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The Seiden Group Featured on the front page of the New York Law Journal

July 1, 2019

BY THE SEIDEN GROUP

After Decade-Long Legal Fight, Hedge Fund Managers Win $46M

BY JASON GRANT | July 01, 2019

New York Law Journal, VOLUME 262–NO.1

Shareholder of Global Cord Blood Corporation (NYSE: CO) Hires Global Law Firm, The Seiden Group, to Help Investigate and Enforce Rights

June 17, 2019

PR NEWSWIRE

NEW YORK, June 17, 2019 /PRNewswire/ — A shareholder of Global Cord Blood Corporation (NYSE: CO) (the “Company” or “Global Cord”) has hired The Seiden Group, a law firm headquartered in New York, as shareholder counsel to communicate minority shareholder interests to the Independent Directors and help effect necessary changes for the benefit of the Company and its shareholders, including minority shareholders in the United States. The Seiden Group has vast experience in shareholder rights matters and global asset recovery, particularly in China. 

The Seiden Group issued a letter today to the Independent Directors of Global Cord on behalf of the shareholder making certain requests relating to a potential merger with a Singaporean company and explaining why the deal would harm investors. Cordlife Group Limited (SGX: CLGL), a Singaporean company is proposing to bring Global Cord to the Singaporean markets, removing it from the US capital markets in a share swap transaction, leaving the US shareholders with an investment that may be more difficult to value, trade and liquidate.  The removal of Global Cord from the US markets would also leave the shareholders with no protection from the NYSE, the SEC or the Cayman laws. 

Information concerning the shareholder interests can be found at the website www.chinacordfairness.com.

New York Law Journal: After Decade-Long Legal Fight, Hedge Fund Managers Win $46 Million; Now Comes the Appeal

June 16, 2019

BY JASON GRANT | New York Law Journal

“I will not pay you, I will not pay you a dime, you know, and before this is done and over, your wife will be here in the office, here on her knees, begging for mercy,” a hedge fund founder and defendant yelled at an employee in 2008 according to witness trial testimony.

From left: Michael Stolper, Claudia Varner, Robert Vollero, Gentry Beach, David Greenberger
and Robert Seiden. Courtesy photo.

After more than 10 years of litigation, some 60 depositions, 11 counterclaims, around 900 docket entries and a three-week trial, a jury decided that a Manhattan hedge fund must pay two former portfolio managers $46 million for breaching verbal compensation agreements made in the days when hedge funds new high.

The jury’s awards—$21.4 million to former Touradji Capital Management portfolio manager Gentry Beach and $24.3 million to former Touradji portfolio manager Robert Vollero Jr.—will balloon to a nearly $91 million total payout because of 9% yearly interest to be added to compensation that was earned from 2005 to 2008.

The defendant hedge fund, however, driven by its aggressive and reportedly brash founder, Paul Touradji, recently filed a notice of appeal in the case to the Appellate Division, First Department. The verdict came down in May. And so the epic litigation lives on.

The Seiden Group Secures $90 Million Judgment for Client

June 6, 2019

Wall Street Journal: Two Former Hedge Fund Employees Expected to Get $90 Million Jury Payout

BY JULIET CHUNG | The Wall Street Journal

Two former employees of commodities hedge fund Touradji Capital Management LP are expected to receive roughly $90 million after winning a decadelong lawsuit against the firm. . .

After less than four hours of deliberation, a Manhattan jury on May 24 found Paul Touradji’s hedge-fund firm owed $45.7 million to Gentry Beach and Robert Vollero. The pair had argued that Mr. Touradji had verbally promised them part of the net profits they made but that he then largely failed to deliver.

That payout is expected to balloon to roughly $90 million when 9% interest a year is factored in, according to lawyers for Messrs. Beach and Vollero. That rate is mandated by New York statute for many civil judgments. The potential for a payout of about $90 million hasn’t previously been reported.

Robert Seiden and Michael Stolper of the Seiden Group and David Greenberger of Bailey Duquette represented Messrs. Beach and Vollero.

“It was a brutal experience, but at the end of the day it was a story of persistence and truth,” said Mr. Beach, 43 years old. . .

Messrs. Beach and Vollero, who respectively live in Dallas and Manhattan with their families, now invest their personal wealth together. They ran a hedge fund, Vollero Beach Capital Partners LLC, for years together after leaving Touradji Capital.

Mr. Touradji moved his hedge fund from New York to Boca Raton, Fla. The firm at the end of 2018 managed $315 million, according to a regulatory filing.

Read Full Article Here

United States Court Issues Arrest Warrant for Siping Fang, Wealthy Chinese Businessman and Former Representative of the People’s Congress

May 2, 2019

PR NEWSWIRE

On April 23, 2019, a Nevada judge issued a warrant for the immediate arrest of Siping Fang, Chairman of Nasdaq-delisted China Valves Technology, Inc. (Ticker: CVVT).  The judge’s order instructed that the arrest warrant be lodged with law enforcement agencies including Interpol and the National Crime Information Center.

Based on the detailed reconstruction of Siping Fang’s actions, the court awarded court-appointed Receiver Robert W. Seiden a judgement of almost $240 million.  The court subsequently held Siping Fang in contempt of court for intentionally obstructing the efforts of the Receiver to assert control over CVVT assets by transferring all of the operating entities away from the parent entity in the United States and out of the reach of US shareholders. Fang repeatedly failed to comply with the Receiver’s requests to provide basic financial data on the company and has refused to turn over the company chops to the Receiver in defiance of the court’s previous directions.  As a result, the court ordered that “Fang must immediately cause the chops of CVVT, CVVT Holdings, and the Operating Subsidiaries to be transferred to the Receiver.”

The contempt order and arrest warrant came after three years of litigation and followed a hearing that included testimony from the Receiver and video testimony from witnesses in China and Hong Kong.

Fang had served as representative of the 10th and 11th People’s Congress of Henan Province. Fang also served as Member of the 12th Standing Committee of Kaifeng Municipal People’s Congress.  A prominent businessman, Fang was for two terms Chairman of the PRC Valve Industry Association.

United States Court Issues Arrest Warrant for Wealthy China Businessman Siping Fang

April 19, 2019

PR NEWSWIRE

On April 23, 2019, a Nevada judge issued a warrant for the immediate arrest of Siping Fang, the chairman of Nasdaq-delisted China Valves Technology, Inc. (Ticker: CVVT), one of the largest valve manufacturers in China. The judge’s order instructed that the arrest warrant be lodged with law enforcement agencies including Interpol and the National Crime Information Center.  Siping Fang had previously been sanctioned by the SEC in 2015 for filing misleading financial statements.1 

Siping Fang, Chairman of China Valves Technology, Inc.
Siping Fang, Chairman of China Valves Technology, Inc.

Based on a detailed reconstruction of Siping Fang’sactions, the court found Siping Fang in contempt of court for intentionally obstructing the efforts of the Receiver, Robert W. Seiden, by transferring ownership of the Chinese operating entities away from the parent entity in the United States and repeatedly failing to comply with the Receiver’s requests to provide basic financial data on the company for the benefit of US shareholders. The contempt order and arrest warrant followed extensive litigation culminating in a full day hearing that included testimony from the Receiver and video testimony from witnesses in China and Hong Kong.  

CVVT was put into receivership by the Nevada court when a lawsuit was filed by several US shareholders of the company after it went dark and was de-listed by the SEC resulting in a $248 million judgment against the company in favor of the shareholders. The contempt order requires Fang to reverse the illegal transfer of assets, provide company seals (CHOPs) to the receiver and provide a full accounting.  

1https://www.sec.gov/litigation/litreleases/2015/lr23266.htm

Link Motion Inc. Ordered into Receivership by U.S. Federal Judge, announces The Seiden Group

February 4, 2019

BY PR NEWSWIRE

On February 1, 2019, Robert W. Seiden, Esq. was appointed by the Honorable Victor Marrero of the U.S. District Court Southern District of New York as the temporary Receiver over Link Motion Inc. (NYSE: LKM) during the pendency of the case entitled Wayne Baliga v. Link Motion Inc. et al., case number 1:18-cv-11642. In addition to appointing Mr. Seiden as the Receiver over Link Motion Inc. (“LKM”), Judge Marrero also granted a preliminary injunction restraining Link Motion from transferring any assets out of the Company without the Receiver’s approval.

The lawsuit underlying the Receivership stems from a series of alleged misconduct by Link Motion’s Chairman, Dr. Vincent Shi. The lawsuit was brought by holders of ADR’s in LKM, including in the U.S. and China, after information of the alleged wrongdoing was brought to light by former U.S. employee Matt Mathison.  LKMForward, a significant group of shareholders, hired The Seiden Group as its counsel to represent its case and to assist all shareholders in the ultimate recovery of Company assets. 

Seiden has vast experience in international asset recovery, particularly in China, and has been appointed Receiver over 20 China-based U.S.-listed companies.  If you should have information that may be helpful to the Receivership, please contact the Seiden Group directly at:  646-766-1703 or via email to Dgold@seidenlegal.com

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Large shareholder group of Link Motion Inc. hires global law firm, The Seiden Group, to help investigate and enforce rights

October 22, 2018

BY PR NEWSWIRE

 LKMForward, a significant group of shareholders of Link Motion Inc. (NYSE: LKM), has hired The Seiden Group, a law firm headquartered in New York, as shareholder counsel in order to communicate the group’s interests to the company and help the group effect necessary changes for the benefit of the Company and its shareholders. The Seiden Group has vast experience in shareholder rights matters and global asset recovery, particularly in China.

For any media or investor inquiries, contact the investor group directly at lkmforward@gmail.com.

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Seiden Appointed Receiver over China Sun Group High-Tech Co (Ticker: CSGH)

March 9, 2018

The Seiden Group announces U.S. Shareholders formation of a group to recover investor funds through a possible Receivership over China-based BioPharm Asia, Inc., (ticker:BFAR)

March 21, 2017

BY THE SEIDEN GROUP ON PR NEWSWIRE

BioPharm Asia, Inc., (ticker:”BFAR”), is a Nevada corporation involved in the sale of medical products to drug stores, hospitals, neighborhood clinics, and other medicine retail outlets in the People’s Republic of China. BFAR was de-listed from the NASDAQ in June 2013 after it stopped reporting to the Securities & Exchange Commission (“SEC”).

Certain shareholders have spoken with Robert W. Seiden, Esq. in New York to represent a group of shareholders to enforce the rights of the U.S. shareholders for acts detrimental to the investors including failure to report to the SEC in order to get a possible return of capital to the investors. . .

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