Explore the full journey of Frank Carbonara's investment in Gulf Mercantile Exchange
DME Strategico Limited incorporated in the Cayman Islands with 100 Class A shares (voting) and 100 Class B shares (limited voting, economic rights).
Casa Trading Ltd. acquires 2.5 Class B shares in DME Strategico Limited plus three Off-Floor Memberships.
Casa secures Off-Floor Memberships, applies for Floor Memberships. Applications denied in April 2009, appeal rejected in July 2009.
DME terminates Casa's agreements and memberships, triggering disputes (LCIA Case No. 101523, DIFC Case No. CFI 002/2010).
DME pays Casa $375,000; Casa retains 2.5 shares, waives $65,916 debt; disputes resolved. Casa keeps equity with no membership or voting rights.
DME Mergeco and DME Holdings merge; DME Holdings survives, assuming all rights.
Casa exchanges 2.5 DME Strategico shares for 182,935 Class B shares in DME Holdings (Amended Deed). Voting rights irrevocably assigned to DME.
DME Holdings proposes a $25 million convertible loan. Casa's entitlement: $81,500 (0.326% of $25 million); participation unknown.
Share issuances, likely including 2014 loan conversions, dilute Casa from 0.326% (56,100,000 shares) to 0.2256% (6,368,320 shares).
Saudi Tadawul Group acquires 32.6% for $28.5 million, valuing GME at $87.42 million.
DME rebrands to GME; 20 billion barrels traded, 3 billion delivered.
Casa entitled to 14,365 new shares out of 6,368,320 (0.2256%).
Stake valued at $197,227; GME at $87.42 million.