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It's thorough, but there is a lot of

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bilgert   Wednesday, 11/17/10 09:53:59 AM
Re: DrZhivago post# 856
Post # of 1000 
It's thorough, but there is a lot of hearsay and he quotes a lot of questionable sources- and he never had any direct quotes from any company officers when he was making allegations that RINO was fabricating client relationships.

He did a decent job picking apart select portions of the SEC filings. I'll give him that. I think at a minimum, RINO is guilty of sloppy accounting. Whether it is completely fraudulent will come to light sometime soon, I reckon.

This whole thing smells of blatant manipulation. He issues this report and then notes that he has a short position in the company. Then after he releases a damning report, BOOM! a bazillion lawyers come out and are soliciting people to join a class action lawsuit. The timing is ridiculously suspicious.

Anyway, I see this thing is hitting the skids at sub $6.50. I guess time will tell if RINO has the legs to recover. I suspect it will, like Orient Paper (ONP), the last company Muddy Waters condemned- but to what extent will be largely dependent on RINO's numbers and transparency for 2010 4Q and 2011 1Q. And the truth is, even though RINO files with the SEC, they are located in China and a lot of the supporting documents are in Chinese (as Waters shows), they have an easier time concealing their assets, cooking the books, faking contracts whatever- and to a certain extent the Chinese government, being a new player in this global capital market, is a wonderful accomplice. So perhaps a lot of what Muddy Waters says could be true

Who knows. It will be interesting. I made my money in this a while ago and have a small interest in this now, so I'm not completely damaged by this- but stuff like this irritates me.

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