I don't think cheng needs to have a failed pwc audit to crash the stock price. All the recent news alone would have caused a severe crash....

I think that people are trying to justify the resignation when it is clearly stated that management was not cooperating. If it was because he was not truly independent, then maybe he would have stated so.... sigh.... crying myself to sleep

OT. Are u a doctor? Just curious

Yup ... So if they agreed to that 8k why file a
new one unless they got worried of starr's lawsuit? Unless it
was forced
by NASDAQ?

Didn't deloitte write a letter that was signed saying they agreed with ccme on the statements of the first
8k when it was released? I recall seeing a short signed
letter from them agreeing. The new 8k is probably because of the lawsuit from Starr?

I am truely hoping that starr's lawsuit is just a negotiating ploy to get Cheng to boost stock value... Hopefully with the threat maybe he won't ignore dong's suggestion but actually put them in play.

A guy can dream right?

Initially I wanted a long halt along with a top forensice audit, now the longer we wait the worse the story gets. At some point maybe the news will get so bad that we will actually have to pay to get rid of our shares lol!

Any guesses on what comes out next? I have no basis (nor do I wish for it) but maybe the company will actually be in debt?

Hope not, at this point - nothing I can do but wait.

Honestly, the number of shorts doesn't really make the situation worst.

I mean, even if there was only 5% shorted, with this news, the price is bound to tank. Just because we have less shorts is not going to hold the price up. Fact is, I keep looking back and I really am shocked at how so many strong points with the company turned bad so quickly.

The only bright side so far is maybe we can all sue Deloitte like Swampdonkey said and get some money back.

A lot of them are paying high interest rates to borrow the shares to short.... thats my take on it....

Forming a coalition of retail stock holders against the shorts...

If everyone pooled all the shares under the control of one person, who could then force the shorts to buy higher.... it is possible to force a squeeze? Then the average selling price can be divided appropriately to all the individuals who contributed.

This would probably work but in reality, impossible for everyone to join together. Although I'd trust Joe Natural or Drexion to work the shares....

Anyone notice that FH removed itself from the document properties on the news release on CCME website.... the document creation date is now March 17.

Anyone think Dorothy was fired by Starr?

Overall I think that the ultimate and painful truth may come out in a few days.... I don't believe that the company will bother negotiating with NASDAQ much longer if they aren't legit.... why bother? - the longer the halt... the better the situation is anyways.

I was just asking because they were both company employees who received shares and if they couldn't sell while working for the company then maybe they can sell when they are no longer employees... asking because I really am an amateur at these details.

Jacky and Dorothy's shares

I recall Jacky obtained 100k shares and Dorothy received a 'gift' of shares. Obviously they were prohibited from selling immediately (at least Jacky was). Now that they've resigned, is Jacky allowed to sell the shares if trading resumes on NASDAQ (yes I know it likely won't and I also know that Jacky probably did not actually 'buy' the shares)?

Just curious to know if Jacky can get a thousand dollar bonus from selling his 100K shares for 1 cent. each.

Haha. Unfortunately that's not the way life works... Sometimes it catches up to them but usually they get all the money, women and fame. You just have to not focus on anger and revenge and move on.... The only actions you can really control are your own and at this point the only thing we can control is our lives... So live and learn ... I certainly learned!

I think people need to focus on the facts here. The 8k tells a lot. All the other theories including swampdonkeys messages are not facts. There is only one good fact and that is fh's involvement. It appears from the 8k that even if the company is real that the CEO is unwilling to help. And for those of you who use his feb letter to support his integrity... Let me tell you that the worst people on this planet are capable of lying through their teeth- hence the rosy picture it painted... People who are upright and honest will usually tell you both good and bad.... Enough said

Just one nagging question that I have is... How does the CEO stand to gain from this. Doesn't he lose everything? I mean he never sold shares, Starr gets whatever is left over. If he just went private with the company at least he could keep the profits? Maybe he has been pocketing the extra money from the sale of company shares?

Just seems like such a dumb way to do things...Almost as dumb
as me buying ccme lol

The best POSSIBLE outcome is for the company to hire a top auditor to do a forensic audit and to come out with the cash being proven real and no real issues. The probability of this outcome is low given the statements from Deloitte and also the lack of effort from management.

All the talk of tender offer or stock buyback is ridiculous. Please stop grasping at straws, if you assume you have lost everything, you will feel all that much better when you get 10 cents a share.

Anyways... the only good news today was the PR by the company regarding the meeting agreement to actually do a forensic audit....

Where did this rumor of Deloitte resigning come from?


Is it just from JoeNaturals post about his conversation with Ping at GH or was it the blog reply from WCTBills that he promptly removed?

People keep talking about it but is there anything substantial at all that made it come up or is it all heresay?

Personally not liking the halt ... there would be no reason for CCME to halt the stock just to release earnings on time next week... just wouldn't make sense.

Anyone here think that the original shorts linked with MW and Citron are going to get even richer on the way up?

Just wondering if their reference to a Citron II is to lure more shorts in at the wrong time (after they've covered) so they can buy and then maybe even ride a squeeze up? Then maybe at the top they go short again - and thats when they release part II?

The stock price will likely recover post audit but seeing how it reacted to the recent completely unfounded accusations - whos to say they won't just make something else up and cause another fall?

I guess their ability to do the above really depends on what the company does... anyways I just look at the far horizon... I'm too small and not smart enough to deal/time what they do.

Yahoo boards going absolutely nuts... I think this is the worst I have ever seen it in terms of short posts.

Absolutely ridiculous. Even the good posts are starting to have low ratings...

Don't post here often... but

I kinda expect the company to come out swinging here and the reason is:

after the first report, they probably thought it was just nuisance... but now with the second report causing another huge and over 50% drop in stock price - their Chinese New Year is essentially ruined... I'm chinese and I'm pretty easy going but if someone intentionally ruined my Chinese New Year celebration which is probably more important than Christmas to north americans and tried to slander me at the same time.... and I had hundreds of millions to retaliate...hmmmm

I did my part. Spent the last of my money with another 2000 shares at 19.03.... maybe I can free up some more....

well...boy I sure look dumb - was looking at the chart that mentioned possible aquisition, sigh...

Sorry guys I'm new to the stock and was just trying to reconcile the numbers - obviously the earnings from the last quarter alone suggests the EPS for 2010 is going to be much more than my previous post...

The numbers for income were based on
http://sec.gov/Archives/edgar/data/1335137/000114420410012626/v176914_ex99-1.htm

Expert explanation? Jo?

Hi everyone

Forgive any mistakes on my part, have read your posts and they have been informative. Do you still think CHGY is a better choice than other coal stocks given that forward guidance on the presentation does not suggest much improvement on the net income. From 2010 - 2011 income increases from 10.5 mil to about 11 mil. They don't seem to have any plans except to purchase another inner mongolia mine. Currently LLEN has just had a 34 cents quarter EPS suggesting perhaps > 1.20 for 2010. At current stock prices the EPS is 0.21 for CHGY but LLEN is nasdaq listed, some recent aquisitions and a relative lower forward PE.



Thanks

Well... I've decided to hold for now until next weeks earnings. Trying to decide if the great leadership and reliability is where to put my money versus higher risk but higher reward plays...

Drexion2004 - do you still hold shares of LLEN?

Another great move by LLEN http://finance.yahoo.com/news/L-L-Energy-Announces-prnews-856325364.html?x=0

Getting a subcontract for Ping Yi coal mine...

Personally I like PUDA slightly better but gonna keep my hands in both just in case...