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Investing

Sino-Forest Investors Urge CEO To Leave

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By Douglas A. McIntyre Published

Investors in the embattled Sino-Forest have asked the CEO to leave.

Richard Chandler, the largest investor in the company said the company should not default on its $9.78 million interest rate due on 2016 convertible notes. He stated “Any actions by directors, such as the non-payment of bonds, which compromises the going concern capability of Sino-Forest will potentially lead to shareholder actions for negligence.”

The company has been rocked by charges that its assets are less than stated in company filings and that the mispresentation consitutes fraud.

Sino Forest countered that “Sino-Forest and its board are completely focused on acting in the best interests of all stakeholders.”

The firm’s share price has dropped nearly 80% since the allegations were made.

 

Contact [email protected] for any questions or corrections.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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