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SCEI - Audit Committee Chair resigns... - Current report filing (8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 16, 2011, Sino Clean Energy, Inc. (the “Company”) received notification from Mr. Joseph Levinson that effective immediately, he resigned from all positions held with the Company and its subsidiaries, including as a member of the Board of Directors (the “Board”) of the Company. At the time of his resignation, Mr. Levinson also served as Chairman of the Board’s Audit Committee. There were no disagreements between Mr. Levinson and the Company on any matter relating to the Company’s operations, policies or practices, which resulted in his resignation. A copy of Mr. Levinson’s resignation letter, dated May 16, 2011, is included with this 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Resignation Letter from Mr. Joseph Levinson, dated as of May 16, 2011.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 16, 2011, Sino Clean Energy, Inc. (the “Company”) received notification from Mr. Joseph Levinson that effective immediately, he resigned from all positions held with the Company and its subsidiaries, including as a member of the Board of Directors (the “Board”) of the Company. At the time of his resignation, Mr. Levinson also served as Chairman of the Board’s Audit Committee. There were no disagreements between Mr. Levinson and the Company on any matter relating to the Company’s operations, policies or practices, which resulted in his resignation. A copy of Mr. Levinson’s resignation letter, dated May 16, 2011, is included with this 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Resignation Letter from Mr. Joseph Levinson, dated as of May 16, 2011.
5 seconds... ;)
SCEI - a resignation - - Chair of Audit Committee -- Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 16, 2011, Sino Clean Energy, Inc. (the “Company”) received notification from Mr. Joseph Levinson that effective immediately, he resigned from all positions held with the Company and its subsidiaries, including as a member of the Board of Directors (the “Board”) of the Company. At the time of his resignation, Mr. Levinson also served as Chairman of the Board’s Audit Committee. There were no disagreements between Mr. Levinson and the Company on any matter relating to the Company’s operations, policies or practices, which resulted in his resignation. A copy of Mr. Levinson’s resignation letter, dated May 16, 2011, is included with this 8-K as Exhibit 99.1.
99.1 Resignation Letter from Mr. Joseph Levinson, dated as of May 16, 2011.
Source: http://ih.advfn.com/p.php?pid=nmona&article=47713364
-Andrew
YONG - Everyone here seemed to like the quarter, then it's still on the Reg SHO list for 23 days now (13+10) and price keeps dropping. Anyone see a bottom?
Source: http://www.bloomberg.com/news/2011-05-17/nasdaq-threshold-securities-for-may-16-table-.html?cmpid=yhoo
-Andrew
GFRE talking buyback on the cc...
GFRE is talking buyback too. Anyone see a trend forming?
-Andrew
RT: With that kind of short interest and projected 24 days to cover, this major increase is surely an unpleasant wakeup call for those aggressively short CISG.
Could a similar buyout offer happen with other heavily shorted companies in the China sector? Who knows, a buyout offer could be coming to a halted RTO near you.
-Andrew
CBBD - I sold out a few hours before last week's precursor to this prospectus: http://ih.advfn.com/p.php?pid=nmona&article=47700452. Where this will head given these shares is a good guess.
-Andrew
CGPI: Rato, are you saying CGPI will be underground?
-Andrew
After a proposed PUDA buyout (which some question as disingenuous), here's CISG Buyout Proposal - News - http://www.bloomberg.com/news/2011-05-16/cninsure-surges-most-since-october-2007-on-buyout-proposal.html?cmpid=yhoo
Collectively this becomes food for thought about CCME.
-Andrew
SCEI / Loeb lawsuit - While such errors tend to riddle filings throughout the legal system, the appearance that a filing in a case like this was not error free and fully proofread is indicative of a lack of individualized attention to the client. A suit like this ought not have any obvious grammar, textual, or other errors. There will be more such suits.
-Andrew
CISG Buyout Proposal - News - http://www.bloomberg.com/news/2011-05-16/cninsure-surges-most-since-october-2007-on-buyout-proposal.html?cmpid=yhoo
-Andrew
Batterymarch new holding is now corrected to the 3/31/11 date. Must have been a typo or mistransposition which has since been corrected. This was no more likely a post-halt private transaction than any other newly initiated institutional position.
BATTERYMARCH FINANCIAL 3/31/2011 20,370 20,370 New $242
Source: http://www.nasdaq.com/asp/holdings.asp?symbol=CCME&selected=CCME&FormType=Institutional
-Andrew
You wont find me deleting either of your two most recent posts #'s 30727 and 30726.
-Andrew
Since you are posting the same ambiguous FUD twice, complete the feedback loop.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63128293
-Andrew
Dipstick55:
Consider the stickypost by Focus2011 noting methods for private transactions:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63128840
If individuals can make private transactions, so too could institutions.
This is not to say that the instant transaction under discussion necessarily took place after 3/31/11. The date on file could be a typo.
-Andrew
rru2s: No post has been deleted by any Moderator, Assistant Moderator, or higher level iHub manager in about 46 hours. None since just after midnight on Friday.
-Andrew
CCME - Question about an institutional filing date:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63136229
-Andrew
CCME - Question about an institutional filing date:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63136229
-Andrew
Normally the date reflects the most recent institutional holdings snapshot at a 3 months interval. i.e. 12/31/10, 3/31/11, etc.
Maybe this is some kind of typo that mistransposed the date of the snapshot with the date of filing?
-Andrew
Notice the atypical date listed on new position for an Institutional investor filing:
BATTERYMARCH FINANCIAL MANAGEMENT 5/12/2011 20,370 20,370 New $242
Source: http://www.nasdaq.com/asp/holdings.asp?symbol=CCME&selected=CCME
-Andrew
Yawn. That's not even news. That's 50+ days old info. Only reference to CCME is recitation of well-known facts:
China MediaExpress Holdings, Inc. – Deloitte quit as auditor because “no longer able to rely on the representations of management”. CFO resigned. Stock trading halted March 11"
BTW, what's going on with YHOO (the stock) and Alibaba (etc.) is interesting. Sure opening issues with investment dealings with Chinese companies to a larger audience. There's a nice exchange about the YHOO issue on the China Growth Stocks Board that begins here.
-Andrew
CGS / CCME - Some article lists CCME the top Chinese ad stocks with highest return of assets... ;) This looks like the Forbes style of ranking. Will be interesting to see what the real numbers are...
-Andrew
CGS / CCME - article listing top 10 Chinese ad stocks with highest return of assets... ;) This looks like the Forbes style of ranking. Will be interesting to see what the real numbers are...
Hope everyone is having a great weekend.
-Andrew
I can confirm from review of data that no such post was on iHub and then deleted in the last 48 hours.
-Andrew
(In my official capacity as Assistant Moderator)
Thanks Marty. The Board is the embodiment of the quality contributions of many fine posters such as yourself. We do what we can during the halt. Who knows where it will lead. If some kind of news other than total loss arrives, this Board will be ready to receive it.
-Andrew
Thanks Clam151543. -Andrew
Nigel9527, thank you for reflecting on all the responses to the original presentation of this satire to the CCME iHub Board.
While it was obviously a fake story to me based on the early timing and lack of source, an unwitting shareholder distraught over the present condition of CCME absent news should not have to read to the end of an impersonation to find out what purported to be a genuine press release is actually a fake. That's why a much more appropriate heading is provided and the information was still posted.
This is not the first time this Board took such a proactive stance to separate a spoof from real news in the introduction of such satire. See, for example, the message which introduced a so-called Muddy Waters video. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=62695086 To prevent any misunderstanding, the author of that message was asked to resubmit with the word "spoof" in the heading. This way those who see the message would not be unduly alarmed by the implications of the first part of the message.
For some people who read this Board, any news is a serious thing. It's just not fair to mislead our readers, lurkers and participants when there is a more reasonable way to present the satire without upsetting or unduly alarming anyone.
-Andrew
XIN has favorable rating from Roth: http://www.cnanalyst.com/2011/05/analyst-actions-on-chinese-stocks-bita-chu-ctfo-ctrp-dl-ga-jade-lfc-may-13-2011.html
I thought I'd never see another company by the name BCCI. Frankly I'd like to try the coffee before judging the company as an investment.
-Andrew
The presence of this Board strengthens and empowers other Boards. I'm pleased with the affect this Board has had not just as a communications venue, but also as a failsafe option for anyone seeking an alternative.
-Andrew
gt1135: Next you'll tell us that mistakenly filed foreclosure notices teach society to pay their bills.
This alleged "news release" is fake and manufactured to look like an authentic release until you get to the last line. It's not real.
"FUJIAN, China, May 13, 2011 /PRNewswire-Asia/ [FAKE RELEASE]-- China MediaExpress Holdings, Inc. ("CME" or "Company"), China's largest television advertising operator on inter-city and airport express buses, today announced that the Audit Committee of the Board of Directors of the CME, with the assistance of law firm DLA Piper, has concluded that most of the concerns raised by Deloitte Touche Tohmatsu ("DTT") when it resigned as the Company's registered independent accounting firm on March 11, 2011 were without merit. The investigation has confirmed only one area of accounting irregularity, namely that a portion of the $213 million cash balance of the Company had been directly lent out to unrelated corporate clients of its main bank, the Industrial & Commercial Bank of China. A total of $53 million was lent out directly by CCME to 3 different corporate clients of the bank from November 11, 2010 to April 23, 2011. As of April 23rd, 2011, the Audit Committee has found that every such loan has been duly repaid, with interest. While this practice has become an accepted business practice amongst some Chinese companies, the Audit Committee has instructed DLA Piper to help design a strict system of controls and procedure to ensure this type of activity is not possible in the future. [Counterfeit press release] The Company has further hired a cash management specialist reporting to the CFO whose main responsibility will be to invest the company’s cash within the official banking network and according to strict cash management guidelines to be established by the board. The Audit Committee, with the assistance of DLA Piper and PricewaterhouseCoopers, has concluded that all other allegations and areas of concern raised by DTT are without merit. A thorough report with supporting third party proof and documentation will be posted on the company’s website and filed with the SEC today. [Satire]
Separately, the Company hired Ernst & Young Hua Min (“E&Y”) to audit its 2010 financial results on March 23rd 2011. E&Y has completed its audit of the Company’s 2011 financial results and its 10K will be filed with the SEC today. For the fiscal year ended December 31, 2010, the Company generated revenue of $217.6 million and net income of $108.2 million, a growth of 128% and 163%, respectively, over 2009. Gross margin for the year was 72.6%. The Company’s cash as of December 31, 2010 was $166 million excluding $47 million of third party loans outstanding at December 31, 2010, as discussed above.
Mr. Zheng Cheng, CCME's Chairman and Chief Executive Officer, noted, "CME is a thriving company with a profitable business model. The Company has been attacked by unscrupulous short sellers and I will continue to vigorously fight for the truth and for the interests of all of CME’s shareholders. I thank our loyal shareholders for their support and apologize for the turbulent months they have had to endure as a result of these short attacks.”
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended:
The Company's goals and strategies; and
Changes in general economic and business conditions in China; and
Chinese laws, regulation and policies, including those applicable to the advertising industry.
This document is entirely of an engineered nature and should be viewed for its satirical value and should not be relied upon for any investment decision, whether actual or theoretical. Its main objective was to examine alternative realities in regards to CME in an otherwise desolate intelligence environment.
CONTACT: Investor Relations Department of China MediaExpress, +852-2827-6082, ir@ccme.tv"
-----------
I have reposted this with warnings so the satire may withstand censorship, while the post does not mislead anyone as to its authenticity or source.
The originally posted version that began "IS THIS TRUE?!??!" posted by someone else, (was misleading in its presentation and consequently was removed from the Board.
For anyone seeking discussion of the sum and substance of this satire/posted so-called release/ discussion of one possible scenario, see messages 30638 - 30664 (and any replies resulting from this message.
Finally, beware fake releases. Genuine releases go over the news wire. Fake releases may not have Bold warnings within.
-Andrew
In my capacity as Assistant Moderator
WannaEagle:
Are you asking for your posts to be deleted?
-Andrew
Kelvin, I do not want to be draconian about deletions. The problem here is the way this was posted was unusually misleading about a highly sensitive issue that affects many who come here to trust what's written.
A question to ask WannaEagle about his judgment is, if you personally know "it's clearly fake", why would you begin your message, "IS THIS TRUE?!??!" regardless of the fine print at the end which was not Bold like your introduction?
Personally, I would have no trouble banning a user for knowingly posting fake PR without highlighting clearly and distinctly at the beginning that it's fake (especially if we were trading). But it's not up to me.
The law works the same way with phone companies. That's why the FCC fines operator services that don't announce their name upon connection to the operator.
-Andrew
Apparently the YMB posting source of the document was new alias created today "Henri Robidou":
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=te&bn=101061&tid=112963&mid=112963&tof=3&frt=1#112963
-Andrew
Wannaeagle, where did you get this document that you posted here?