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GMAFB, the chances that CCME does anything on Friday is 0.000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000001/1000000000000000000000000000000000.
Shorts win.
We may never really know what happened even through litigation because of possible forgeries of records.
Price of CCME at open?
CCME.PK is taken BTW. We'll learn more about creative company symbol selection than we ever learned about CCME's financial structure in the last two years...
Xenophobia is dripping from the headline "Beware this Chinese Export".
-Andrew
Recent job description keywords: "video production", "graphic", "sex", "cheerful", "female", "over 18", "hotline", "coordination ability", anti-stress", and "college sex" (see below in bold) indicate that CCME will stop at nothing to be profitably engaged in business. Muddy Waters will have to hire a drama critic...
Perhaps CCME's new hires get paid to receive the same treatment as shareholders...
-Andrew
CCME Job postings - Update
[Urgent] video post-production (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-03-31 academic requirements: | work experience: | Job type: Full / Part Time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Job Type: community working time: full / part-time academic requirements: College Sex: Open Title Requirements: Open Age: 20 years old to 35 years Other requirements :----------------...
[Urgent] Human Resources Director (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-03-28 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- -------------
Fujian Focus Media Co., Ltd. Southwest Operations Center
2011-03-10 Education: college | :1-3 years work experience | Job type: Full-time | company size :100-499
Position Description: Position Description: 1, development of new customers, new businesses, new markets, the company issued to complete the business indicators; 2, collect, collate customer data and industry-related information and data. 3, Location: Chengdu, Chongqing, Requirements: 1, either sex, college education, 1 year relevant working experience, 3 years of advertising sales experience is preferred; 2, the image of good, cheerful, positive, dedicated , anti-stress, there is a strong pick ...
23 days ago from Zhaopin share more Cached
Sales of the elite (Location: Chengdu )
Fujian Focus Media Co., Ltd. Southwest Operations Center
2011-03-10 Education: college | :1-3 years work experience | Job type: Full-time | company size :20-99
Position Description: Position Description: 1, development of new customers, new businesses, new markets, the company issued to complete the business indicators; 2, collect, collate customer data and industry-related information and data. 3, Location: Chengdu, Chongqing, Requirements: 1, either sex, college education, 1 year relevant working experience, 3 years of advertising sales experience is preferred; 2, the image of good, cheerful, positive, dedicated , anti-stress, there is a strong pick ...
Position Description: Job Requirements: 1, college education, advertising, media, marketing, etc; have the same or more than one year relevant working experience is preferred; 2, writing skills, analytical skills, insight, communication, coordination ability, logical thinking ability. Job Description: 1, case planning activities; 2, the profit model in the study; 3, data analysis of competitors; 4 market research organization and data statistics. ...
26 days ago from Zhaopin share more Cached
[Urgent] Welfare Co-ordinator (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-03-02 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Recruitment Type: Open working time: full-time academic requirements: College Sex: Female title Requirements: Open Age: 18 years old to 40 years Other requirements: ---------------------...
31 days ago from Fujian Straits Talent Network to share more Cached
Data Entry Clerk (Location: Fuzhou )
[Urgent] Senior Administrative Clerk (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-02-25 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Job Type: community working time: full-time academic requirements: College Sex: Female title Requirements: Open Age: 22 years old to 26 years old the other requirements: -------------------...
36 days ago from Fujian Straits Talent Network to share more Cached
[Urgent] Graphic Design (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-02-24 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Recruitment Type: Open working time: full-time academic requirements: College Sex: Open Title Requirements: Open Age: 18 to 40 years old other requirements :--------------------...
37 days ago from Fujian Straits Talent Network to share more Cached
Sales Assistant (Location: Nanjing )
Fujian Focus Media Co., Ltd. Search near post
2011-02-21 Education: college | :1-3 years work experience | Job type: Full-time | company size :100-499
Position Description: Job Requirements: 1. A college education, female; 2. Advertising media company (agent) at least one year customer service experience; 3. Temperate, careful, good at communication; 4. Proficiency in office software, graphic producers will priority. Job Description: 1. Complete the advertisement ordering process; 2. With the sales team for customer service; 3. Finished pieces for examination and approval process; 4. Departmental records archive. ...
39 days ago from Zhaopin share more Cached
Sales Assistant (Location: Nanjing )
Fujian Focus Media Co., Ltd. Search near post
2011-02-21 Education: college | :1-3 years work experience | Job type: Full-time | company size :100-499
8 days ago from Talent Hotline China
;) <--------
@CCME re: Job listings
Did you notice the job description keywords: "video production", "graphic", "sex", "cheerful", "female", "over 18", "hotline", and "college sex". (see below in bold).
Perhaps CCME will stop at nothing to be profitably engaged in one video business or another...
Muddy Waters would have to hire a drama critic... ;)
-Andrew
CCME Job postings - Update
This is an updated & expanded review which as of last week suggests that they are now looking to recruit Human Resource Managers, Human Resource Directors, post video production technicians all via recruitment websites. Interestingly last week they started advertising for graduates on a website for final year students.
Hardly the activity of a mass fraud or a company about to go down in history as one the biggest China scams of the decade. Not that i ever thought they were not a semi legit trading entity.
Also Switow has had a make over. Make of this what you will....
[Urgent] video post-production (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-03-31 academic requirements: | work experience: | Job type: Full / Part Time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Job Type: community working time: full / part-time academic requirements: College Sex: Open Title Requirements: Open Age: 20 years old to 35 years Other requirements :----------------...
[Urgent] Human Resources Director (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-03-28 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- -------------
Fujian Focus Media Co., Ltd. Southwest Operations Center
2011-03-10 Education: college | :1-3 years work experience | Job type: Full-time | company size :100-499
Position Description: Position Description: 1, development of new customers, new businesses, new markets, the company issued to complete the business indicators; 2, collect, collate customer data and industry-related information and data. 3, Location: Chengdu, Chongqing, Requirements: 1, either sex, college education, 1 year relevant working experience, 3 years of advertising sales experience is preferred; 2, the image of good, cheerful, positive, dedicated , anti-stress, there is a strong pick ...
23 days ago from Zhaopin share more Cached
Sales of the elite (Location: Chengdu )
Fujian Focus Media Co., Ltd. Southwest Operations Center
2011-03-10 Education: college | :1-3 years work experience | Job type: Full-time | company size :20-99
Position Description: Position Description: 1, development of new customers, new businesses, new markets, the company issued to complete the business indicators; 2, collect, collate customer data and industry-related information and data. 3, Location: Chengdu, Chongqing, Requirements: 1, either sex, college education, 1 year relevant working experience, 3 years of advertising sales experience is preferred; 2, the image of good, cheerful, positive, dedicated , anti-stress, there is a strong pick ...
Position Description: Job Requirements: 1, college education, advertising, media, marketing, etc; have the same or more than one year relevant working experience is preferred; 2, writing skills, analytical skills, insight, communication, coordination ability, logical thinking ability. Job Description: 1, case planning activities; 2, the profit model in the study; 3, data analysis of competitors; 4 market research organization and data statistics. ...
26 days ago from Zhaopin share more Cached
[Urgent] Welfare Co-ordinator (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-03-02 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Recruitment Type: Open working time: full-time academic requirements: College Sex: Female title Requirements: Open Age: 18 years old to 40 years Other requirements: ---------------------...
31 days ago from Fujian Straits Talent Network to share more Cached
Data Entry Clerk (Location: Fuzhou )
[Urgent] Senior Administrative Clerk (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-02-25 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Job Type: community working time: full-time academic requirements: College Sex: Female title Requirements: Open Age: 22 years old to 26 years old the other requirements: -------------------...
36 days ago from Fujian Straits Talent Network to share more Cached
[Urgent] Graphic Design (Location: Fuzhou )
Fujian Focus Media Co., Ltd.
2011-02-24 academic requirements: | work experience: | Job type: Full-time | Company Size:
Position Description: Basic Requirements --------------------------------------------- --------------- Recruitment Type: Open working time: full-time academic requirements: College Sex: Open Title Requirements: Open Age: 18 to 40 years old other requirements :--------------------...
37 days ago from Fujian Straits Talent Network to share more Cached
Sales Assistant (Location: Nanjing )
Fujian Focus Media Co., Ltd. Search near post
2011-02-21 Education: college | :1-3 years work experience | Job type: Full-time | company size :100-499
Position Description: Job Requirements: 1. A college education, female; 2. Advertising media company (agent) at least one year customer service experience; 3. Temperate, careful, good at communication; 4. Proficiency in office software, graphic producers will priority. Job Description: 1. Complete the advertisement ordering process; 2. With the sales team for customer service; 3. Finished pieces for examination and approval process; 4. Departmental records archive. ...
39 days ago from Zhaopin share more Cached
Sales Assistant (Location: Nanjing )
Fujian Focus Media Co., Ltd. Search near post
2011-02-21 Education: college | :1-3 years work experience | Job type: Full-time | company size :100-499
Position Description: Position Responsibilities: invitations, topics, interviews, writing Requirements: 1, we are in the 21st century's cutting-edge industry, media, energy conservation, cultivation , Focus Media market, 4 years and efforts to explore this area has been to create "" Finance "" magazine. Interviews with business, visit our job market is normal; commercial warfare research, table-top exercises are our spiritual harvest. You want to join this young and promising learning, intelligent team ...
8 days ago from Talent Hotline China
re: lawyers and class actions:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61491823&txt2find=cohen
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61490237
(The second message is a sticky post too).
-Andrew
Yep, deloittewatch.com was a public version of this private letter.
The lawyer will not disclose anything about CCME to a delegation or lawyer representative of shareholders. The information is privileged. Anything told would inevitably leak and be microscopically dissected and traced back to its source.
Maybe Joe can learn Chinese, then call every auditor in China and Hong Kong at random until he discovers the new auditor or forensic auditor. Would you like to learn Chinese and make all those calls? Or start doing surveillance outside CCME headquarters... There's a limit somewhere...
As shareholders in our situation, there's simply no leverage, especially for a stock that's halted. I realize we want a press release. The CEO and lawyer will not likely see a reason to speak until they get as many facts straight as possible. The way they will see it is that if they answer any questions, they then open the door to follow up questions.
A delegation may ask, for example:
Q: Did you hire a forensic auditor?
A: Yes.
Q: Who is the forensic auditor?
A: I already answered the first question. Why answer one question when you will have another. We don't want you following up on our auditor until the auditor is done. So we wont even answer one simple question and open the door to more specifics. We want no interruption or outside influence on our auditor, etc.
Plus, let's assume there's been funny business or fraud. The lawyer and the CEO will assume shareholders or shorts asking questions will somehow then ask the single most damning question first, i.e. Did you lend company cash to the Wuyi Pharma company and pocket the interest for yourself, yes or no? Or Let's compare the bank statements you gave Ping Luo to the statements at the head bank office in Beijing (not the local Fujian branch) and see if they differ. something to this effect.
The arrogant self-absorbed CEO will think to himself, "Why do I have to answer anything. Out of sight out of mind. I know what's going on. I'm in charge. Why should I tell these peons anything. They will just cause me trouble. They gain nothing for me now. Answering might make them feel better but that could put me at greater risk. No answers means no trouble."
At best, the CEO is thinking, "I intend to ambush the shorts and will not say a word until the stellar earnings, audit and buyback are in place the day trading reopens in four months' time."
At worst, the CEO is thinking, "HAHAHAHAHAH I took your money and now you want me to talk with you. I'm too busy in my villa on the new island I just bought to take questions.
Either way, the company wont talk to shareholders until they are ready. Sorry to say; wish they would.
Lawyer is advising the CEO not to talk too because any such conversations are discoverable and could be cross-examined.
-Andrew
Have you seen any positions implicitly filled i.e. no longer listed?
Would be interesting to call the company and ask for the beautician or whatever they implicitly hired...
Blue 3116:
I saw that post as did other who wrote me privately in reference to the concept. It's a solid post and references applicable information comparing NEP price glitches. Thanks.
Could you write your message again, summarizing your findings and title the message, "CCME penny prices during halt are false" or something to this effect. This way it will make sense in the sticky post area.
BTW, do you know Blue 3117? Kidding....
Andrew
Remember that 16000000/200= 8000 shares after a 200:1 reverse split.
-Andrew
Director Stephen Oliveira resigns.
- Current report filing (8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 2011 (March 30, 2011)
YOU ON DEMAND HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Nevada
000-19644
20-1778374
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
27 Union Square, West Suite 502
New York, New York 10003
Telephone No.: 212-206-1216
(Address and telephone number of Registrant's principal executive offices and principal place of business)
(Former name or address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Director
On March 30, 2011, Steven Oliveira resigned as a member of the Board of Directors of YOU On Demand Holdings, Inc. (the “Company”), effective immediately. The resignation of Mr. Oliveira was not in connection with any known disagreement with the Company on any matter.
A copy of this report has been provided to Mr. Oliveira and he has been provided with the opportunity to furnish a letter addressed to the Company stating whether he agrees with the statements made in this report, and if not, stating the respects in which he does not agree. Mr. Oliveira has not delivered any such letter to the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
YOU ON DEMAND HOLDINGS, INC.
Date: April 1, 2011
By:
/s/Marc Urbach
Marc Urbach
President
CCME FAQ still says DTT audits CCME. http://www.ccme.tv/eng/ir/faqs.php
Presumably that would have to change before a resumption of trading. As if...
Nasdaq still shows the trade just not as volume.
http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=CCME&selected=CCME
The answer provided is as general possible.
Alternative Display Facility (ADF) Fact Sheet*
The Alternative Display Facility (ADF) is a facility for posting quotes, and reporting and comparing trades. All Financial Industry Regulatory Authority, Inc. (FINRA) members are eligible to participate in ADF. This document outlines the system's key characteristics.
Liquidity Access
Participants will have access to liquidity through the ADF and will be able to trade:
Nasdaq, New York Stock Exchange (NYSE), and American Stock Exchange (AMEX) equity securities with all other ADF participants, subject to ADF rules.
Key Features
ADF is designed to handle Nasdaq, NYSE, and AMEX equity securities. Major functionality includes:
Quote processing, display, and distribution
Trade report handling, display, and distribution
Trade comparison
ADF will not provide order routing and execution systems. ADF participants must privately provide automated linkage for order routing and execution to other participants.
ADF operations will include the processing of:
Three sided transactions as a single transaction report, while protecting the underlying clients' confidentiality
Automated Give Up processing
Locked in Trade Submission to DTCC
The ADF will operate from 8:00 a.m. to 6:30 p.m., Eastern Time (it will support pre-opening and after-hours trading). Initial trading rules will be similar to those adopted by Nasdaq.
Market Data
For ADF activity, all quotes and trading activity including last sale, daily high and low, and the difference from the previous day close and volume for each issue will be distributed to ADF participants.
An ADF Best Bid or Offer (ABBO) and an ITS ABBO will be distributed daily to ADF participants.
All ADF market data will be available for purchase by vendors and the public through the UTP and CQS/ CTA.
* ADF plans, rules, features, and functions are all subject to Securities and Exchange Commission approval. All representations in this and other documents describing ADF may change as a result of the regulatory review process.
Yahoo is corrected.
Anyone study the effect on non-CCME stocks and whether someone benefitted from this "glitch"?
-Andrew
A central issue with CBBD is how, when, and if the reverse merger will occur.
The short interest here is high because of the reverse merger potential and also because of a widespread distrust for microcaps and midcaps operated in China.
I drew an exception for CCME (which I thought was best of breed) and am now among the walking dead shareholders of that media company.
Only other company with operations in China I was willing to buy was CBBD given Shane's involvement. I predicted he'd bring in American managers with whom he has had past working relationships which he did and release some of the prior players from overseas which he also did. I expect he has a solid long term plan and an exit strategy. So I'm prepared to wait even a decade on this one other speculative investment. I'm not even going to guess what the plan is. I am investing in a person and his connections.
All told, my investment in CCME is much larger than my investment in CBBD. If CBBD did not have the reverse merger issue, my investment would have been much more balanced.
Still total principal invested in these two securities is much less than 10% of my whole and I'm blessed to be in oil and Energy a long, long time already, and bought APPL at about 92.
So CBBD is possible exception to the hazardous minefield of China securities given US management.
-Andrew
Are you suggesting to bring back Deloittewatch.com not to expose CCME but to expose DTT?... Probably not a wise idea under the federal Anti-Cybersquatting Statute, but it will be interesting to see how many eventual suits against auditors for recklessness (or worse) succeed, especially in the CGS space.
-Andrew
If only we were so lucky, DTT would have abandoned CCME in a heartbeat two years ago. The problem here is that DTT waited two years to first perform a heartbeat's worth of Big 4 quality work.
-Andrew
Deloitte is a Big Zero.
Bogey:
Where is that message to which you refer?
-Andrew
Can't wait to see suits claiming DTT was reckless.
Form 8-K/A for CHINA MEDIAEXPRESS HOLDINGS, INC.
Source: http://biz.yahoo.com/e/110331/ccme8-k_a.html
31-Mar-2011
Changes in Registrant's Certifying Accountant, Non-Reliance o
Item 4.01. Changes in Registrant's Certifying Accountants
On March 11, 2011, China MediaExpress Holding, Inc. (the "Company") was notified that its principal independent accountant, Deloitte Touche Tohmatsu in Hong Kong ("DTT") had resigned its engagement with the Company, which resignation was effective immediately. DTT was engaged by the Company on December 4, 2009 following the Company's business combination with Hong Kong Mandefu Holdings Limited. DTT's resignation as the Company's principal independent accountant was accepted by the Audit Committee of the Company on March 13, 2011.
The following reportable events occurred within the period from DTT's engagement and the two fiscal years of the Company ended December 31, 2009 and 2010 and subsequently up to the date of resignation. DTT has informed the Company in its resignation letter that it was no longer able to rely on the representations of management and that it had lost confidence in the commitment of the Board and the Audit Committee to good governance and reliable financial reporting. Prior to its resignation, DTT raised the following issues (some of which may be considered to be disagreements) encountered during the audit, including: issues related to the authenticity of bank statements; a loss of confidence in bank confirmation procedures carried out under circumstances which DTT believed to be suspicious; issues concerning the validity of certain advertising agents/customers and bus operators (including with respect to certain of the Company's top ten customers); concerns over possible undisclosed bank accounts and bank loans; information on file with the State Administration of Industry and Commerce as to certain subsidiaries appearing to be inconsistent with comparable financial information provided to DTT; the verification of the validity of a sampling of tax invoices issued in connection with certain large transactions; the verification of certain subsidiary tax payments with the local office of the State Administration of Taxation; the verification of salary payments made in cash directly to employee bank accounts; the verification of the production process for advertising programs; and the potential double counting of a certain number of buses. As a result, DTT had requested that the bank confirmation process be re-done at the banks' head office and that the issues described above be addressed by an independent forensic investigation. DTT stated in its resignation letter that, in its view, the Company was not in good faith willing to proceed with the course of action requested by DTT; however, the Company believes that it was working to address these items at the time of DTT's resignation. DTT's letter also stated that these issues may have adverse implications for the prior periods' financial reports, including the Company's consolidated financial statements for 2009 and DTT's report thereon, and that in the absence of the further investigatory procedures that DTT requested, DTT was unable to determine whether the prior periods' financial statements are reliable, and accordingly whether continuing reliance should be placed on these financial statements or on DTT's report on the Company's 2009 financial statements. DTT discussed the subject matter of these reportable events and disagreements with the Company's Audit Committee. The audit report of DTT on the financial statements of the Company for 2009 did not contain any adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. DTT has advised the Company that the reportable events and disagreements described above, if not resolved to DTT's satisfaction (had it not resigned), would have caused it to make reference to the subject matter of such events and disagreements if it were to have issued an audit report on the Company's financial statements for the year ended December 31, 2010. Attached as Exhibit 16.1 to the Original 8-K is a letter from DTT addressed to the Securities and Exchange Commission stating that it concurs with the statements made by the Company with respect to DTT in the Original 8-K. Attached as Exhibit 16.3 to this amendment on Form 8-K/A is a letter addressed to the Securities and Exchange Commission stating that they agree with the statements made by the Company in this Item 4.01 of this amendment on Form 8-K/A.
The Company will authorize DTT to respond fully to the inquiries of any successor accountant concerning the subject matter of any disagreements. Other than set forth above, there are no disagreements or reportable events as described under Item 304(a)(1) of Regulation S-K.
Item 4.02. Non-reliance on Previously Issued Financial Statements or
Related Audit Report or Completed Interim Review.
(b) On March 25, 2011, DTT informed the Company that as stated in DTT letter of March 11 for the reasons set out therein DTT has lost confidence in the representations of management and also in the commitment of the Board and the Audit Committee to good governance and reliable financial reporting. DTT has since reached the conclusion that they are no longer able to place reliance on management representations in relation to prior period financial reports. Accordingly, DTT requests that the Company take immediate steps to make the necessary Form 8-K filing to state that continuing reliance should no longer be placed on its audit report on the 2009 financial statements and moreover that DTT declines to be associated with any of the company's financial communications during 2010 and 2011. In light of DTT's previous resignation, no members of Company's Audit Committe or Board of Directors or any authorized officer has discussed the matters disclosed in this Item 4.02 with DTT. Attached as Exhibit 16.3 to this amendment on Form 8-K/A is a letter addressed to the Securities and Exchange Commission stating that DTT agrees with the statements made by the Company in this Item 4.02 (b) of this amendment on Form 8-K/A.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
16.3 Letter of Deloitte Touche Tohmatsu dated March 31, 2011
Joe:
Would you care to extend these comments to include anyone else?
;)
-Andrew
Amy, I'd be more impressed if Switow would update its copyright to 2011.
Look, they will file something with NASDAQ to buy more time while they get their "books" in order.
For example new bus contracts wont be announced. They'll just fill in to make the current number more plausible. Stuff like that...
-Andrew
who, if anyone, it was.
Maybe it was no one.
Could have been an intent to consult a lawyer or PR company.
False dichotomy.
Traderfan:
The due diligence necessary to protect oneself from unfettered fraud in this sector is simply not legal. That's why the sector is virtually uninvestable in the absence of changes in the Chinese law to protect foreign investors.
As bad as the needed (yet prohibited) due diligence is, the apparent conduct of the companies in question is far worse. Perhaps the better "investor" waits for someone to place a contact at each of several banks used by companies in the sector, places a confederate in the company itself, or just plain bugs the phones and back offices. With access to the bank records-- albeit highly illegal to review such records for personal purposes-- a long or short could know to a relative certainty what is going on with the books, who is a fraud, and who is fudging.
In other words, why stop at illegally obtained SAIC and SAT filings?
Does it not make sense that this kind of research is available and simple to obtain for those willing to take legal risks in a society where such risks appear part of doing business with foreigners' money. The read between the lines to me is that hard core illegal due diligence takes place whether we like it or not. Some investors may see themselves as competing with companies whose managements and activities resemble the mob or a crime syndicate at worst and a three card monte huckster at best. To keep an even playing field, the investors would necessarily need to fight fire with fire. Since that's not legal, the answer is to not invest in suspect sectors at all.
Really, if you are a short, how hard is it to have a friend with computer access to client accounts at a bank? Or how about a tipster from Deloitte? Would you really believe that bugging offices and checking balances at the source is implausible in a sector where DTT, GH, NS, a Director, two analysts, a CFO, and CV Starr can dump a company over a three day weekend, and DTT pulls two years of association a week later.
Or perhaps audit standards are bogus and should require full forensics to be listed on NASDAQ or NYSE unless the jurisdiction in which the company performs most of its business and has headquarters offers real legal protections for investors typically purchasing shares traded on NASDAQ and NYSE, i.e. Americans/Canadians/English, Japanese, Saudi, Israeli, UAE, etc.
(Disclaimer: Obey the law. do not break the law; no money is worth possible benefits from violating the law; consult your lawyer before acting in reliance on this message).
-Andrew
You have 15 minutes to delete your post. That's 30X the time allotted to answer the Final Jeopardy question and 1/4 of the time it takes to watch the Price is Right with Bob Barker or Drew Carey; Mad Money with Jim Cramer; or 60 Minutes... (with commercials). Take a trip to YMB and you may feel like you are watching the Steve Wilkos show... or just practice family law and skip the television shows all together... A lot longer than the Dorfman Report ever was...
-Andrew
Tothe: I know someone really awesome who just first began in 1972 under any interpretation. How could anyone delete your message?
-Andrew
I took the "young man" comments as generationally divisive and not necessarily as sexist... So it's actually doubly offensive...
-Andrew
Like the theory. All theories welcome.
WCTBILLS update March 30, 2011: http://ccme-info.xanga.com/
ValueInvestorToday:
Go ahead and report any message, behavior, or activity you like to any authority, the SEC, whoever. There's nothing to hide on these public boards and these records speak publicly for themselves.
Participation in this board is, however, a freely revocable privilege and not a right. That goes for me, you, everyone who posts here. Thus, while you are here, be respectful, not antagonistic, rude, or threatening.
The comments from me to which you respond were and remain, like this message, solely in an official capacity (and not at all personal) in fulfillment of responsibilities charged to any Moderator or Assistant Moderator. You were and are being addressed about your message(s) solely in response to numerous private complaints about your communications, with such complaints being registered by longstanding board contributors, of unquestionable veracity, whose contributions enhance the breadth, depth, and quality of this board without alienating or upsetting those of reasonable sensitivities.
-Andrew
(solely in the capacity of Assistant Moderator)
Glen, this sounds something like the pink panther's vacuum that sucks itself up.
Perhaps then the bank can be sued if it violated its own standards of practice or generally accepted banking standards... Maybe more pockets to sue.
I'm very much thinking of this more like a plaintiff/the client and less like the lawyer. It's remarkable when that happens.
-Andrew
My understanding was that Starr insisted on Big 4 Deloitte. That's why DTT was retained.
-Andrew
The question will essentially be whether DTT had intent to deceive or acted in reckless disregard for the truth in its audit. This can get more nuanced but that's the basic goalpost.
-Andrew