Not only can water float a boat, it can sink it also. -- Chinese proverb
NEW YORK ( TheStreet) -- Richard Heckmann still remembers the exhilarating wave of applause that rose and broke over him from the trading floor of the New York Stock Exchange when he rang the opening bell to celebrate a major acquisition in China.
It was May 2008, and he shared the stage with his new partner, a man he knew as Xu Hong Bin, founder of a company called China Water & Drinks. Three days earlier, Heckmann's company -- already listed on the NYSE -- had agreed to acquire China Water for more than a half billion dollars in cash and stock.Less than a year later, Heckmann would tell the world he had been swindled, that China Water was mostly a fiction and that "Xu Hong Bin" was an alias used to conceal a criminal record. Xu has denied those charges. He is suing Heckmann in Delaware Chancery Court, claiming that Heckman owes him millions of shares of stock.
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