Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
damn - going to lose on my 100,000 @ 0.01
hell, i just put in order for 100,000 @ 0.01
post from YMB
If it's a fraud, they even fooled a Chinese Government Affiliate?
From CCME's FAQ: Published Jan 26 2011. If someone can read Chinese and post a better translation, that would be welcome. I used LiveSearch for the translation.
Q: How did CCME rank in the recent China Outdoor Advertisement Industry survey?
We were ranked as one of the "Top 10 Special Channel Media suppliers" on the survey conducted by China Advertising Association (Government Affiliate) published in January 2011.
http://www.cnadtop.com/news/nationalNews...
The evaluation criteria seem quite expansive and difficult to fake:
1, the amount of each of the past two years outdoor advertising;
2, own media category, quantity and distribution;
3, quality and stability of major media;
4, new development, new investment in past two years, and in the next two-year development plan.
Review and promotion process:
1, 2010.9-11 company reporting, industry recommended
2, a 2010.12-2011.1 documents check, determine the list of eligible finalists of first instance
3, 2011.1-2 finalists of first instance heard editorial board opinions and known to the public in several major portals for 50 days
4, Editorial Board and industry feedback summary, set review
5, the eighth annual meeting announced the final results, and centralized certificate issuing
6, top priority participation in the operation initiated, "outdoor media value index system"
7,-700 strong album release, news media, and 6 large regional-oriented advertisers focused promotion
8, 2011.8-9 organizations top media delegation visited United States, and Australia visits, exchanges
9, 2011.5-7 much of the consolidation of the Asian outdoor resources, enabling 20-30 top-medium and Enterprise rapid growth
They ended up in this group, as China high speed channel, in no particular order:
8, China top ten special access media suppliers
China Film Group film marketing planning branch, Crystal Mau film media, technology, touches the media, the King wanted to purchase advertising, ads, Beijing Blue Ocean, managing the horizon media, Beijing Jia Tang active media, century media, China high speed channel, MDI group.
why do I remain hopeful?
could ccme be a total scam - still does not make sense - too many smart investors bought into this comapny (hopefully all of us also)
How could deloitte sign off last year + not have any quarterly red-flags this year?
I read a post about kickbacks to bus companies - this could very well be the issues deloitte was concerned about - as I have thought about such a very real possibility myself prior to that post.
Could zheng have been using ccme as his own piggy-bank? Could be - but why would he need to do this unless he is a very terrible texas hold-em player?
I have spent 2 sleepless nights over ccme - I will not let this happen again (ps - I got up + had some strong drink + typed away)
Lastly, I have meet a fine group of people on this board - I am NOT at all interested in trying to get a few cents a share more then you do. We all have to do what we know is best for all of us individually - but, until a forensic audit comes back with whatever it shows (if they do not do a forensic we are all toast) I reserve judgement on ccme
"Maybe we could hire a singing Chinese telegram to show up at his home and sing him the letter."
VERY GOOD Andrew - just better not be the fat lady
I guess I am just totally DUMB.
Although the events of the last week have been dismal - I have yet to see ANY real proof that ccme is anything but a viable company. Until such evidence + proof comes out I will remain measured (unless I drink too much - like last nite).
In the 8-k they talk about a forensic audit - this absolutely needs to be done. Until that is done everything is speculation. All the resignations, etc have not pointed to either fraud or that ccme is not a growing company. I still believe I will make GOOD money on ccme (although I have not booked a vacation yet)
I am also reconciled to (in my thinking) to the REMOTE possibility that ccme is a scam. As Zheng is still in china - he might be a bunch of stubborn - but NOBODY wants to be executed!
yes, easy to expect the worst - but i an not settled this as an end game
i can lose all of my investment in ccme + sleep - not the same in japan
as always -i will give to relief - my favorites are world vision + salvation army - my third choice - red cross
why these choices - look at their (WE ALL LOVE THIS)
independent auditing sites where does the most bang for the buck go?
hey - i am only throwing out another idea - .
yes, i am a staunch christian -but, i am not dumb - i track financial accounting
is cmme a scam -then the red cross, etc might also be so!
another reply - i will but them over thtta price until i die
oh go home
andrew - you know I respect you as I have invested much more in ccme because of you - believe me - I hold NOBODY accountable for MY investments.
Ps - I am the one that sent you the history of your name when it was dissed.
But, since I am only up to your (26500) post in this ongoing saga - here are my thoughts
1) it is a legitimate business - MOST IMPORTANT - YES
2) what their finances are - this is still to be determined
3) zheng might be great at developing a business - but also be a STUBBORN but-hole (you can name relatives , etc please-never mention you WIFE - to put in this place if you like sleeping outside)
4) I am the only one responsible for my investing
5) if it comes to it - I do have a sleeping bag - but, I believe it will remain in the attic
6) YES - ccme monetarly is important to me - but not as nearly as important as what is happening in Japan + the Middle East
7) yes, I am a committed Christian - my eternity is in God’s hands - I am totally comfortable with this even if I make bad investing choices
8) if ccme tanks - I can live with my loss. Hey, contact me for how to make GREAT tasting cheap meals.
my thoughts also - why would zeng be in his office if the co. was a scam? i posted my thoughts before reading your input.
have read mostly everything posted here + am deeply appreciative of all your thoughts.
somebody (maybe swampdonkey) had a recent post of the latest ccme gala with all the luminaries present. what is the point of this - if zheng is so sly (despicable) to have orchestrated such a fraud - chinese justice will SURELY get him. I can’t think he would be so reckless with his life. we have been on a roller-coast ride that is not over yet. We have all “made” and “lost” a lot of money with ccme. but the fat lady has yet to sing.
it is hard for me to see that trading will start anytime soon + this is good. now this is based on the caveat that the forensic audit, etc is going to be done.
another thing - zheng built this business. Perhaps he is great at making something work but not at being told what to do. I don’t know. In the world of stocks - stupid is - I AM IT.
also, wctbills has shown us enough ground evidence of ccme’s business. There IS a real business there. What it is REALLY worth - who knows now.
so what is my bottom line - I do not know about what ccme is really worth - but it is at least a viable business . If FH is still on board then that is very good.
where we go from here is the big question mark?? Ii support the letter - i’ve given my shares, etc info. will it help - it can’t hurt - so why not. send if to FH - yes. although all seems to suck at this point - the end is not here yet.
i guess the thing that boggles my mind most is the timing of Deloitte resigning. they were just days from signing off. how could it be that it took them so long to find whatever problems they found? any thoughts?
found this on YMB
Interesting analysis by auditor
His quick opinion, based on experience:
This late in the auditing seems to indicate that DT could not certify the numbers because controls and procedures had gone laxed since the last audit.
The numbers might have balanced but the controls and procedures were not sufficient to confirm or infirm the numbers. They had all the numbers but were not feeling confident enough to put their names on it and bless the audit.
Any major number issue would have been caught way earlier than 3 days before the audit period end.
The instant resignation of the CFO is corporate verbiage for "you're fired".
The financial audit, when initiated by the company itself, is usually to review and correct deficiencies in the control and procedures of the financial reporting.
WHAT TO CHECK FOR:
Is there really a forensic audit?
After the forensic audit is complete, is there a respectable public accounting firm willing to accept the auditor job?
If this happens, then the issues were probably controls and procedures.
If not, then something is going on...
what a difference a day makes
last week (for next winter) I was looking at 4* - 5* all-inclusive hotels in the Carribean
laying on a recliner
soaking in the sun
drinking a pina colada
listening to gentle music in the background
now - (for next winter) I am looking at being in the basement
sitting upright in a wooden straight back chair
warmed by a bare 100w bulb
sipping from a bottle of ripple
listening to gregorian chant
yeah, have all them same thoughts
how all of them insiders can be dupped remains a mystery to me?
my sentiments exactly - i will wait + see
i have to agree - they were there for more then enough time to have known if the cash was real!
I guess I am like most of us - trying to get my head into WTF?
How could all the DD + BIG investors be so fooled?
This is much worse then the halt as now there are even more unanswered questions.
well, at least the winter is over + I do have a sleeping bag - where are we meeting?
what is almost as bad as losing money - muddy + citron gain more cerdibility
well, just a week or two ago a lot of people were saying how ccme should halt trading
now that it is halted we will get to see what the status of everything is
I am comfortable with this - if my DD was wrong - so be it - but I still believe the best is yet to come
I bought cigx on 11/29 @ 1.77
I added to it on 3/10 @ 2.47
As of now it is $3.44
I am expecting even better rewards from ccme
what does this mean? as i just noticed it on my ihub posting after i posted my last message?
Alert: (1 of 4)
yeah cris - i agree - let kung fu kick arse
this saga has so many twists + turns - i do not speculate
i enjoy reading the posts but remain with only one thing - all the DD i have done (and many others) on ccme
when (and i say WHEN because none of us knows when the when is) ccme responds - that is all that matters
but, i take some comfort + joy in this - a tv series of yesteryear
Kung Fu with David Carradine - he would patiently get abused + even to some extent smacked around - but, when the time of reckoning came around - he would kick arse
we also have a buddhist in charge of ccme
RE: Deloitte. Sadly they did not found problems however they can resign merely to avoid reputation risk for a small company like ccme.
i think that speculation is ridiculous. if anything, deloitte would get much more business from china if things are ok
what type of dog is it - i hope it is street-wise mutt!
THANK YOU
yeah andrew,
i also saw the original message with "the word on the street"
personally, anything from anybody i do not take much stock in
and yes, i hope to get out today to buy and chill some champagne
Food for thought
if this was a scam - why did the owners NOT sell their stock when ccme was into the $20's
why are they in their office in china - not vacationing somewhere without an extradiction treaty?
It is too simple a company to have some elaborate fraudulent way to hide $ or the lack thereof
by all accounts they were VERY pissed at what happened + how it happened - they will do whatever then can do to screw the shorts
Another thought - in china business fraud IS taken seriously - up to + including the death penalty
if there was some REAL fraud at ccme - I believe that the owners would be on their yacht someplace far away from china - not in their office!
if it is GOOD news - as i believe it is
then i would not expect it to be released until AH
possibly immediately after trading stops - but surely when the AH trading stops
if I am correct it has to be the COMPANY that requests a trading halt - NOT the auditor
so, all I can imagine is that it going to be something VERY GOOD
with all the DD having been done on ccme - I can’t envision something weird coming to light at this late date
It will be pleasant - “there is a disturbance in the force” - the sound of the shorts squealing + writhing in pain as ccme turns the screws
well - a week or few weeks ago many were expressing the hope that halting WOULD be stopped
now it is
we will see
i go back to all the DD on ccme - i am concerned but optomistic
ps - all the short lurkers are coming out of the woodwork!
anybody have any idea of how long a wait this can be - after trading halted?
now you guys are making me feel bad - i got more @11.70
YEAH, i just ignore the rabit - he's not worth wasting time on
on a different note - i added to my cigx position today
with you - but running out of powder - shook the keg + needed to put on a hearing aid to hear anything!!
HAH - I made corned beef for supper tonight
going to eat
this was a good decision
the only people that are gonna be doing a lot of jacking are the shorts - all they can afford!