China MediaExpress Holdings, Inc. (fka CCME)

[Texbanker]

facially inconsistent with the company's solicitation of Kung to reconsider -- and Kung's agreement to suspend the effectiveness of his resignation for a week.

That could have been either face-saving or an offer to have him keep his title but have no authority.


Look at the Kung resignation letter again. The first line says he believed he was powerless as Audit Committee Chair, but the next line tells us that the independent investigation (Piper) was in the process of being conducted.

except that Mr. Kung's resignation letter indicated that he did not believe he could execute his fiduciary duties and roles as independent director and Chairman of the Committee to choose capable and appropriate independent professional advisors to the Audit Committee. An independent investigation is being conducted by the Audit Committee into certain matters identified by the Company's former auditors at the time of their resignation