China Mobility Solutions' penny stock sank by 20% to end at US$0.06 last Friday on word that Southridge Capital Management is seeking to enforce a judgment it obtained against the company.
The judgment is for a mere US$545,440.22, but it highlights the tenuous, and perhaps dubious, nature of China Mobility Solutions' stock, services, management, and overall business.
U.S.-based Southridge Capital obtained the judgment on January 19, 2007 in the New York County Clerk's Office. Southridge Capital says it intends to use all means necessary to enforce the judgment. Southridge Capital served China Mobility with a restraining notice on February 27, 2007, demanding that China Mobility not undertake any sales, assignments or transfers of any property, or pay any debt until it has satisfied the judgment.