From an email that I received months ago from Doug Billingsley when everyone was still hoping and believing that Wang would cooperate, it became clear that Wang was not paying anyone and was slowly distancing himself away from those who were helping him. I mentioned in one of my posts that neither Doug nor the attorneys had been paid and that Wang was simply distancing himself away from everyone who was willing to advise him properly. I don't remember if even the transfer agents had not been paid. And of course, although it had not been mentioned, I must assume that Wang stopped dealing with the auditors and failed to pay even them.
One thing that has always been in my mind is that if the auditors were never paid, I am sure they never returned to Wang any material related to the financials on which they were working. Therefore, it would be interesting if a large shareholder wants to pursue any action against Wang it would be a great idea to contact the Marcum people and see if they are willing to provide some financial data to determine if this company has any assets. Even if there are assets the problem with this company is that the Chinese government will not allow any legal action against Wang to start because the requirements to bring Wang to court are so complicated that nobody is willing to spend good money for an outcome that is stacked up against the American outsiders.
As I mentioned in my previous posting the real losers are those who used funds from their IRA account to buy shares. Those shareholders who bought shares from a regular brokerage account are still able to make up any loss sustained on FCPG in 2015 by using any profits generated in other stocks for 2015 to offset the losses. And, if they still have carryover losses, they can use them in future years whenever they make a profit in future investments. Only IRA and 401K holders got really burned with the loss that cannot be carried over and mixed with other normal outside stock investments.
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