Sino Agro Food Inc (fka SIAF)

[nefariouswu]

Was this halted?

What's the ESL market in Asia for 40 somethings like now. Believe it or not I am still working in Portland area and homeless living out of my vehicle and showering at the gym. What a world!

[zerohedge]

have been offline for weeks now on these issues. it's all fraud - every single one - and yet people want another change at "greatness" by swapping pennies among criminals and somehow believe they're making money -

[Skinny Mulligan]

You actually hit the nail on the head there. It took a LONG time for me to get down from 200,000. Still holding 80,000.

Still got open average down bids below $0.04.

[Martin79x]

So if u sell today how much will the price drop? If u can get out with only a 20% loss its a no brainer. SELL asap and buy Amazon or Apple and you will make the 20% back in a few months

[Skinny Mulligan]

As of this second I'm only down 18.61%. Averaging down an luckily timed bailing when I could helped out alot.

Crazier things have happened.

[Martin79x]

I cant believe that you still hope to get something from siaf after more than 10 years of lies and 99.9% decline.

[Skinny Mulligan]

Thank You :)

[Gullible Fish]

We REAL

[RealDutch]

For the reasons stated above, Plaintiffs’ motion for appointment of a receiver is DENIED

I wasn't expecting anything else.
And I can't be bothered to read anything else either
Good night.

[Chrysanthemis]

I can provide some of that missing information.

As a reminder, following the settlement approved on 13 October 2020 by the Court, over the objection of one shareholder, the plaintiffs filed a new complaint on November 8 2021, alleging that Solomon and the other defendants had not fulfilled their part of the agreement. In that framework, they filed a motion to appoint a receiver over SIAF.

Subsequently, and because of legal considerations that I do not care sufficiently about to try to understand fully, this motion was refiled as part of the initial lawsuit (the one which ended in the settlement). The new complaint was put on hold while the refiled - thereby reopened - lawsuit played out.

The judge has now rejected this refiled motion, interestingly enough echoing the concerns of the lone objecting shareholder:

"...many of the remaining terms appear to be no more than agreements to agree, which, assuming they are even enforceable, pose serious difficulties for a party seeking to establish noncompliance."

It is very clear from the final words of the judge's order, that the plaintiffs were thoroughly had by Solomon when they agreed to the settlement; that they, as we say on this side of the pond, ont été bien roulés dans la farine:

"At bottom, the problem is that Plaintiffs’ motion is not really intended to enforce the terms of the settlement agreement at all. Instead, Plaintiffs contend that there are ongoing institutional failures at SIAF that the settlement agreement has failed to correct. But many of these institutional failures predated the parties’ settlement. And, in any event, Plaintiffs are bound by the settlement to which they agreed."

As far as I understand, this means that the second, refiled, motion now has failed.

What is not clear to me is what will happen to the initially filed new complaint of November 8 2021, which was put aside while the refiled motion played out.

It may be that the fact that the plaintiffs have entered into a settlement, which led to their initial suit being dismissed with prejudice, will invalidate any subsequent lawsuits that would be filed for essentially the same reasons. I am not qualified to assess this matter, but there are no doubt other forum dwellers who are (downthehatch springs to mind).

At any rate, below a link to the judge's denial. Sorry to bring bad news, but as we all know, unpleasant tidings had better been brought forth as soon as possible, to get it over and done with.

https://mega.nz/file/IwUznZiJ#uS8mfv_RJv48EAvM5lBua7gZGxehLl8UVzAQ7_ZbGHw

[Skinny Mulligan]

Maybe. The've put something out there to pump. I find it curious that no more info has come out on the lawsuit. Maybe Hang Ren has been given a reason to hold off. But I haven't seen any signs of accumulation by anyone yet.

[surfer44]

I'd rather buy SIAF at $.04 than bitcoin at $29,000. Just saying.

[surfer44]

It is within the realm of possibility. I do believe subpenny stocks are underrated

How Peter Thiel turned $2,000 in a Roth IRA into $5,000,000,000
Alessandra Malito - Jun 26, 2021

Roth individual retirement accounts were created to help middle-class earners set aside money for retirement with no taxes due upon withdrawal. But PayPal co-founder Peter Thiel has used his Roth IRA to amass a $5 billion nest egg.

Thiel’s Roth IRA was worth less than $2,000 in 1999, according to Internal Revenue Service data obtained by ProPublica. Roth IRAs are funded with after-tax dollars, which means at withdrawal the money is tax-free. (Traditional IRAs are funded with pretax dollars, so distributions are taxed at withdrawal.)

The account jumped more than $3 billion in value in just three years, even though Thiel did not contribute money to his Roth after 1999, ProPublica found. It had reached $5 billion at the end of 2019.

Thiel, 53, need only wait until he turns 59½ to withdraw any of his Roth account balance completely tax-free.

Thiel’s Roth account balance is wildly different from the everyday retirement saver’s. Approximately 21.6 million taxpayers had Roth IRAs at the end of 2018, collectively worth $845 billion. Broken down, that equates the average balance to roughly $39,100, according to IRS data.

Amassing this amount of money in a Roth IRA is not simple. The contribution limit for these accounts is $6,000 a year in 2021 (or $7,000 for people 50 and older). There are also income restrictions. For example, single individuals with modified adjusted gross incomes, or MAGI, of less than $125,000 in 2021 can contribute up to the limit, but their contributions are phased out if their MAGI is between $125,000 and $140,000, the IRS states. If they earn more than $140,000, single taxpayers cannot contribute to a Roth IRA. For married couples filing jointly, the threshold is between $198,000 and $208,000 in 2021.

Thiel and other entrepreneurs have used their Roth IRAs slightly differently from the manner in which the average investor would, ProPublica found. For example, Thiel bought 1.7 million shares of PayPal in 1999 for $0.001 per share, or $1,700, ProPublica reported.

With this strategy, investors are able to buy a large number of shares in a startup at fractions of a penny per share. When those investments garner large gains, investors can use the proceeds from these investments still inside the Roth IRA to make other investments. Substantial gains could be derived if the company goes public and its share price skyrockets.

The gains from those sales are then tax-free, because they occurred inside a Roth IRA.

[Gullible Fish]

Buy NOW!!! $.04 get you $100 Party Seat!!! We REAL!!!! Make Haste

[surfer44]

Maybe you can take the unused land and make a homeless encampment. Try to get reimbursed by the government.

[surfer44]

Solomon, this is what happens when you drag your feet. The world passes you by.

[surfer44]

China delivers world's first 100,000-tonne 'mobile fish farm'

" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=

[Skinny Mulligan]

Cash is coming from somewhere to pay for stuff. Financials say receivables. But that's all related party stuff; but apparently that must be real. So there's at least that :)

[Emilez]

I see, too bad.

[RealDutch]

Who on God's green earth is going to lend them cash for anything?

Nobody. It's been like that for the past 7 years.

[Skinny Mulligan]

They got cash from Receivables, but more went out that was booked to Payables. They borrowed essentially.

Oddly, they identify some large payables will be paid "by April" and some in " by end of 2022". This is all irrelevant; there's no way mathematically they can extinguish that amount of debt without incurring more. There's $0 income and not enough equity left to dilute that much.

[Skinny Mulligan]

SIAF to corner the corner the cassava market!!!

What, the hell, is a casasava? No more fish I guess. But they didn't wipe off any worthless assets off the books.

What puzzles me is how they can even pay anyone for any of these farces. The legal fees to respond to the shareholder lawsuit alone should have wiped out their remaining cash. Who on God's green earth is going to lend them cash for anything?

Best bet is still liquidation and those land rights. But maybe those cassavas will give someone something to pump here.

[Emilez]

In june 2022 if they are lucky they can send people to Madagascar to start things up over there. Probably small chance of success but a bit interesting.

[Emilez]

About the trading division. Maybe a small hope if they can get it restarted.

"Nevertheless presently the Company has registered in its book multiple of US$ hundred millions of supplies and sales in locally produced corns (for China domestic end users), imported sugars from Brazil, rape seed oil from Russia and coals from Indonesia for sales in China etc. that will be initiated as soon as the Company will finalize the seed capital needed for the establishment of bank instruments to generate the sizable trades. Once when these trading will be started, collectively they will bring in multiple of US$ tens of millions in gross profit per year to support the Company’s cash flows at reasonable high levels. In this respect, the Company is optimist that the said seed capital will be materialized within a further reasonable period on or before the end of Q2 2022."

[Emilez]

Zero income from fisheries it seems.

[Emilez]

Positive cash flow might be slightly positive, although I don't understand the numbers completely.

[RealDutch]

Can't find the legal proceedings in the 10-Q

https://www.law.cornell.edu/cfr/text/17/229.103

[downthehatch]

They posted the Q1 financials.
Summary: They lost less money in 2022 than in 2021.

I guess that's positive.

[Skinny Mulligan]

Already was ugly. No newcomers here. Everyone knows the situation. It's a slow motion car crash. Anyone here is either a rubbernecker, or tow driver waiting to salvage the scrap.

[RealDutch]

What an ugly story this has become.
But I have been warning about it for years.

Sue the other directors also, IMO.

[RealDutch]

Sorry to say there is no value here at any price.

[Skinny Mulligan]

Was there new case news? Didn't see any.

Don't blame whoever just bailed. There's SO much opportunity to buy dips right now with high possibility of a quick return. I bailed half my holdings a couple months ago to do the same thing.

Whoever just bought them is already trying to sell at a 15% premium. Any takers? I just put in my first bid in ages, but at a new low. Actually surprised it got to $.03

[spartyJ]

Sadly GF there were just a bunch of bag holders in this total SS Scam! Except for someone who claims they actually made 30K off this "company"........hilariously funny. The only one that was right in this entire deal was Zero which is amazing considering the entire board was asking for proof when in fact nobody had any proof otherwise. WE REAL! Have not seen an update from the Rock Hill Group on how many shares they currently own here. Assuming it was a blood bath.

[Gullible Fish]

Buy NOW!!!! You be RICH!!!!!

[Skinny Mulligan]

You forgot to quote "management". Nothing is being managed. The only play here as I see it is wrestling control from Solly and liquidating; assuming there's any net remaining. If Solly looses the case(s) there'll be a SP spike. Then it either spikes again, or goes to $0.00 once they find out what's left. Not the best odds, but there's hope.

I think the only significant value is the land rights. Which probably are not transferable. Which means the the company will have to be sold as a stock sale; another tough sell.

[Skinny Mulligan]

Oops! Duplicate post.

[pumper_stumper]

And yet, totally over the heads of many shareholders! This is the "reward" for investing in a Chinese company!

Do you think, like I do, that management gets a good laugh when they see angry emails from frustrated shareholders with large losses?

it was one of the biggest penny promotions I have ever seen. 10 years and $180 million USD in convertible share sales. promissory note conversions. spent probably $250k annually on lawyers and the rest went directly to "management" for their "valuable contributions"

[RealDutch]

Is Solomon too demented to file an amended 8-k now?

[zerohedge]

it was one of the biggest penny promotions I have ever seen. 10 years and $180 million USD in convertible share sales. promissory note conversions. spent probably $250k annually on lawyers and the rest went directly to "management" for their "valuable contributions"

[Skinny Mulligan]

Someone's been buying occasionally. I'm fairly certain whoever is selling is here. So let me help you out. You were probably the one who kept bringing your ask just below mine (but I wouldn't bring below.0713). If you leave it alone long enough whoever this is will eventually give up and hit it. It may take a while. But we're all patient here.

[RealDutch]

You have shot down exactly nothing, except thin air.

[pumper_stumper]

Yes, I remember every one of those bullish reasons, several of which I shot down here several times. Eventually, logic wins!

Yes that was classic. And how about how stupid the market was that they did not see these undervalued Chinese companies and people were actually investing in Netflix and Tesla. Why the hell was Warren Buffet not on board here? Stupid Americans! Oh the comedy and tragedy of it all. If I were Fredly I would not spare any expense to put S Lee into a miserable existence.

[Skinny Mulligan]

I tripled my position and managed to get myself even a couple months ago. Several weeks back I managed to bail half my position.

It's not out of the question that I continue to average down. But will have to be closer to .04. Still got around 100k shares left.

[spartyJ]

No thanks, I will let you corner the Chinese Fraud market.

[RealDutch]

Criticize me all you want. But I'm still up $30k on this garbage stock. Because I made the right call.

And I'm telling you, as I have been saying for the past 3 years, the grass is a lot greener across the street. It's still not too late to profit from it.

[spartyJ]

Yes that was classic. And how about how stupid the market was that they did not see these undervalued Chinese companies and people were actually investing in Netflix and Tesla. Why the hell was Warren Buffet not on board here? Stupid Americans! Oh the comedy and tragedy of it all. If I were Fredly I would not spare any expense to put S Lee into a miserable existence.

[pumper_stumper]

You remember those too? Yes, what was it, some kind of "audit" from 7 or so years ago showed all these assets, and the market didn't understand them!

[zerohedge]

did you erase all of your positive affirmations about "real assets" of $700 per share? #spinoffs

[Gullible Fish]

We So REAL!!!!! Give us All your DD investment Dollar and we make you RICH! RICH! RICH! Anyone Question how we not make you Millionaire a FOOL! You Only LOSE you SELL! Make Haste, buy many Share you soon attend $100 Party sponsor by DD Investor!!! Train Leave Station SOON!!!! You stand on dock wave Bye-Bye you Not BUY NOW!!!!!! We So REAL!!!!! Watch Hyperboy Video show MEGA SHRIMP wait in Line jump in Net!!! Only FOOL not BUY NOW!!!!! We So REAL!!!!!!!

[surfer44]

My motto is: Why pay $1,000 for a share of stock when you can pay $.065