I have been following ADY for several months.  I did not buy shares
yet because I thought that the price was too high considering the
company has not filed a 10-Q or a 10-K form for quite some time.

Recently, the share price sunk low enough for me to take a second look
at the company.  Unfortunately, I found some **horrible** information
that has caused me to remove ADY from my watch list.

ADY's (supposedly) 1% notes for $80,000,000 are **TOXIC**.

Read the following paragraphs from ADY's prospectus dated July 10,
2007:

"The June 2007 Notes bear an annual interest rate of 1%. All the net
proceeds will be used for the Company’s working capital and
acquisition plan.

Under the June 2007 Notes indenture, the June 2007 Notes are
convertible, by the holders thereof, at any time on or prior to
maturity, into common shares of the Company initially at the
conversion price of $24 per share (subject to adjustment in certain
circumstances, including semi-annual reset of the conversion price and
upon occurrence of certain dilutive events, in each case subject to
certain conditions). If the June 2007 Notes are not converted before
maturity, the June 2007 Notes will be redeemed by the Company on the
maturity date at a redemption price equal to 100% of the principal
amount of the June 2007 Notes then outstanding plus an additional
amount of 18.0% per annum, calculated on an annual compounded basis,
plus any accrued and unpaid interest."

The current share price for ADY is $6.60.  Do you think the note
holder would want to exercise the conversion at $24 per share?  Of
course NOT.  The note holder merely needs to wait until June 1, 2012
when the notes mature to receive **19%** (1 + 18) annual return.

do not buy ady!! this has gone no where but down

HCFI.pk the new black gold-expanding globally begins at 6 cents a share

http://www.earthtimes.org/articles/show/american-dairy-inc-restructur...

Now will you buy ADY?