Houston, We Have a Problem
Just as it turns out that anyone can declare themselves eligible for the NBA draft (including people who have no game whatsoever, your 62-year-old aunt, etc.), it also would appear that anyone with a computer can file for an IPO with the SEC. A company called Apollo Publication Corporation recently filed this registration statement with the SEC for a supposed $3.6 billion offering. On the surface, Apollo seems to have a lot going for it. The registration statement lists the following board of directors:
Simon Victor (Honorable Chairman of Director Board Committee)
George Herbert Bush Sr. (Honorable Chairman of Director Board Committee)
Rutang Luo (Honorable Chairman of Director Board Committee)
Xiaobo Lucy Luo (Chair and CEO, Chief Executive Officer/First Director)
George Walker Bush Sr. (Chair and President/Second Director)
Paul Martin (CFO, Chief Financial Officer)
Lishan Yang (COO, Chief Operating Officer/Third Director)
William Snow (Treasurer/USA)
Rongji Zhu(Treasurer/PRC)
John Paul Manley (Treasurer/Canada)
Joseph Liberman (CLO, Chief Legal Officer)
Jie Jenny Luo (CIO, Chief Information Officer)
INDEPENDENT DIRECTORS OF AUDIT COMMITTEE
James Baker (Independent Director)
Jimmy Carter (Independent Director)
Jean Chretien (Independent Director)
Paul Oneil (Independent Director)
Al Greenspan (Independent Director)
Bush, Carter, Big "Al Greenspan"... Not too shabby! Lead underwriter? Listed as CIBC--lookin' good.
The company's mission? "Our mission is to found An Imperial Of Earth (IOE) with One God Luo, One Language, One Culture, One History, One Law, One Standard, One Currency, One Postal, etc on One Land of Earth of Solo Solar System." Hmmm, okay then.
But wait. The SEC has now moved in to halt the IPO, stating in this document that
the registration statement is materially false and misleading because, among other things: (1) it states that numerous United States and world political figures are currently serving as directors and officers of Apollo, or are otherwise associated with the Company; and (2) it falsely lists the “Canadian Imperial Bank of Commerce” (CIBC) and certain CIBC affiliates as “joint book-running managers” for Apollo’s offering. The Statement also alleges that the registration statement omits to state materials facts, such as: (1) Apollo’s current and historical financial information; and (2) audited financial statements. Finally, the Statement alleges that the registration statement does not contain the signatures of Apollo’s principal executive, financial and accounting officers, any board member, or any authorized representative in the United States.
As discussed in this article, Apollo's registration statement contains several other interesting tidbits:
Apollo's chief financial officer is supposedly Prime Minister Paul Martin and the treasurer is ex-finance minister John Manley. A host of world leaders also toil away for Apollo, including British Prime Minister Tony Blair, who "deals with products and management" in the United Kingdom. Russian President Vladimir Putin, French President Jacques Chirac, and UN Secretary-General Kofi Annan are also listed as "controllers." Even Cuban President Fidel Castro is said to work for Apollo overseeing operations in Cuba.
| Permalink | Print Article | Back To Top |











TrackBack
TrackBack URL for this entry:
http://blog.riskmetrics.com/cgi-bin/mt-tb.cgi/565