China MediaExpress Holdings, Inc. (fka CCME)

[Koufax]

My thought was that Dorothy had no idea that the company's funds were tied up supporting the credit of third parties, and that the failure to disclose this to the Board was inexcusable and warranted a noisy resignation. Her letter referred specifically to strangeness regarding PRC bank accounts.

There are 100 other things that it could have been, including outright embezzlement. But if that were to have been discovered I think that one or more of the resignations would have been clearer. Deloitte, for example, would have stated affirmatively that the prior financial statements are unreliable, which it stopped short of saying.