Bradford, Where, oh where, did you ever get that $500K value on the IM land. 16,000% overvalued??....The land controversy started last January when Maj of Geoinvesting had his attorney hire an appraiser to value the land. The appraiser valued the land at 70rmb/mtr, while the company paid 326rmb/mtr. That would be about 450% overvalued, not 16000%. Maj said that the appraiser valued the land based only on agricultural zoning, while LTUS paid for it based on industrial usage which the government promised for the price LTUS paid. Not only that, but Maj also said that the appraisal did not take into account the 16 years of tax benefits provided by the government for developing the property. Certainly there is a substantial value there as well. Furthermore, Friedman, a top 100 auditor, who is required to value the land at lower of cost or market value, left the property valued at what LTUS paid for it, despite the fact that Maj sent them a letter detailing his appraisal and why he felt it was overvalued. Who should we believe, an un-named un-known appraiser in China or Friedman? Yes, Friedman did write off the improvement costs that LTUS put into the property but that is because LTUS put off their development schedule after the Beijing property was rezoned, allowing expansion there.
As for the BOD who was "alledgedly" only sent the last two pages of a 20 page report for signing, I assume you mean the emergency room doctor in Waco, Texas. Did he actually tell you this or did you make this up too? The doctor was signed on to the BOD when he worked for a drug research firm. That made a good fit for LTUS but why should LTUS keep him on forever? He had quit that research job 5 years ago to be an emergency room doctor. Why should an emergency room doctor, who doesn't speak Chinese, living half way around the world be kept on the BOD?
Sorry, you lost on this stock. I'm way upside down too but lets keep the stories straight, OK?
