0 for 8? Just Change The Name (SBAY)

By now readers might be familiar with SBAY, but you may not have known that back in April 2008 Jimmy T Crane and crew actually tried to do a self-underwritten offering for Subaye.com, Inc. as a distinct entity from MYST (fka TCOM). Check out the filings on EDGAR here.

The first S-1 was filed in April 2008. The filing was obviously kicked back to the rocket scientists at Subaye.com HQ who tried again with an S-1/A filing in September 2008. That must have been rejected because they filed a second S-1/A in November 2008, a third amended filing in January 2009, a fourth in March, a fifth amended filing in May, another plate appearance in June, and a possibly record breaking eighth attempt to register those shares in July 2009 before finally giving up and withdrawing the whole thing in August 2009. Management then hit upon the clever idea of just changing the parent company’s name from MyStarU to Subaye anyway!

One question remains. Exactly how bad must these filings have been to get 8 rejections from the guys who gave Madoff a clean bill of health? Think about that.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
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