posted
I am searching and the taxes done mussed me up.
I have not re-bought this.
I did find this though which confirms the possible move to the Nasdaq:
6.2 COVENANTS OF THE BUYER.
(a) Reservation of Shares of the Buyer's Stock . The Buyer shall reserve for issuance a sufficient number of shares of the Buyer's Stock to cover the issuances of such stock required hereby and shall file such forms as may be required to notify Over the Counter NASDAQ Bulletin Board of Buyer's intent to list on the NASDAQ National Market System the additional shares of Surviving Holdings Company stock to be issued as part of the Merger Consideration. ALIGN="CENTER">
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(b) The undersigned is aware that FHAL and the CVSU intend to treat the Merger as a tax-free reorganization under Section 368 of the Internal Revenue Code, as amended (the "Code" ), for federal income tax purposes. The undersigned agrees to treat the transaction in the same manner as FHAL and the Company for federal income tax purposes. The undersigned acknowledges that Section 1.368-1(b) of the U.S. federal income tax regulations requires "continuity of interest" in order for the Merger to be treated as a tax-free reorganization under Section 368 of the Code. Continuity of interest may not be preserved if stock of an acquired company is disposed of before an acquisition to the acquired or acquiring company or to persons related to either the acquired or acquiring companies for consideration other than stock of the acquiring company, if a shareholder of the acquired company received certain distributions from the acquired company with respect to his stock in connection with the acquisition, or if stock of the acquiring company issued in the Merger is disposed of in connection with the Merger to the acquiring company or to persons related to the acquiring company. Accordingly, the undersigned declares that in connection with the Merger (i) the undersigned has not and will not dispose of any of the stock of either the CVSU or FHAL to either the CVSU or FHAL (other than in exchange for the Merger Consideration), to a person related to the Company (within the meaning of Section 1.368-1(e)(1)(i)(sixth sentence) of the U.S. federal income tax regulations) or to a person related to FHAL (within the meaning of Section 1.368-1(e)(3) of such regulations), (ii) the undersigned has not and will not receive any dividend or other distribution with respect to the stock of the CVSU attributable directly or indirectly to funds provided by FHAL, and (iii) the undersigned will not dispose of any FHAL stock received in the Merger to FHAL or to a person related to FHAL within the meaning of Section 1.368-1(e)(3) of the U.S. federal income tax regulations. ALIGN="CENTER">
For purposes of parts I and II and this part, the term "reorganization" means--
(A) a statutory merger or consolidation;
(B) the acquisition by one corporation, in exchange solely for all or a part of its voting stock (or in exchange solely for all or a part of the voting stock of a corporation which is in control of the acquiring corporation), of stock of another corporation if, immediately after the acquisition, the acquiring corporation has control of such other corporation (whether or not such acquiring corporation had control immediately before the acquisition);
(C) the acquisition by one corporation, in exchange solely for all or a part of its voting stock (or in exchange solely for all or a part of the voting stock of a corporation which is in control of the acquiring corporation), of substantially all of the properties of another corporation, but in determining whether the exchange is solely for stock the assumption by the acquiring corporation of a liability of the other, or the fact that property acquired is subject to a liability, shall be disregarded;
(D) a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor, or one or more of its shareholders (including persons who were shareholders immediately before the transfer), or any combination thereof, is in control of the corporation to which the assets are transferred; but only if, in pursuance of the plan, stock or securities of the corporation to which the assets are transferred are distributed in a transaction which qualifies under section 354, 355, or 356;
(E) a recapitalization;
(F) a mere change in identity, form, or place of organization of one corporation, however effected; or
(G) a transfer by a corporation of all or part of its assets to another corporation in a title 11 or similar case; but only if, in pursuance of the plan, stock or securities of the corporation to which the assets are transferred are distributed in a transaction which qualifies under section 354, 355, or 356.
(2) Special rules relating to paragraph (1)
(A) Reorganizations described in both paragraph (1)(C) and paragraph (1)(D)
If a transaction is described in both paragraph (1)(C) and paragraph (1)(D), then, for purposes of this subchapter (other than for purposes of subparagraph (C)), such transaction shall be treated as described only in paragraph (1)(D).
(B) Additional consideration in certain paragraph (1)(C) cases
If--
(i) one corporation acquires substantially all of the properties of another corporation,
(ii) the acquisition would qualify under paragraph (1)(C) but for the fact that the acquiring corporation exchanges money or other property in addition to voting stock, and
(iii) the acquiring corporation acquires, solely for voting stock described in paragraph (1)(C), property of the other corporation having a fair market value which is at least 80 percent of the fair market value of all of the property of the other corporation,
then such acquisition shall (subject to subparagraph (A) of this paragraph) be treated as qualifying under paragraph (1)(C). Solely for the purpose of determining whether clause (iii) of the preceding sentence applies, the amount of any liability assumed by the acquiring corporation, and the amount of any liability to which any property acquired by the acquiring corporation is subject, shall be treated as money paid for the property.
(C) Transfers of assets or stock to subsidiaries in certain paragraph (1)(A), (1)(B), (1)(C), and (1)(G) cases
A transaction otherwise qualifying under paragraph (1)(A), (1)(B), or (1)(C) shall not be disqualified by reason of the fact that part or all of the assets or stock which were acquired in the transaction are transferred to a corporation controlled by the corporation acquiring such assets or stock. A similar rule shall apply to a transaction otherwise qualifying under paragraph (1)(G) where the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met with respect to the acquisition of the assets.
(D) Use of stock of controlling corporation in paragraph (1)(A) and (1)(G) cases
The acquisition by one corporation, in exchange for stock of a corporation (referred to in this subparagraph as "controlling corporation") which is in control of the acquiring corporation, of substantially all of the properties of another corporation shall not disqualify a transaction under paragraph (1)(A) or (1)(G) if--
(i) no stock of the acquiring corporation is used in the transaction, and
(ii) in the case of a transaction under paragraph (1)(A), such transaction would have qualified under paragraph (1)(A) had the merger been into the controlling corporation.
(E) Statutory merger using voting stock of corporation controlling merged corporation
A transaction otherwise qualifying under paragraph (1)(A) shall not be disqualified by reason of the fact that stock of a corporation (referred to in this subparagraph as the "controlling corporation") which before the merger was in control of the merged corporation is used in the transaction, if--
(i) after the transaction, the corporation surviving the merger holds substantially all of its properties and of the properties of the merged corporation (other than stock of the controlling corporation distributed in the transaction); and
(ii) in the transaction, former shareholders of the surviving corporation exchanged, for an amount of voting stock of the controlling corporation, an amount of stock in the surviving corporation which constitutes control of such corporation.
(F) Certain transactions involving 2 or more investment companies
(i) If immediately before a transaction described in paragraph (1) (other than subparagraph (E) thereof), 2 or more parties to the transaction were investment companies, then the transaction shall not be considered to be a reorganization with respect to any such investment company (and its shareholders and security holders) unless it was a regulated investment company, a real estate investment trust, or a corporation which meets the requirements of clause (ii).
(ii) A corporation meets the requirements of this clause if not more than 25 percent of the value of its total assets is invested in the stock and securities of any one issuer, and not more than 50 percent of the value of its total assets is invested in the stock and securities of 5 or fewer issuers. For purposes of this clause, all members of a controlled group of corporations (within the meaning of section 1563(a)) shall be treated as one issuer. For purposes of this clause, a person holding stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause shall, except as provided in regulations, be treated as holding its proportionate share of the assets held by such company or trust.
(iii) For purposes of this subparagraph the term "investment company" means a regulated investment company, a real estate investment trust, or a corporation 50 percent or more of the value of whose total assets are stock and securities and 80 percent or more of the value of whose total assets are assets held for investment. In making the 50-percent and 80-percent determinations under the preceding sentence, stock and securities in any subsidiary corporation shall be disregarded and the parent corporation shall be deemed to own its ratable share of the subsidiary's assets, and a corporation shall be considered a subsidiary if the parent owns 50 percent or more of the combined voting power of all classes of stock entitled to vote, or 50 percent or more of the total value of shares of all classes of stock outstanding.
(iv) For purposes of this subparagraph, in determining total assets there shall be excluded cash and cash items (including receivables). Government securities, and, under regulations prescribed by the Secretary, assets acquired (through incurring indebtedness or otherwise) for purposes of meeting the requirements of clause (ii) or ceasing to be an investment company.
(v) This subparagraph shall not apply if the stock of each investment company is owned substantially by the same persons in the same proportions.
(vi) If an investment company which does not meet the requirements of clause (ii) acquires assets of another corporation, clause (i) shall be applied to such investment company and its shareholders and security holders as though its assets had been acquired by such other corporation. If such investment company acquires stock of another corporation in a reorganization described in section 368(a)(1)(B), clause (i) shall be applied to the shareholders of such investment company as though they had exchanged with such other corporation all of their stock in such company for stock having a fair market value equal to the fair market value of their stock of such investment company immediately after the exchange. For purposes of section 1001, the deemed acquisition or exchange referred to in the two preceding sentences shall be treated as a sale or exchange of property by the corporation and by the shareholders and security holders to which clause (i) is applied.
(vii) For purposes of clauses (ii) and (iii), the term "securities" includes obligations of State and local governments, commodity futures contracts, shares of regulated investment companies and real estate investment trusts, and other investments constituting a security within the meaning of the Investment Company Act of 1940 (15 U.S.C. 80a-2(36)).
(G) Distribution requirement for paragraph (1)(C)
(i) In general
A transaction shall fail to meet the requirements of paragraph (1)(C) unless the acquired corporation distributes the stock, securities, and other properties it receives, as well as its other properties, in pursuance of the plan of reorganization. For purposes of the preceding sentence, if the acquired corporation is liquidated pursuant to the plan of reorganization, any distribution to its creditors in connection with such liquidation shall be treated as pursuant to the plan of reorganization.
(ii) Exception
The Secretary may waive the application of clause (i) to any transaction subject to any conditions the Secretary may prescribe.
(H) Special rules for determining whether certain transactions are qualified under paragraph (1)(D)
For purposes of determining whether a transaction qualifies under paragraph (1)(D)--
(i) in the case of a transaction with respect to which the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met, the term "control" has the meaning given such term by section 304(c), and
(ii) in the case of a transaction with respect to which the requirements of section 355 (or so much of section 356 as relates to section 355) are met, the fact that the shareholders of the distributing corporation dispose of part or all of the distributed stock, or the fact that the corporation whose stock was distributed issues additional stock, shall not be taken into account.
(3) Additional rules relating to title 11 and similar cases
(A) Title 11 or similar case defined
For purposes of this part, the term "title 11 or similar case" means--
(i) a case under title 11 of the United States Code, or
(ii) a receivership, foreclosure, or similar proceeding in a Federal or State court.
(B) Transfer of assets in a title 11 or similar case
In applying paragraph (1)(G), a transfer of the assets of a corporation shall be treated as made in a title 11 or similar case if and only if--
(i) any party to the reorganization is under the jurisdiction of the court in such case, and
(ii) the transfer is pursuant to a plan of reorganization approved by the court.
(C) Reorganizations qualifying under paragraph (1)(G) and another provision
If a transaction would (but for this subparagraph) qualify both--
(i) under subparagraph (G) of paragraph (1), and
(ii) under any other subparagraph of paragraph (1) or under section 332 or 351,
then, for purposes of this subchapter (other than section 357(c)(1)), such transaction shall be treated as qualifying only under subparagraph (G) of paragraph (1).
(D) Agency receivership proceedings which involve financial institutions
For purposes of subparagraphs (A) and (B), in the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution referred to in section 581 or 591, the agency shall be treated as a court.
(E) Application of paragraph (2)(E)(ii)
In the case of a title 11 or similar case, the requirement of clause (ii) of paragraph (2)(E) shall be treated as met if--
(i) no former shareholder of the surviving corporation received any consideration for his stock, and
(ii) the former creditors of the surviving corporation exchanged, for an amount of voting stock of the controlling corporation, debt of the surviving corporation which had a fair market value equal to 80 percent or more of the total fair market value of the debt of the surviving corporation.
(b) Party to a reorganization For purposes of this part, the term "a party to a reorganization" includes--
(1) a corporation resulting from a reorganization, and
(2) both corporations, in the case of a reorganization resulting from the acquisition by one corporation of stock or properties of another.
In the case of a reorganization qualifying under paragraph (1)(B) or (1)(C) of subsection (a), if the stock exchanged for the stock or properties is stock of a corporation which is in control of the acquiring corporation, the term "a party to a reorganization" includes the corporation so controlling the acquiring corporation. In the case of a reorganization qualifying under paragraph (1)(A), (1)(B), (1)(C), or (1)(G) of subsection (a) by reason of paragraph (2)(C) of subsection (a), the term "a party to a reorganization" includes the corporation controlling the corporation to which the acquired assets or stock are transferred. In the case of a reorganization qualifying under paragraph (1)(A) or (1)(G) of subsection (a) by reason of paragraph (2)(D) of that subsection, the term "a party to a reorganization" includes the controlling corporation referred to in such paragraph (2)(D). In the case of a reorganization qualifying under subsection (a)(1)(A) by reason of subsection (a)(2)(E), the term "party to a reorganization" includes the controlling corporation referred to in subsection (a)(2)(E).
(c) Control defined For purposes of part I (other than section 304), part II, this part, and part V, the term "control" means the ownership of stock possessing at least 80 percent of the total combined voting power of all classes of stock entitled to vote and at least 80 percent of the total number of shares of all other classes of stock of the corporation.
posted
glass...why do you read that stuff over at Ihub? I have a hard time following any type of thought over there...it's very wierd...and yet allot of peeps swear by it...I feel dirty...(like I need to shower) after visiting there.... ~shrug~ just not for me I guess...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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if they delete the bashers? then they are accused of being paid pumpers.... they have to let it fly... i don't post there... i'm not even registered...
the shorts may have been able to cover a lot...
but i have never seen anything so desparate in my life....
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
I have to admit..with this one I've gone and read some over there...just kinda makes me realize that allstocks is the place to be...
Hey there is a poster on the other thread (under .10)...skepter I think is his name...take a look..something about a new cuspid number? what does all that mean?
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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dustoff... i know you didn't think i was talking about anything other than stock, so what's the point now? ------------------------------------------------ Wasn't sure for a minute, you did not qualify your remark..
The point? as readers we have every right to question posters and comment on their posts..
Just like you do.
If that is not the case? well SA LA VEE ALLstocks.
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I post and read I Hub. The FHAL thread was overrun with Bashers. Out and out lies. Our-street was posting there and it reall seemed like a concerted effort to bring the stock down. Very little usable from the dissenters there. I skim through the FHAL homepage to see if any titles look worth reading. All the DD is so far hidden by the numerous personal bashes it's tough to get any info. It's a bit funny because some of the other boards I frequent are very good.
The SLJB thread was getting that way and so was the CHDT thread. Hundreds to thousands of posts a day. Oh well I like it here too. We can disagree but for the most part we keep it civil.
On FHAL, I'm in the boat as everyone else, wait and see mode. Hopefully tommorrow will bring us a little closer to closure on that subject, but I doubt that too. I do think there were a lot of shorts in this stock and that they were desperate to cover. It really didn't matter if everything was true or not because without the bashing it probably would have hit $5-7 on speculation alone. Could you imagine the nightmare that would have been for them.
posted
This post is interesting...from under .10 and thanks glass...
mnvestor Member
posted July 31, 2006 10:18 PM -------------------------------------------------------------------------------- I posted this on Ihub, it is an email returned to me from OTCBB, i sent last friday and they returned it this morning, after seeing Phil's post I think it makes much more sense.
otcbbfeedback [otcbbfeedback*nasdaq.com] CVSU was acquired by FHAL for 1 sh FHAL. Please see link:
FrontHaul Group Inc (FHAL) will change their name, symbol and CUSIP number in the near future. We understand that they will go by the name of Conversion Solutions. The CVSU symbol, however, cannot be reused for this name change.
The NASDAQ Stock Market Corporate Data Operations 80 Merritt Boulevard Trumbull, CT 06611 Phone: 203-375-9609 Fax: 203-502-5480
-------------------------------------------------------------------------------- From: xxxxx Sent: Friday, July 28, 2006 2:06 PM To: otcbbfeedback Subject:
I have a stock that I need some clarification about if you could please help.
CVSU.pk is reverse merging into FHAL.ob, upon completion of the merger they are going to trade under cvsu.ob, what is the process that must take place in order to do that.
I have seen on the website that cvsu.pk was deleted, can they now relist under cvsu.ob to begin trading? Thank you for any clarification
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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