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Starr is bitching about the 1 1/2 million shares they bought in October.
Yes, I asked myself that question too. Are they ok with the other 3 million shares they hold? The story just keeps getting stranger.
I'd counter offer mine at $15.
Bribes are common in Chinese Business. "Heung yau" ("fragrant grease")
STARR suit, which consisted of the same old information
Plus some of what is in the Starr suit is obvious heresay. I found that interesting in a fraud suit, because that stuff's going to be thrown out. Andrew I believe said though that Starr's attorneys are top drawer. So why do they make heresay declarations in a suit like this? So much makes so little sense. And when you get answers, you just have more head scratching, not less.
Hope is outlawed here now as was any questioning of management before the halt.
xanax works better
LOL well put. CCME: The stock for the bi-polar mind.
They could also say that they are regretably going dark and tell NASDAQ to take a hike.
The way this thing has been going, Vegas would probably set the highest odds on this outcome.
Anyone can screw anyone anytime. That's why trust is a virtue. My limited knowledge of Chinese culture is that trust is reserved amongst family only. Everyone else, beware. Our country is based upon community trust. Its why we Americans have far exceeded the Chinese economically, socially and culturally for hundreds of years with less people and resources imo. Trust is necessary to have widespread successful commerce and trade. Trust is a main factor in the level of prosperity a community attains. I'm speaking on a macro economic basis. I am aware that fraud does exist in this country too.
so many races of us who choose to live together in harmony and do not call each other "trash", third world or otherwise.
Yes of course. Again I apologize to you.
Sorry, didn't mean to imply all Chinese people were guilty of this type of thing. Of course not. Simply relaying my limited understanding of Chinese culture.
The fact here is, if CCME goes, management still get to keep his subsidiaries.
You're right as you are stating it now. The shell could be abandoned.
The only link between longs and value of the company is this CCME, Inc. If CCME, Inc goes, longs lose it all.
Thats a big leap you've taken from today's filing of a lawsuit, to CCME going out of business.
CCME: Each answer you get multiplies the questions exponentially.
Swamp, anyone can sue anyone for anything. They are using as proof anonymous calls (hearsay?) to DTT and hit pieces in thier declarations. This is a very weak case imo.
The good thing about this lawsuit is we finally get to see an answer by the company. Is it going to be a blanket denial asking for summary judgement? Or is CCME management going to file an answer to each allegation?
The Company intends to comply with NASDAQ's requirements on or before the deadline set forth above.
Light at the end of the tunnel?
Reads like a fishing expedition type suit. Starr seems to be trying to motivate Cheng to respond. Apparently they are hearing about as much as we are hearing from management. They are trying to smoke out a response to find out WTF is going on. Thats my take. UFB though since Dong was on the BOD.
Andrew I am not a member so no PM's for me. I am in Texas. You can email me at Qcoman@yahoo.com.
Anybody have any guess as to why the stocks still T12? What do you think they are waiting for to reopen it for trading? If its a fraud and to be delisted, why is it halted so long? Anybody?
Andrew is priceless, isn't he?
I recommend this post.
You're right. Its obvious from the DTT resignation reason. Can't rely on management. If they can't, why should we. Why waste anymore time on this.
Already investing today outside of this sector on some beaten down names of good US companies. I'm out of Chinese stocks for good.
Who thinks really that Hank Greenberg got snookered here? Is there a way he could get out without a filing? Could he have been one of the legion of putbuyers? Was he in on it from the beginning?
Still can't believe this guy put half his fortune in here and gets wiped out. Still can't believe this is a total fraud with him in it. Too hard to believe he was in on the scam. My last hope that something is salvagable here is that he is still involved.
I don't think he really did that. I hope he didn't
I guess there's no news of a stock buyback :\
Maybe trying to get the mood down on the stock as far as they can in case it opens with neutral news, people will still sell. The hedgies are masters of mind games on the retail investor.
why arent global hunter or northland coming out to defend ccme.
Defend against what? A halt pending news? They may not know the reason for the halt, and those that do, can't talk.
Whats become more apparent to me is that the shorts have been implementing a strategy of using the new, tougher Section 10A rules against CCME and other Chinese companies. Enough doubt created through these obviously hedge fund directed fraud reports forces the auditor to take heed. After Enron, whistleblowers get quite a bit of power over the companies financial reporting. What better way to disrupt a stock thats half a world away than a anti fraud campaign to put the auditor in a precarious position and even get them to resign. They even financed a website taunting DTT. Its dastardly but the type of hedge fund manipulation that does go on out there.
Here's a good article about auditor changes. BTW an 8-k needs to be filed.
http://www.nysscpa.org/cpajournal/2005/1105/special_issue/essentials/p12.htm
Funny thing about the Buddhist lessons though, everyone usually learns something. In this case, I think all involved are getting one over this long, thoughtful weekend. Longs, shorts, catcallers and fencesitters.
I'm off to have a fun Saturday night. Hope you all do too.
Its earnings time
Buddhists also believe in teaching life's lessons to those they think need them.
What we know is what Cheng said in this 2-7-11 letter to shareholders. This halt could be an appropriate countermeasure if it was known the latest hit piece was going to be released yesterday. Some of you senior posters here even suggested after the last hitpiece that the company should halt the stock until the audit was reported to prevent further pps erosion from the negative reports.
The Company will actively resist the efforts of these short sellers. First and
foremost, THE COMPANY CATEGORICALLY DENIES THE ALLEGATIONS MADE IN
THESE PUBLICATIONS. We address below the most significant claims made in these
materials – all of which contain large factual errors. To the extent it is necessary, we
will provide a more comprehensive response at the appropriate time.
We also note that the attacks are continuing and we fully expect to continue to have
to take appropriate countermeasures.
I'm long the stock and some Jan calls and confident of the outcome. I've read the CEO's letter several times. I'm surprised at the lack of faith from the true believers. I'm not doubting my decision in the heat of the battle. Lock and load Master Cheng.
Shorts loss potential is unlimited on the upside. Longs know exactly their loss limit. So being short is a little more nerve-wracking.
Fits the rumor earlier in the week and similar to the reason for the first halt back in October.
Under the circumstances, seems reasonable. Maybe not a reason for a halt for most companies, but given the status of this stock and its huge option book and the short interest, makes it take on much more significance.
All public company audits come under SAS 99
The accountants can spend more time on it though if there are allegations of fraud. I thought all along that one of the goals of the hit pieces was to delay the audit.