount of percentage for sale, but they may not, however, decrease it if the corresponding stocks have already been bid on.
2) Companies may set as small or as large a percentage cap per shareholder as they wish; obviously, this cap may not be greater than the total percentage of the company for sale, and must be greater than 0%. The companies may increase the amount of percentage per shareholder, but they may not, however, decrease it if the corresponding stocks have already been bid on.
3) So as to avoid confusion, all prices and monetary values are to be expressed in the LOD currency.
4) Companies may set as small or as large a price per percentage as they wish; obviously, this price per percentage must be greater than 0 LOD. They may not increase or decrease this price per percentage if the corresponding stocks have already been bid on.
5) Companies selling stocks must express how many stocks they are selling in a figure of percentage of the company, so as to avoid confusion over which companies own how much of another company.
6) After an advertisement of sale has been posted by a company, any other company may bid on it.
Once the first bid is placed, there is a period of five (5) years within which another bid must be placed. If no other bid is placed, the seller company must either sell the stocks to the first bidder or wait another five (5) years. If, again, no other bid is placed, the seller company must either sell the stocks to the first bidder or withdraw their sale and retain the stocks; as such, a sale of stocks may not be withdrawn until at least ten (10) years after the last bid. If a bid is placed within a period of five (5) years, then, again, their is another period of five (5) years within which the seller company may sell the stocks to the highest bidder or wait for other bids. This period of five (5) years resets after every new bid. 7) The bold and italicized part of the previous agreement does not apply in cases where the bidding companies are bidding for less than the full percentage they are allowed to buy of a certain company: In those cases, the seller company must sell the percentage of stocks; the only exception to this rule is if the bidding company and the seller company are headquartered in countries with trade embargoes against each other, in which case the seller company can refuse to sell the percentage of stocks. Also in those cases, a third company may not top the bid of the first bidding company, but must instead bid separately on whatever percentage is left to buy. So, to clarify, the bold and italicized part of the previous agreement applies only when a bid has been placed for the whole of the available percentage of the company for sale.
8) A company may not sell their stocks to another company if a third company has already placed a bid higher than that of the second company. Also, if a company has already placed a bid on certain stocks, they may not increase or decrease their bid, and may not make a new higher bid until another company has placed a higher bid.
9) If any company violates any or all of the previous eight (8) agreements, then all other companies active in the BISE are within their rights to sue the violating company for securities fraud.
I hope that, if we agree on them, these agreements lead to a better, more organized stock exchange. I also plead with you, Mr. Muyskens, not to sue Weinberg Cruises, the BISE, and/or Yišsérles Incorporated, as we had no regulations in place before this incident. On that note, however, I do believe WMAC-Goldstein Holdings and Investments, Corp. had a higher bid than you on Weinberg Cruises. Thank you.
Sincerely,
Rachel S. G. Waltoona-Goldstein,
CEO and Chair of the Board of Directors
of WMAC-Goldstein Holdings and Investments, Corp.