Longwei Petroleum (fka LPIH)

[honestengine_rh]

Similar to being a kid waiting for Christmas. There is a chance of it being resolved before then. The shorts are up against it: Longwei’s defamation lawsuit, subrogation from Chubb (60%) and The People’s Insurance Company of China (40%) for the $1.3M claim they paid on the shareholder settlement, market manipulation charges from the SEC and the covering of millions of naked, short shares. People’s is an arm of the Chinese government so they also want some revenge, considering that this affects many other Chinese companies that they insure trading in the US. People's initial refusal to settle delayed the settlement.

I would rather see financials issued and then let the market forces take over. It sounds like shorts don’t have much money anyway. This group, along with Roddy Boyd, lost big when Harbin Electric went private at $24 a share. The only money they have now is probably from illegally shorting Longwei and other Chinese companies.

“And I am sticking to it, but boy oh boy I got proved wrong on Harbin Electric. I lost my ass…” Roddy Boyd said sadly to Reuters.

https://www.theblot.com/sham-southern-investigative-reporting-foundation-sirf-roddy-boyd-fbi-crossfire-7757399

https://www.reuters.com/article/usa-china-harbin/short-seller-target-harbin-electric-goes-private-idUSN1E79S08X20111029