The story
Xinhua Finance Media Limited was incorporated in the Cayman Islands on 7 November 2005. The company was listed in NASDAQ in March 2007.
On March 2, 2009, Xinhua Finance Media has changed its name to "Xinhua Sports & Entertainment Limited" (XSEL).
In 2011, follow the exposure of the real financial condition of the company which ended as liquidation, Lynn Tilton sued former friend and CEO of XSEL, Fredy Bush, for fraud.
From Wikipedia’s article on Xinhua Sports & Entertainment, shared under CC BY-SA 4.0.3