Just My OPINION:
I took a very small bet on recovery in the PPS yesterday, therefore I am not doing much dd- don't have the time.
I only perused yesterday's report lightly, but I didn't see a lot to hang a hat on. Nothing shocked me.
For 35 years I was in a related business. Commodities trading is fragmented and a rough business- especially outside of the U.S.
Yeah, probably some is being reported as premium rice that's common rice. And some could be reported as branded that's really P/L (private label)- subjective and really of little consequence. And stocks (of rice) are probably being shifted around to suit the financials but may be legal to do so.
I would not get too hung up on the shenanigans and embellishments. The thing is the company is probably pushing out the door fairly close to what it reports, even if it goes through related companies- the rice is still eventually finding a home.
I am not even going to look at this. Just going to see if my small bet on recovery bears fruit which I believe it will by the coming Earnings Report, unless the short attack itself damages the company which I kind of doubt- the characters in this business don't give a spit about fancy pants short hedge funds.
BTW, some of the accusations by this short outfit were hilarious- let me see if I can remember: frequently out of toilet paper in the company office bathroom, owner talks rough, not enough room at the cafeteria tables, etc. Made this Prescience Research Group sound like wimps- probably couldn't hump a 55 kilo bag.
MG
