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MFGLQ, nice start of bounce yesterday!
RDDY on watch
RDDY looking good :) .... moving up!
MFGLQ bouncing
If you are holding it this long through the halt, why be so quick to dump when it resumes trading..
SNOFF HALTED UNTIL APRIL 16, 2012
The Ontario Securities Commission has extended the halt in trading of shares of troubled timber company Sino-Forest Corp. until April 16.
Vice-chair Mary Condon made the ruling after a brief hearing Monday where OSC staff argued that there was not enough information in the marketplace for the shares to trade.
Condon cited several reasons including the fact that Sino-Forest is in default of its financial disclosure requirements and that OSC staff is continuing its investigation.
The securities regulator first issued the temporary cease-trade order last August, amid concerns company executives were engaging in acts that they knew, or reasonably ought to have known “perpetrate a fraud.” It was later extended until Jan. 25.
Sino-Forest, which is based in China but is publicly listed on the TSX, has been mired in allegations it has overstated its sales, assets and holdings.
Company lawyer Alan Gardner did not object to the cease-trade extension.
OSC lawyer Hugh Craig argued that public disclosure has not improved since the cease-trade order was first issued. If anything “it has gotten more murky,” he said.
Craig pointed to the announcement this month, where the company warned its historic financial statements should not be relied upon.
He said the April date was proposed because the independent special committee, appointed by the company, looking into the allegations of short seller Muddy Waters is due out by month’s end.
As well Sino-Forest has promised to issue its third quarter earnings, which has been repeatedly delayed, and its annual financial statements are due on March 30. The mid-April date will give the public some time to digest information before shares trade, he said.
Sino-Forest has been mired in trouble, with accusations it has overstated assets and sales. Its failure to report its third quarter earning nearly sent the company into default this month.
The OSC ordered the trading halt last August, citing serious concerns that some company officers appeared to be engaging in acts of fraud.
Those five officers were also barred from trading securities – and Allen Chan stepped down as CEO days later.
Judson Martin, who has been an executive with several Brascan Group companies as well as Atlantis Alliance, was then appointed CEO of Sino-Forest.
The trading ban was later extended until January as the commission’s investigators continued its lengthy probe that includes thousands of documents, mostly in Chinese. The RCMP has since been called in to look at possible criminal fraud.
At the same time, Sino-Forest asked a special independent committee of its directors to investigate the allegations that were first set out by short-seller Carson Block of Muddy Waters last summer.
The Muddy Waters report sent the share price plunging after the short-seller, which makes money when a stock falls, accused Sino-Forest of being “a multi-billion-dollar Ponzi scheme.”
In November, the special committee’s interim report confirmed the company’s cash was as stated and timber holdings are in place, but conceded some information is difficult to verify in far-flung locales in China.
It was supposed to deliver a final report by the end of last year, but it now says it will be available by the end of January.
The company avoided a default this month, after reaching a deal with noteholders that includes paying a nearly $10 million (U.S.) outstanding interest payment as well as a 1 per cent waiver fee of $10 million (U.S.)
As part of the agreement, Sino-Forest has agreed to provide a strategic plan to advisers of an ad hoc committee of debt holders by March 31 that will include any timeline for any sale process and capital or equity process.
The company has agreed that it and its subsidiaries will maintain in aggregate a minimum cash balance inside China excluding Hong Kong of $165 million (U.S.) and a minimum cash balance outside China including Hong Kong of $140 million (U.S.).
Source: http://www.thestar.com/article/1119635--sino-forest-trade-halt-extended-to-april-16-by-osc
Finally making a move CPY
CPY up 25% low float bouncing
RDDY will be over a buck soon imo
CPY low in 1.20s, slight bounce, on watch
low float
SHLD +$1 from LOD
KPMG plans timely return of MF Global assets
By Luke Jeffs
Thu Jan 5, 2012 10:55am EST
(Reuters) - MF Global UK administrator KPMG plans to start returning to clients the $1.2 billion of cash and assets frozen at the defunct broker as early as this month in a move that will placate customers ahead of their showdown with KPMG next week.
Richard Heis, joint special administrator of MF Global UK, told Thomson Reuters on Thursday the administrator had recovered the majority of client monies and almost all outstanding client assets, and hoped to start returning these to owners shortly.
"At the end of December we had recovered some 82 percent of client monies and substantially all of the client assets. We hope to commence the return of client assets and an interim distribution of monies as early as this month," Heis said.
The administrator said he is initially talking with clients over the return of 30 million pounds of assets, in what would be the first returns to European customers since the U.S. futures broker collapsed on October31.
The pledge comes as KPMG and MF Global clients prepare for a meeting on Monday which will see the broker's customers taking a vote of confidence on the administrator and appointing a committee to sign off KPMG's fee.
MF Global UK clients have been frustrated by the slow progress recovering the estimated $1.2 billion of client cash and assets frozen at MF Global when it collapsed.
The broker's European clients complained in the immediate aftermath of the firm's default that there was inconsistency in how their live trades were being handled, with some being sold down while others were being transferred to other brokers.
KPMG responded by taking the unusual step of apologizing to MF Global customers and assuring them it was transferring open client positions "wherever possible."
The administrator also moved to reassure MF Global investors when it said in November it would make interim distributions of money to clients before it had finally settled all positions.
"It is hard to tell how the client meeting will go. Inevitably there will be questions about why MF Global collapsed and how soon the clients and creditors will get their money back," said Heis.
European clients may have been highly critical of the administrative process but they appear to have escaped the fate of some of their U.S. peers who are coming to terms with the fact that $1.2 billion of U.S. customer funds are missing.
"We know exactly where all of the client monies are," said Heis.
MF Global had been one of the biggest U.S. futures brokerages but the firm, led by former United States Senator Jon Corzine, failed after a bad $6.3 billion bet on European sovereign debt spooked counterparties and investors.
MFGLQ
Thanks for posting
MFGLQ
SHLD @29
SHLD @29
Nobody can do anything so it is dead right now....will become much more active once the trading halt is lifted I agree!
It's the holiday season - I know I'm not working on full steam and perfectly okay with it lol :)
I don't...you mentioned it, was wondering what you were talking about.
Did Cramer mention CPY?
CPY up 12%, nice
DMND going
CPY on watch for bounce
FRZ also (now RDDY)
Bounce starting?
MFGLQ on watch
MFGLQ moves easily and closing at HOD - any more clarification on the funds will send it higher fast. imo
Agree a lot of Ifs, and throw in the Pringles deal still on the table....and you are correct that it would be one of the hugest "pops" ever (that's no secret... pun intended lol)
DMND http://www.diamondfoods.com/index2.php
HAST - keeping eye on this one.. started a bounce a couple days ago...but much more room..only 8m shares...
next year qualifies as "soon", but could be sooner... DMND looking really good today GL
You were right.... keeping on watch this week, getting low...
FRZ - the float is tiny on this stock, nothing really changed other than they didn't satisfy listing exchange market cap requirements...so it will be value imo.... see what happens this pm and tomorrow.
FRZ is going on the pinksheets tomorrow....on watch!
They will have to, esp with news.... any "hint" of news or rumor sends it up 2 bucks (like today), so they are more nervous than longs imo.
DMND
It will see 40 again soon. DMND
SHLD now 34, lod 31.94
I suspect DMND will move quickly in upward trend after the beginning of the year towards their Feb anticipated date of results of audit.
They halted their dividend right? End of year selling, Sears in the dumps, makes for some particularly negative territory here.
Looking for a bottom.
CPY broke below 1.82, not great
SHLD way oversold this morning, bought and holding
SHLD new lows now 33.75