Some very interesting news out this morning about Harbin Electric (HRBN), one of the strangest of the Chinese reverse-merger companies that litter the US markets. According to Bloomberg the DTC has not been provided with the $24.00 per share in cash promised to shareholders in the going-private deal:
OCC to Delay Settlement of Harbin Electric Exercise Activity
2011-11-03 12:02:43.346 GMT
By Joshua Fineman and Clyde Eltzroth
Nov. 3 (Bloomberg) — OCC was informed by DTC that paying agent hasn’t funded DTC for deal of $24/shr: OCC web site.
* OCC to delay settlement of HRBN exercise/assignment activity until confirmation that cash consideration has been paid
* NOTE: HRBN going private deal closed on Tuesday (Nov. 1)
Link to OCC site: http://bit.ly/vWD3Cr
Could just be a timing issue, but given the sleaze surrounding Harbin, perhaps someone at China Development Bank figured out the con?