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CCME is not on the trading suspension list of the SEC.
http://www.sec.gov/litigation/suspensions.shtml
-Andrew
Happy Passover and Easter everyone!
Done.
Sfardaya.
(if you get it, it's the time of year)...
CSR - Have to have at least a tiny amount of fun to post a link to the short interest on CSR.
-Andrew
Zhuofeng Zheng, Financial Controller is still listed with CCME on a different part of the ccme.tv website.
I relied on the corporate governance page. There is also a Directors and Management page.
Probably my mistaken message should be removed since its wrong. Marty is right.
-Andrew
Anyone see a Controller job listed anywhere (for CCME)?
Discussion of updates to ccme.tv website. Did Marco Kung stay on after all?
1) ccme.tv still lists Marco Kung on the ccme.tv website:
http://www.ccme.tv/eng/ir/governance.php
Board of Directors
Zheng Cheng, Chief Executive Officer, President and Chairman
Mr. Cheng is the founder of CCME and has served as the Chairman of the Board of Directors and the Chief Executive Officer since its incorporation in 2002. He has over ten years' experience in enterprise management and is primarily in charge of the government relations, formulation of the growth strategies and management of the business. Prior to the establishment of CCME, he had held a number of senior executive positions in various government agencies, state-owned enterprises and other companies, including the agriculture department of the Chinese Communist Youth League in Yunnan Province, Yunnan Qingnian Xinchangzheng Trading Company, Fuzhou Shoushan Waterfall Group EM Polder Co., Ltd., Fuzhou Electronics Mall Co., Ltd. and Fuzhou Mandefu Food Co., Ltd. He is also a philanthropist dedicated to community development in China. In 2002, he was recognized by the Industry and Commerce Association in Fuzhou for his reputation for charity and assistance of children in need of education. He launched activities to raise funds to help relieve damage resulting from the earthquake in Sichuan in May 2008. In 2005, he was awarded Fuzhou Distinguished Young Entrepreneur of the Year. In addition, he currently serves as the vice president of Fuzhou Advertising Association, as well as the vice president of the Industry and Commerce Association of Jin'an District and Gulou District of Fuzhou. He is also a director in the standing committee of Fuzhou Industry and Commerce Association, the Sixth Political Consultative Conference Committee of Jin'an District of Fuzhou, and the Fujian Entrepreneurs' Association. Further, he is a visiting professor of Minjiang College who teaches subjects relating to the advertising industry in China. Mr. Cheng received his bachelor degree in economics from Yunnan University in China in 1994.
George, Ronghong Zhou, Independent Non-Executive Director
Mr. Zhou is currently the Chief Executive Officer and a director of Beijing Tengzhong Investment Ltd. and a director of Sichuan Tengzhong Heavy Machinery Industrial Co., Ltd. Prior to joining Beijing Tengzhong, Mr. Zhou was Chief Operation Officer of Benda Pharmaceutical. Prior to joining Benda Pharmaceutical, Mr. Zhou was a Partner and Managing Director of Eos Funds, where he directed investments in Chinese companies which intended to list on U.S. and Canadian exchanges. Prior to that, Mr. Zhou served as Co-Founder, president & Chief Executive Officer, and member of the Board of Directors of Abepharma Ltd. and Red Mountain Pharmaceuticals (China) Ltd. respectively. He was also a Co-Founder, Chief Executive Officer, and Chairman of the Board of Directors of Kangjian Pharmaceutical Co., Ltd. Before entrering the pharmaceutical industry, Mr. Zhou was a post-doctoral fellow in molecular biology at the University of Victoria, Canada, and received a Ph.D. in molecular biology from Umea University, Sweden. He had his master degree in genetics at Southwest University, China. He also worked as an associate professor at Chongqing University, China.
Marco, Wai Chiu Kung, Independent Non-Executive Director
Mr. Kung is the current Company Secretary and Financial Controller of the Wuyi International Pharmaceutical Company Limited, a company listed on The Hong Kong Stock Exchange Limited. He was a corporate financial controller in a company listed in Singapore from 2004 to 2005. He has over ten years' experience in business advisory services and financial management. Mr. Kung graduated from Hong Kong Lingnan University in 1997 with a bachelor degree in business administration. He further obtained two master degrees in business administration from the University of Wollongong, Australia, in 2005 and in corporate governance from the Hong Kong Polytechnic University in 2008, respectively. He is a fellow member of the Hong Kong Institute of Certified Public Accountants, the Association of Chartered Certified Accounts and the Taxation Institute of Hong Kong. He is also a Chartered Secretary of both the Institute of Chartered Secretaries and Administrators and the Hong Kong Institute of Chartered Secretaries. He registered as a Certified Public Accountant (Practising) and a Certified Tax Adviser in Hong Kong since 2007 and 2010 respectively.
Yingshou Huang, Independent Non-Executive Director
Mr. Huang has extensive experience in the advertising industry in the PRC. He has served as the president of Fujian Advertising Association since 2002. Prior to that, Mr. Huang worked as the department head of Fuzhou Administration of Industry and Commerce in 1996. Mr. Huang worked as Deputy Director in 1993, and office staff in 1981, of Gulou District Government, Fuzhou City, Fujian Province. Mr. Huang received his bachelor degree in advertisement at Fujian Agriculture and Forestry University Continuing Education School, at Fujian Province in 2001.
CCME.tv still says CCME has a big 4 accountant.
2) Committees: http://www.ccme.tv/eng/ir/governance.php?section=committees
Audit Committee
Marco Kung Independent Non-Executive Director and Chairman of Audit Committee
George Zhou Independent Non-Executive Director
Yingshou Huang Independent Non-Executive Director
Compensation Committee
Marco Kung Chairman of Compensation Committee
George Zhou
Nominating and Corporate Governance Committee
Yingshou Huang Chairman of Nominating and Corporate Governance Committee
George Zhou
3) http://www.ccme.tv/eng/ir/faqs.php
"Q: Please tell us more about CCME
Our financial statements are audited by one of the Big Four accounting firms."
4) I did notice one person is gone from the ccme.tv website. Hmmm. Did they delete the right profile or did they mean to? See next post.
That's my point (unless the evidence shows shares were sold) which the halt tends to suggest did not happen but who knows.
-Andrew
OK, so tell me how you plan to remove the current management and replace it without losing what lucrative contracts the company already has?
It could be the cash cab.
Ant breeding. Hill is extra. Order Now!!! Limit 5 per caller.
Aside from the illegal letter that we can't send him, there is only one other letter with which this CEO would fully comply:
Dear Cheng Zheng:
You are the personification of administrative perfection, indeed the best CEO in corporate history. Thanks for saving money by not having to pay those pesky Board Members that irritating stipend. You know better than they do anyway. We are very satisfied with your efficiency. We know that you know what's best for us so we wont display arrogance or disrespect by offering suggestions. We ask nothing from you except that you remain CEO forever.
With highest respect,
All shareholders
Unfortunately, the letter that needs to be sent to Cheng is not legal...
-Andrew
Could be the purpose of the Wuyi dividend was to keep the cash, not to then give it back. Who knows...
That was the Feb 5 cost per share if the screen is right. Here is Google with the non-trade for today: http://www.google.com/finance?q=ccme
CCME - non-trade reflected as a trade (if you had not already seen the trivial occurrence):
CCME 17.00 +5.12 (43.10%) Vol: 15000
http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=CCME&mkttype=after
As valid as the 0.000001 trade.
-Andrew
The sun also rises...
That's as valid as the quote of 0.0000001 cents per share.
Maybe have two sets: oldies and goodies...
CGS -- maybe it's time to update the prices on the ibox... Someone did that about a month or two ago... (If CGS is bottoming would look a bit better too.
-Andrew
CCCL- Bought in today. If the short interest starts to creep higher, I'm selling.
-Andrew
The flip side of CNBC is the Food Network...
There was a contest opened on this issue on YMB some time ago where the high guess was 50MM.
-Andrew
Let's not limit it this the Tapioca Express Theme Song...
There are images of proof too:
(sticky toffee pudding)
(Chinese Mango Pudding
(Chinese Almond Pudding)
-Andrew
What I'd like to know is which fraud-feasing English-speaking lawyer came up with this phrase, "the proof of the pudding is in the eating" for Cheng, because this phrase does not appear to have emerged from Chinese culture. Someone (presumably lawyers) infused that language into the letter to shareholders.
The use of this phrase even garnered CCME criticism from non-shorts.
"'The proof of the pudding is in the eating' is a very old proverb. The Oxford Dictionary of Quotations dates it back to the early 14th century, albeit without offering any supporting evidence for that assertion. The phrase is widely attributed to Cervantes in The History of Don Quixote. This appears to be by virtue of an early 18th century translation by Peter Motteux, which has been criticised by later scholars as 'a loose paraphrase' and 'Franco-Cockney'. Crucially the Spanish word for pudding - 'budín', doesn't appear in the original Spanish text. It is doubtful that 'the proof of the pudding' was a figurative phrase that was known to Cervantes."
"The earliest printed example of the proverb that I can find is in William Camden's Remaines of a Greater Worke Concerning Britaine, 1605:
"All the proof of a pudding is in the eating."
-Andrew
The CEO would say the following Tapioca Pudding Recipe with ingredients multiplied by 500.
"Look at the instructions on the package of tapioca that you buy. Some small pearl tapioca requires overnight soaking in water. If your package has that requirement, reduce the milk in the recipe to 2 1/2 cups from 3 cups.
INGREDIENTS
1/2 cup small pearl tapioca (you can usually find it in the baking section of the grocery store, do not use instant tapioca)
3 cups whole milk (or skim milk with cream added)
1/4 teaspoon salt
2 eggs
1/2 cup of sugar
1/2 teaspoon of vanilla
METHOD
1 Combine tapioca, milk, and salt in 1 1/2 quart pan on medium high heat. Stir until boiling. Simmer 5 minutes, uncovered at the lowest possible heat, adding sugar gradually.
2 Beat eggs in a separate bowl. Mix in some of the hot tapioca very slowly to equalize the temperature of the two mixtures (to avoid curdling).
3 Return eggs to pan with tapioca. Slowly bring mixture barely to a boil, stirring constantly. Reduce heat and stir several minutes at a low simmer, stirring constantly until you get a nice thick pudding consistency. Cool 15 minutes. Add vanilla. Serve either warm or chilled.
Note: If you want to make a more light and fluffy, but still rich, tapioca pudding, separate the eggs. Use the egg yolks to stir in first to the pan with the tapioca. Once the pudding has become nice and thick, beat the egg whites in a separate bowl to soft peaks. Remove the pan of tapioca pudding from the stove, fold in the beaten egg whites into the pudding.
Serves 4-6.
Multiply recipe by 500 to feed proof to all shareholders.
-Andrew
CCCL - I'm beginning to look into CCCL. Has anyone been to the factory, filmed any of their activity, or met with management?
Must say it's in stark contrast to some of the factors surrounding much of this space. The worst thing I've heard about it so far was a friend of mine who is a money manager saying that there's the chance they do a secondary... It's just my friend's rhetoric, though, not specific to this situation.
Any pointers on CCCL welcome. Thanks.
-Andrew
It can't be in May. That's when the plumber is coming...
-Andrew
That's interesting language, "the" bank statement... ;)
Here is some info on Pepper Hamilton:
Their attorneys have:
defended a former CFO in a trial in which the SEC had alleged accounting misstatements; we obtained dismissal and a monetary sanction against the SEC
represented a medical device manufacturer in an NASD (now known as FINRA) and SEC inquiry into potential insider trading; no charges filed
defended a former CAO/Controller of Delphi named in a SEC enforcement action
defended a former CAO of Waste Management named in a SEC enforcement action
defended a client under investigation by the DOJ for securities fraud; concluded with no indictment
represented a broker’s broker in connection with an investigation by the SEC into certain practices in the industry
defended a diversified holding company and its chairman in three-year SEC investigation
represented a former accounting office of a public company in connection with an investigation by the SEC into accounting fraud
advised an accountant whose client was sued by the SEC
represented a senior officer of a public company in connection with an SEC investigation relating to delinquent Form 4 and 5 filings; after a Wells Submission filed on behalf of the client, the investigation was dropped
represented a stock broker in connection with an insider trading investigation by the SEC
represented an attorney in connections with an insider trading investigation by the SEC
obtained a favorable settlement for a county general authority in connection with an SEC investigation relating to a municipal bond offering.
Derivative/Shareholder Litigation and Corporate Governance Claims
We defend against stockholder derivative lawsuits and actions claiming breach of fiduciary duty against corporations and their directors and officers. We also advise directors about their duties when a derivative claim is made. We are experienced in coordinating the defense of derivative claims in conjunction with securities fraud allegations.
Representative engagements in this area include:
obtained dismissal of derivative claim against corporate directors relating to bonuses given to management in connection with sale of the company’s three operating divisions
defended directors against claim that due to self-interest, they had not obtained a sufficiently high price when selling company’s principal asset
obtained a motion to dismiss a derivative action challenging the board’s adoption of change in control agreements and other executive compensation packages as a breach of fiduciary duty
represented the founder and majority shareholder of a publicly traded technology company in a breach of fiduciary duty action arising from a going-private merger
defended a publicly traded bank holding company against shareholder disenfranchisement claims
counseled a publicly traded health care corporation on how to respond to an antagonist shareholder’s request for corporate records
defended a publicly traded bank holding company against claims seeking to overturn the election results from an annual shareholder’s meeting
represented acquired bank’s and manufacturer’s officers and directors in cases involving propriety of “lock up” provisions in acquisition agreements
counseled a bank in breach of fiduciary duty claim regarding alleged dividend omission issues following a merger
represented a bank in defense of breach of fiduciary duty claims, involving the administration and investment decisions regarding welfare and pension plans
represented a trust company and officers and directors in defense of fiduciary breach claims relating to investment decisions and conduct of a transaction unavailable to certain clients
represented accounting firms against claims of malpractice with respect to acquisition and limited partnership transactions
represented clients in the Delaware Court of Chancery in appraisal actions and in an action successfully freezing bank accounts of a joint venture partner spending joint venture funds for improper purposes.
Source: http://www.pepperlaw.com/PracticeArea_preview.aspx?PracticeAreaKey=15
CCME - Bus count message FWIW: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=62073749
-Andrew
Player One, just about anything can happen in the absence of further information. Therefore you cannot glibly conclude that there is "only" one outcome.
The more I see definitive projections to the negative, or Carson Block naming zero specifics on CNBC, without a smoking gun document, the less conclusive this pessimism appears. If CCME could, as you say, "only get much worse", the evidence would so show and there'd be no need for a continual barrage of gloom and doom rhetoric.
It's incredible that no one has leaked a false bank statement or proof that Cheng has sold his shares. Where is the proof already?
In the case of Enron, we had insiders who came forward with proof. Here we just have resignations without specific information.
Is there anyone here who would not like to see more proof?
One way or the other, we will have more information before CCME trades again.
-Andrew
You wrote: They will have a very big problem that will only get much worse.
Well, since we lack information, there is still a wide cone of possibilities. What if, since anything coudl still happen, CCME has only 1/2 the money in the bank but still does a 30 million dollar buyback on the day it reopens.
(I'm not saying that will happen, just pointing out that in the absence of more information there are things CCME could do to drive price higher and not fall to ten cents as you say).
-Andrew
If WCTBILLS had been on CNBC, it would likely have been by phone. (Past performance suggests that WCTBILLS does not like to reveal his likeness because of his desire for privacy). Either way, WCTBILLS would have been lucky to get two solid sentences in besides the cordialities at the beginning and the end. The bias on that show regarding this subject is almost insurmountable.
-Andrew
I'm just saying that there's multiple theories for why CCME may or may not be fraud, as well as difference of opinion for what percentage of the company is or is not fraud, together with difference of opinion on whether the company's alleged cash is or is not real, and if real, what percentage is real.
My response was that your statement could prove false as alternative theories for fraud or for legitimacy could prove true. Your question did not imply multiple theories were still possible in the absence of definitive information.
We can all agree there's a lack of definitive information. Who here would not like to see bank records compared between whatever Ping Luo and DTT saw as opposed to what is at the headquarters of their Chinese banks?
-Andrew
Another question is whether some or all of your theory is a little wrong or totally false. This too will be determined before CCME begins to trade again.
-Andrew
When all the Madoff victims are done suing everyone, they may actually get back a lot more than you'd expect.
-Andrew
Maddoff got sued also, and lost.....how much of the billions of peoples retirement did they receive back...NOTHING
It's shocking that a CFO could lack access to all bank records. BTW, NASDAQ should have a rule that a company cannot be listed unless the CFO has access to all banking records (if they do not have one already). What is a Chief Financial Officer? Audits in China should include verification of who has total access to bank records as part of any audit. Auditors need to get statements from banks and the banks should be accountable for irregularities. Banks who mislead the auditors should be sued by the auditors.
How could any auditor not confirm that the records provided are accurate. If false statements from bank records is commonplace in China, would not the auditor in China know this and act to verify accuracy in 2009 (when DTT did sign off an a whole year's auditing)? Did the auditor verify what the CFO could access? It seems an auditor has to verify the authenticity and original source of records as part of the audit. Given what these auditors should know about falsification in China, they should have required elements of a forensic audit as part of a regular audit. Who cares if it's labeled "forensic" or "regular" or whatever other term designates the extent of an audit. If you know that banking records may well be false and cannot rule that out, a forensic audit is needed and to not do so would be reckless (IMHO).
These are the kinds of things that would tend to suggest recklessness.
-Andrew
Well, maybe, but CCME has been halted from before the withdrawal was announced.
Let's see what happens. What choice do we really have?
-Andrew