China MediaExpress Holdings, Inc. (fka CCME)

[ratobranco]

Or better yet, if they had a business that was really set to produce an average of around $80MM/year in cash flow over the next 3 years, why would they sell a 25% stake in it to Americans for $40MM? That's two times earnings, not the kind of valuation that businesses growing like gangbusters usually sell themselves for.

The SPAC itself never made any economic sense. They had no reason to ever get involved with this mess if they were legit IMO.