Sino Agro Food Inc (fka SIAF)

[zerohedge]

so you cannot "spin off" assets that you don't own.... so the idea of spinning anything off simply cannot happen. the company can "try to convince" a CJV partner to give them a stake in the spinoff as a "fee" for getting maybe cash into the business, and maybe doing a listing.... but then we have the farm developer acting as a "stock broker" for the CJV partner since the developer doesn't actually own/have "equity" ownership in the CJV that they can collateralize. basically I (as a developer) am trying to talk you into selling your house and you don't want to sell your house. they aren't spinning anything off because there's zero "equity" ownership that's tangible. same with the cash flow. when you don't actually collect the cash flow then you don't have the ability to borrow vs the cash flow. the silence relative to definitive answers to questions is deafening. the earnings call should be unbelievably interesting.