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Dear Shareholders, dear Friends of the Company,


Following the sale of our GATE Biodiesel-Group to a large commodity trading house (January 2009) and the sale of our last Wealth Manager to a German Privat Bank (June 2009) we were able to announce the completion of Fortune's restructuring in August 2009.

This enabled us to draw a line under the past two years.

Two years, which were characterized mainly by broken dishes. Dishes, which were deliberately smashed (change in German taxation on biofuels), which were accidentally broken (rollercoaster of commodity prices and collapsing prices on the stock exchanges) and maliciously battered dishes (the complaint brought by a former board member in the midst of the reorganization).

But what remains?
First, a new major shareholder was added, the FMI Recovery Trust, into which a large proportion of the debts incurred in the biodiesel business were converted in shares. Also remaining are so many debts that the future of Fortune has become an option on a single large project that was advanced in the shadow of the events with all their might.

This option is our participation in Fortune Super Equity Management LLC ("FSEM") in Abu Dhabi. At last, toward the end of the year it was announced - even if only locally - that H.H. Sheikh Omar bin Zayed al Nahyan succeeded his late brother HH Sheikh Nasser bin Zayed al Nahyan as Chairman. Meanwhile, we can see continuous progress and at least one project seems again to be ready for signing.

Since this has not yet led to a cash return, Fortune's costs were further reduced to an absolute minimum. This enabled us to ensure the going concern status for the current business year 2010.

The various actively pursued damage claims, which are grinding in the mills of the law, and from which we expect one or other compensation, should contribute to the financial recovery of Fortune.

Fortune is now positioned to derive maximum possible benefit from a successful realization of the FSEM potential. By that, the Fortune shares, which today represent a pure option on FSEM, obtain the chance to generate an intrinsic value exceeding the mere option value.

I thank all our employees, former and current, for their efforts. I also thank our customers in the former divisions and business partners, who often had to practice in a lot of patience. Patience that, thanks to the dedication of the teams involved luckily has paid off for all. All other stakeholders I thank for their understanding, which allowed the company to properly meet its obligations.

Zug in March 2010
Fortune Management Inc.


René Müller
(Chief Executive Officer)

 

 

 



Fortune News
25.06.2010 Annual Meeting of Stockholders of Fortune Management Inc.  [PDF]
17.06.2010 FORTUNE Managment Inc. withdraws its claim against Stanford  [PDF]
12.05.2010 FORTUNE Management Inc. Interim Report Q1 2010  [PDF]
28.04.2010 FORTUNE Management Inc. publishes its Annual Report for 2009  [PDF]
17.02.2010 Fortune wins HLSP Holding case in Supreme Court  [PDF]
29.12.2009 Fortune continues Operations in 2010  [PDF]
12.11.2009 FORTUNE Management Inc. Interim Report November 2009  [PDF]
28.08.2009 Restructuring completed  [PDF]



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