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DRL looking very good!
NIce! I'm still holding shares.
Agreed - been a great trading stock.
Picked up a small amount this morning IRE
You are correct
I added more after I saw it was holding 1.65ish... still a bit worried about the earlier developments, but maybe its not an issue
DRL 2.02 x 2.03!
3.99 PTIE
3.40s now for PTIE - watching for possible short term bounce.
DRL looking good again.. large volume last week.
It's not the news people are waiting for....that is yet to come!
GL
Nephros, Introduces Renal Market Application made with Eastman Tritan™ Copolyester
Eastman Chemical is pleased to announce that Nephros, Inc., will introduce two hemodiafiltration (HDF) filters with housing made of Eastman Tritan™ copolyester.
http://www.eastman.com/Company/News_Center/2011/Pages/Nephros,%20Introduces%20Renal%20Market%20Application%20made%20with%20Eastman%20Tritan™%20Copolyester.aspx
Thanks for the updates jayree.
Don't know if Paulson would buy back. However he did say he will be monitoring the Sino Forest situation per his letter.
MW Disclaimer is interesting though:
"Disclaimer:
Use of Muddy Waters LLC’s research is at your own risk. You should do your own research and due diligence before making any investment decision with respect to securities covered herein. You should assume that as of the publication date of any report, Muddy Waters, LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in the stock (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of stock declines. Following publication of any report, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented "as is," without warranty of any kind – whether express or implied. Muddy Waters, LLC makes no representa- tion, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Muddy Waters, LLC does not undertake to update or supplement this report or any of the information contained herein."
Absolutely. Especially when his entry started in 2007, therefore his overall losses weren't as massive as first indicated.
So from the letter and reports, Paulson sold, not because he believed the accusations by MW against Sino Forest ( SNOFF / TRE ) were true, but because he felt that even through vindication, the stock price may stay depressed, like ONP, Orient Paper, which he quoted in his letter.
A couple of things to consider though...
Sino Forest has garnered a lot more attention
Sino Forest has had higher volatility, higher volume and trader attention
Sino Forest has a higher short interest
Sino Forest has fallen from a much higher market cap and pps valuation:
>> ONP fell from $9/$8ish to around $4. (around 50% haircut)
>> SNOFF / TRE fell from around $20 to around $2, with a low of around $1.30!!(around 90% haircut)
Seems to me that a vindication for Sino would see a northward correction very unlike ONP.
Paulson Speaks Out on Sino-Forest
BY AZAM AHMED
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Muddy Water Slams Some Chinese Stocks
John A. Paulson, founder of hedge fund Paulson & Co., has taken a lot of heat this month for his investment in the Chinese timber company Sino-Forest.
News reports suggest his firm, which manages about $38 billion, could have lost up to $500 million when shares of the company plunged amid questions about its finances.
In a memo to investors, Mr. Paulson said the actual loss was closer to $100 million based on the average price the firm paid for the shares since it began buying in 2007. But from the stock’s price at end of last year, the firm lost $562 million.
The loss comes as a blow to the hedge fund firm, which made billions during the financial crisis by placing bets against the subprime mortgage market. Many wondered how such a seemingly prescient investor could have fallen prey to a company with potentially shaky auditing and finances. A research firm Muddy Waters recently issued a scathing report on a Chinese forestry company, calling it a “pump and dump” scheme that has been “committing fraud.”
The Paulson letter says that the firm conducted considerable due diligence on Sino-Forest. The hedge fund team reviewed public filings, participated in conference calls and talked with management and analysts covering the company. A Paulson employee visited the company in China, spent time with customers and met with a member of the Chinese government who deals with forestry matters, the letter said. The memo was first reported by AR Magazine.
“As a passive investor in public companies, Paulson has access to the same information that everyone else in the securities markets does,” according to the memo. “Like other public market investors, we must rely on audits and underwriter due diligence for comfort that financial statements and disclosures are accurate and reflect the true state of affairs at companies with publicly traded securities.”
In late June, Paulson & Co. decided to sell their more than 30 million shares. The hedge fund had been the biggest shareholder in the company.
“Paulson reviewed both sides’ written materials, asked questions, and engaged in further independent research, including conversations with the chairman of the special committee about the scope and process of their investigations,” the letter stated. “Although Sino-Forest steadfastly denies the Muddy Waters allegations, stands by its public disclosures and financial statements and maintains that there is no fraud, we believe significant uncertainties exist and we made the determination to sell our full position and await the results of the independent investigation.”
Ultimately, the firm concluded that even if Sino Forest cleared its reputation, the company’s share price was likely to stay depressed for long time.
http://dealbook.nytimes.com/2011/06/24/paulson-speaks-out-on-sino-forest/
Shedding some light on the Sino Forest
Read the entire article here:
http://ftalphaville.ft.com/blog/2011/06/24/605506/shedding-some-light-on-the-sino-forest/
Our overall conclusion based on our review is that Sino-Forest is probably a legitimate company with a significant economic presence in the forestry and timber sectors in China. In our opinion, however, the company does not deserve anywhere near its pre-Muddy Waters valuation due to at least three critical unresolved issues that we have identified during our review.
For now we would summarize Mr. Block’s accusations as predominantly speculative with only two or three specific items deserving serious management and stakeholder attention, which we’ve noted and incorporated into our review.
Excerpt from Paulson's letter:
http://ftalphaville.ft.com/blog/2011/06/24/605691/dear-sino-forest-investors-sorry-love-john-paulson/
After noting the publication of the Muddy Waters report on June 2, the memo’s authors explain why they decided to sell up. Interestingly, there’s no reference to the veracity of the MW report but there is a strong nod to the legacy of the short seller’s previous attack on Orient Paper. In short, it doesn’t matter to Paulson & Co. whether MW is correct or not:
Paulson And Co Only Lost $107 Million On Sino-Forest
http://dealbreaker.com/2011/06/paulson-and-co-only-lost-107-million-on-sino-forest/
Not really enough to get upset about, though in a letter to investors today re: the Chinese company, Paulson did note that “as the largest investors in the Paulson Advantage strategy,” the disappointment in the lack of trees is shared by the Paulson partners.
According to the letter, Paulson’s initial interest in the firm followed a January 2007 news report that CVC Asia Pacific and Macquarie Bank were considering a bid for Sino-Forest. Paulson began researching the company and started building a position after news that Sino-Forest’s potential acquirers would not be bidding sent its stock price down. Then, in March 2007, after Sino-Forest sold a 16% stake of its stock to an investment group led by Temasek, Singapore’s sovereign wealth fund, Paulson & Co. decided the Chinese company’s stock was undervalued and suggested to the company that it move its stock listing from Toronto to Hong Kong or Shanghai to improve its valuation.
“As a passive investor in public companies, Paulson has access to the same information that everyone else in the securities market does. Like other public market investors, we must rely on audits and underwriter due diligence for comfort that financial statement and disclosures are accurate and reflect the true state of affairs at companies with publicly traded securities,” said Paulson’s letter, noting that the firm conducted extensive due diligence on its investment. Additionally, the firm cited several legal and institutional controls that Sino-Forest had passed. Among them: financial and legal auditing by the Toronto Stock Exchange beginning in 1995; financial statements approved by such auditors as Ernst & Young; eight separate securities offerings between 2004 and 2010 and a large following by sell-side research analysts and ratings agencies. Though Paulson stopped short of denouncing Sino-Forest’s accounting, the firm attributed its decision to unload its [full] position in Sino-Forest to what it believes is irreparable damage to the company’s stock from a June 2 report from Muddy Waters Research that questioned the company’s public disclosures and financial statements.
And while the firm appears to have done the rational, level-headed thing in selling the position, it appears that some emotion is still at play, as apparently someone is not yet ready to let go, move on and never look back.
“As the largest investors in the Paulson Advantage strategy, the Paulson partners share your disappointment in this outcome,” said the letter. “We will continue to monitor the Sino-Forest situation.”
good trade... thought you were waiting for .75c
maybe you can get in this time lol
3.50 looks possible
Looks like AMHD is getting on radars lately - on watch. A run is brewing imo.
Time to accumulate.
ITC Extends Probe In Eastman Kodak Company Patent Complaint Against Apple Inc. And Research In Motion Limited-DJ
Thursday, 23 Jun 2011 05:39pm EDT
Dow Jones reported that a U.S. agency extended its investigation into whether Apple Inc. and Research In Motion Limited (RIM) violated digital image technology patents owned by Eastman Kodak Company by a week, prolonging the struggling film company's intellectual property skirmish with the companies. The International Trade Commission, an arbiter of trade disputes that can block imports of patent-infringing products, said its new target date for completing the investigation is June 30. The extension may create an incentive for Apple and RIM to settle with Kodak because a decision against the companies could possibly involve a ban on imports of Apple's iPhone and RIM's BlackBerry devices to the U.S.
EK
Remember it follows TRE.TO (TSE:TRE) which is a Canadian broad market exchange stock.
Absolutely! Showing incredible strength after broad market panic selloff
TRE (TSE:TRE) is Sino Forest on the Canadian exchange. SNOFF is how it is traded in the US - on the Pinksheets. So if you are watching SNOFF, you should be watching TRE.
TRE.TO has traded about $24.5M in volume today so far.
SNOFF has traded about $4.5M in volume today so far.
Must not forget the correlation b/w the two and the amount of $$ at stake on the TSE listed stock.
Have you encountered the fees before, personally? fees outside of the norm?
Has anyone?
Of course its risky. If you trade it, you should know the risks involved. Thus the high volatility and trading opps
STATESVILLE, N.C., June 23, 2011 /PRNewswire/ -- Bebida Beverage Company (OTCmarkets: BBDA) (BeBevCo) announced today that the Company has signed the most significant distributorship to date. BeBevCo's popular KOMA UNWIND 2 oz relaxation shot will be available to thousands of retail stores in the western North Carolina region. RC Cola of Asheville will begin offering the Company's "Chillaxation Drink™" drink KOMA UNWIND, Sugar-free will be offered in the coming weeks.
"For over 75 years RC has been delivering the finest beverages throughout the western North Carolina region. This is part of our continuing marketing program to substantially increase distribution of our products," stated CEO Brian Weber. "It's great to add RC and the 15 counties they service which include Cherokee, Graham, Swain, Haywood, Madison, Yancey, Mitchell, McDowell, Buncombe, Henderson, Transylvania, Jackson, Macon, and Clay. RC Cola will service this area with their 3 distribution warehouses which help fill in the western part of the state," Weber said.
"The relaxation beverage category has arrived. Our KOMA UNWIND brand is growing everyday with inquiries from everywhere including several enquires this week from overseas. We are proud of our Company and our accomplishments and adding another very well established distributor like RC of Asheville, who distributes great brands such as Canada Dry, Crush, A&W, 7-Up , Cheerwine and a whole host of other prominent brands," stated COO Daisy Ramirez.
For more information about Potencia Energy Drink and Koma Unwind, please visit http://www.BeBevCo.com/. Follow us On Twitter: KOMAUNWINDnews.
BBDA news
STATESVILLE, N.C., June 23, 2011 /PRNewswire/ -- Bebida Beverage Company (OTCmarkets: BBDA) (BeBevCo) announced today that the Company has signed the most significant distributorship to date. BeBevCo's popular KOMA UNWIND 2 oz relaxation shot will be available to thousands of retail stores in the western North Carolina region. RC Cola of Asheville will begin offering the Company's "Chillaxation Drink™" drink KOMA UNWIND, Sugar-free will be offered in the coming weeks.
"For over 75 years RC has been delivering the finest beverages throughout the western North Carolina region. This is part of our continuing marketing program to substantially increase distribution of our products," stated CEO Brian Weber. "It's great to add RC and the 15 counties they service which include Cherokee, Graham, Swain, Haywood, Madison, Yancey, Mitchell, McDowell, Buncombe, Henderson, Transylvania, Jackson, Macon, and Clay. RC Cola will service this area with their 3 distribution warehouses which help fill in the western part of the state," Weber said.
"The relaxation beverage category has arrived. Our KOMA UNWIND brand is growing everyday with inquiries from everywhere including several enquires this week from overseas. We are proud of our Company and our accomplishments and adding another very well established distributor like RC of Asheville, who distributes great brands such as Canada Dry, Crush, A&W, 7-Up , Cheerwine and a whole host of other prominent brands," stated COO Daisy Ramirez.
For more information about Potencia Energy Drink and Koma Unwind, please visit http://www.BeBevCo.com/. Follow us On Twitter: KOMAUNWINDnews.
BBDA looking good
STATESVILLE, N.C., June 23, 2011 /PRNewswire/ -- Bebida Beverage Company (OTCmarkets: BBDA) (BeBevCo) announced today that the Company has signed the most significant distributorship to date. BeBevCo's popular KOMA UNWIND 2 oz relaxation shot will be available to thousands of retail stores in the western North Carolina region. RC Cola of Asheville will begin offering the Company's "Chillaxation Drink™" drink KOMA UNWIND, Sugar-free will be offered in the coming weeks.
"For over 75 years RC has been delivering the finest beverages throughout the western North Carolina region. This is part of our continuing marketing program to substantially increase distribution of our products," stated CEO Brian Weber. "It's great to add RC and the 15 counties they service which include Cherokee, Graham, Swain, Haywood, Madison, Yancey, Mitchell, McDowell, Buncombe, Henderson, Transylvania, Jackson, Macon, and Clay. RC Cola will service this area with their 3 distribution warehouses which help fill in the western part of the state," Weber said.
"The relaxation beverage category has arrived. Our KOMA UNWIND brand is growing everyday with inquiries from everywhere including several enquires this week from overseas. We are proud of our Company and our accomplishments and adding another very well established distributor like RC of Asheville, who distributes great brands such as Canada Dry, Crush, A&W, 7-Up , Cheerwine and a whole host of other prominent brands," stated COO Daisy Ramirez.
For more information about Potencia Energy Drink and Koma Unwind, please visit http://www.BeBevCo.com/. Follow us On Twitter: KOMAUNWINDnews.
SNOFF up today in a big red broad market day
Investigation will take time, 2-3 months. In the meantime, high volatility and good trading opportunities. It fell straight down from $25/20/$18 to a low of $1.38.
SNOFF is a pinksheet and won't see a halt (ie, when TRE.TO was halted, SNOFF continued trading and made a massive intraday bounce).
TORONTO, June 14 (Reuters) - Sino-Forest (TRE.TO) said on Tuesday it will take up to three months to debunk fraud allegations leveled by short-seller Muddy Waters, rattling investors and sending its shares down more than 30 percent.
"It will apparently take PwC two to three months to complete its investigation," Muddy Waters founder Carson Block said in a statement.
Sino-Forest Corporation confirmed that the Ontario Securities Commission (OSC) has opened an investigation. The Company has also formally requested that the Toronto Stock Exchange and the Investment Industry Regulatory Organization of Canada investigate the trading of the Company's shares by Muddy Waters, LLC and its principal Carson Block and anyone associated with these persons in advance of the issuance of the Muddy Waters' report. The Company also intends to request an investigation by the Singapore Exchange Ltd in respect to the trading of the Company's bonds.
SINO FOREST INVESTOR DATA ROOM... ENJOY
https://dataroom.ansarada.com/sinoforrest/Login.asp
1-) Google “sino-forest data room”
2-) Click on www.sinoforest.com/dataroom.asp
3-) Click on the “red link”
4-) As per instructions below on the website, send an e-mail to sinoforestIR@brunswickgroup.com stating your full name
If you have not subscribed to Sino-Forest’s e-alert and would like to access to the data room, please send your full name and Email to sinoforestIR@brunswickgroup.com to set up your new account. Your User Name and Password will be emailed to you from noreply@dataroom.com.au within 12 hours to complete your online registration
5-) Within 12 hours, you will receive an e-mail from Ansarada
6-) Within the e-mail, click on the link https://dataroom.ansarada.com/sinoforest
7-) On the popup window, click on “retrieve password”
8-) For the 1st time login, enter your e-mail address for both, “e-mail address” and “username” and hit SUBMIT
9-) Within seconds, you will receive your password in your e-mail account
10-) Go back to https://dataroom.ansarada.com/sinoforest and sign in with your e-mail and new password
ENJOY MORE THAN 60MB OF DATA (EVIDENCE) POSTED BY SNOFF MANAGEMENT TEAM!
repost from yahoo mb
SNOFF / TRE
perhaps other "institutions" with higher risk profiles buying in now