I am updating my staus.
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Greenberg Totally Crazy...
Lets get this right, the only part of muddies case that was worrying, the bus numbers, was generated by CCME, along with the spreadsheet, so that they could do what? Pass information to MW to shoot themselves in head?
Utter denial by Greenberg.
However, since Greenberg is well connected to shorts it suggests that they are in damage limitation mode, that is a good thing.
rich
fiction. While they are in a margin account you don't own them and the broker can do what they like.
rich
Excellent explanation of what went on. Now, lets see if anyone can gainsay it. Isn't owning stocks fun
rich
Oh it's going to be like the end of cheesy horror flick. You think the monster is dead but it keeps getting up and you have to stab it again.
The rebuttal to the GH report [1] was issued to the effect that GH doesn't know what they are talking about and we have proof. This was the proof.
We intend to shortly contact CCME’s auditor, Deloitte & Touche LLP, and the enforcement division of the Securities and Exchange Commission with documentation of our work, including evidence that directly contradicts statements in the aforementioned documents. Such evidence will include transcripts of meetings and telephone conversations between Muddy Waters, LLC and individuals with authoritative knowledge of the matters in contention.
Well that was the telephone conversation piece - maybe more to come? * shrug * However, it's going to have to be better than that release.
[1] http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60059474&
rich
Not Global Hunter. She is saying that someone came round asking questions and removing hard disks (assuming that MW's translation is correct). She is saying that they are looking at QQ (which is a popular Chinese instant messaging system).
This is an IT person and beyond the scope and knowledge of a stock analyst.
rich
Bill updated again - this time there's no "more-soon". Probably due a rest now.
http://ccme-info.xanga.com/742544727/march-2nd-2011--mw-is-totally-crap/
rich
All Deloitte audited?Hehe, can't make this up. eom
rich
Am I missing something... says 100% Bullish?
No need to quibble over 5%
rich
Tricky waters but two days of wilder-beast crossings without even so much as a snap. I wonder what the rest of the herd are thinking?
rich
*IF* it was Delloitte asking you can't help thinking it would be counter productive to keep it up. No good annoying them.
rich
No comment eom
rich
Deloittewatch RIP * sound effect creaking coffin lid and hollow laugh and booming voice * "FOR NOW!"
So it was up around 12 days give or take. That's odd, if it were a payment issue you'd think it would be a month payment or something.
Given the odd number of days, my guess is that someone wanted to take it down - for whatever reason.
If it comes back and it was a technical issue then they are just going to look like amateurs - lets be honest the site's production value did lack that professional touch.
rich
Well the cache was made on Feb 23, 2011 00:10:05 GMT [1] - somewhere after that.
Pearson's article was dated 02/22/11 at 10:45 AM EST so by my estimate that's converts to 02/22/11 at 03:45 PM GMT.
Deloittewatch [2] lasted at least 9 more hours after Pearson's article was released. The site is still currently down.
rich
[1] http://webcache.googleusercontent.com/search?q=cache:gMo_nRG8JhcJ:www.deloittewatch.com/+deloittewatch.com&cd=1&hl=en&ct=clnk&gl=us&source=www.google.com
[2] http://www.deloittewatch.com/
I'm sorry but wasn't ONP the company that did a third party review and then didn't release the information? They just said, don't worry about it - everything's fine.
What was that about? Doesn't sound very transparent to me.
rich
Indeed I can only see it being done by looking at transactions through the year. However, she's put out an article referencing CCME, about how they probably just look at the balance sheet:
The auditors typically will not look at other bank statements from throughout the year unless there is an occasional issue that requires it. They also will not look at all of the ins and outs on the bank statements throughout the year, or even on the last bank statement of the year. Some will say it’s advisable to look at the ins and outs of the bank account, but it simply doesn’t happen that way during an audit.
http://www.sequenceinc.com/fraudfiles/2011/02/10/failing-to-find-fraud-when-auditing-cash/
It beggars belief that would be the process but that's her line. Anyway, I'm not going to be bothered - she's a gun for hire and she's just rehashed the same dirt.
rich
No one cares about Libya the production is insignificant, it's the Saudis that they are worried about.
rich
Another day, another "piece".
rich
She claims Deloitte are going to check the cash balance at the EOY and not look at transactions. I would be amazed if that was how it was done.
rich
I'm not complaining since it did it's job - I'm just saying it would be better. Bias to the larger ones but make sure you do a couple of the smaller ones.
rich
Well, I remember that investor who bought the bottling company. He checked the first few, biggest, contacts and not the rest. The first few were legitimate and the smaller ones weren't. It's natural to check the first few and seeing that they are fine - not to bother with the rest.
I would prefer if she was more random in her testing, however, as you say, she verified enough from the first few companies, 14K, to challenge muddies 12.5K total. Obviously, it's also worth weighting towards the bigger companies so it's understandable what she did - I just wouldn't have done all big.
So, now the FUD'ERS have to show that GH was lied to. What fun.
rich
GH [The company] has been actively collecting third-party verifications
Sounds like they want to do some rebuttal of their own.
rich
CCME Real Deal 2nd most popular SA article
According to this link
http://seekingalpha.com/listing/most-popular-articles
Publicity you just can't buy. Now, how do we make it the most popular? hehe
rich
Which CCME options are you playing at the moment?
rich
Which slide(s) are you looking at? So we know the numbers your are having problems with.
rich
BTW: Fernando's comment is that someone visited long distance operator in Shanghai and in doing so verified 1900 buses. (Don't know if there's another Shanghai operator). But that's way above 200 ish suggested in the article.
rich
---------------------------
Chimin, your whole point about Shanghai and CCME is simply incorrect. I know someone, very reputable in fact, who has personally visited a CCME long-distance bus operator in Shanghai this PAST SATURDAY and verified 1900 buses from there with CCME.
It just goes to show how bad the information you are with working to make your thesis is.
If anyone has questions about this, feel free to PM me about it on InvestorsHub (Username Drexion2004 there). I'll be glad to tell the name of the person who did this verification privately there.
-Fernando
That gives you all the companies that have chinamediaexpress holdings. What we want is institutions with china-media-express puts.
rich
But what search can give you all of them? I don't know if WCT found it by trial and error or by a search query.
rich
Shorting WCTBills - has posted this on yahoo. He picks out Asian Century Quest Capital LLC as having put options.
I can't get the advanced search to pick out institutions that own CCME put options - don't know if that's my limitation or the SEC search limitation.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=101061&tid=65985&mid=65985&tof=16&frt=2
rich
Eading Group reference on apple website - according to WCTBills
http://ccme-info.xanga.com/
rich
You don't think it was Global Hunter's extra research which looks like debunking all of the shorts points then?
I would have thought we need a new hit piece with new points to keep a lid on the price - assuming we even believe them at all this time - Citron's piece was weak and Muddies was full of holes.
rich
CCME - it seems like everyone does think it's this week, thanks Joe. Great news.
rich
CCME OK so prioritized - hmm, feeling bloated, but should I buy more?
rich
CCME - you yourself said that there were 15 companies that she'd visited. Could be a week or two before she's up to date- unless she is fast tracking CCME?
rich
Thank you for looking into this. Sorry, dumb question. How do we know that a subsidiary can use a parent companies license? Is that just a given?
rich
MW said that AMCN and FMCN were unmotivated to keep the routes.
Further AMCN, and then FMCN, used to operate the digital televisions on the Beijing Capital Airport express buses. AMCN and FMCN, despite being far less profitable than CCME, were evidently unmotivated to keep the routes. AMCN management could not provide us with the historical figures (the airport express business was pre-IPO), but they stated categorically that they generated far less revenue than $30 million.
http://www.muddywatersresearch.com/wp-content/uploads/2011/02/CCME_MW_020311.pdf
rich
The Long&Short of CCME: An interesting story
About as fairly balanced as I've read with a slight bias on the long side.
http://www.goodstockbadstock.blogspot.com/2011/02/long-and-short-side-of-china.html
rich
The Long&Short of CCME: An interesting story
About as fairly balanced as I've read with a slight bias on the long side.
http://www.goodstockbadstock.blogspot.com/2011/02/long-and-short-side-of-china.html
rich
Is it me or am I getting Stockholm syndrome? I know they hit me every day but I just love them all the more! I keep waiting for his return.
So, I wish to state that Andrew Left is one sexy beast. And he would definitely be a silver-backed alpha male in my band.
Fact of the day:
Both dogs and horses can smell fear in humans. Though,err, humans are the only ones that can read it.
rich
I wish I was a short, they are so much cooler than the longs! They put out FUD naked short the bejezzus out of the stock and hey presto a stock avalanche and message board pandemonium.
My portfolio wishes I was a short as well
rich