huh?
you can't be serious
there are serious financial improprieties at CCME. DTT didn't create 'em, didn't cause 'em, and they didn't contribute to 'em.
Frankly, had mgmt simply cooperated with DTT, DTT would not have resigned....
or Jacky...
or Dorothy....
or Kung....
CCME/Zheng has been sued, and there's no question in my mind that the suit will be successful (my fall-back position, BTW).
At this juncture, CCME/Zheng is in severe crisis mgmt mode. If they can complete the forensic audit, recover the cash that may have been lent out to others, and produce audited financials that are 60%+ of what the company had represented, then the shares will be worth a lot more than $2. If this does NOT occur, the shares could be worth even less than what they can be purchased for now.
Personally, I think the likelihood is fair that the company will come reasonably close to what I have suggested needs to happen, but I could be seriously mistaken. All I have at this juncture to predicate encouragement upon are the facts that: Piper/PWC are still on the job some 45 days into their engagement despite a very significant cost to the company for carrying on this little exercise (clearly the single most important fact), Nussbaum's article was published, the WSJ article contained some favorable comments (as well as some UNfavorable ones, tho).
No one should invest in this stock unless prepared to lose everything. I'm riding it out, but hindsight tells me that I would have been much better off had I dumped on the first day at $4+/-, and then bought back my shares at $1.50+/- (don'tcha just love that cocky hindsight?)
AI
