First Sovereign Capital Announces Recovery

First Sovereign Capital
2009-12-31 11:21 436

HONG KONG, Dec. 31 /PRNewswire-Asia/ -- First Sovereign Capital is pleased to announced that the company has disposed of assets previously considered distressed. Insolvency has been avoided and the company's financial situation is now in good order.

The company structured the transaction with the help of City Hill, a Cayman Islands based tax consultancy. City Hill, in conjuction with licensed securities brokers in New York, facilitated a stock swap transaction on behalf of First Sovereign to mitigate the company's exposure. The transaction was submitted by First Sovereign and approved by the SEC and IRS. The tax mitigation transaction resulted in the recovery of 6.79USD Million from investments previously considered distressed.

About First Sovereign Capital

First Sovereign Capital is an investment management and private equity firm with interests in US and Asian listed high-growth small-cap companies. The company is registered and operates out of Hong Kong, with associates and partners based in the US, China, Japan and Southeast Asia.

About City Hill

City Hill is a boutique tax firm based in the Cayman Islands. The firm leverages extensive resources and expertise to provide clients with confidential, accurate and secure solutions for tax mitigation and strategic investments. The company has a core competencies in dealing with distressed assets, offshore transactions, crisis management and estate planning.

Source: First Sovereign Capital