As my post days ago with proper fact check (not DD by referring to the sweet chairman letter or misleading phoenix-cos.com or twitter), it is impossible for RSSV to takeover the ownership of Wandi share. The seller Mr. Liu has lot of debt. His Wandi share ownership is frozen by the court in China! Unless he pay back all the debt, he cannot make any transfer of his Wandi ownership! There is a big concern about Mr. Liu's personal ethic and integrity! If you read the 8K carefully, lot of details are "promise" or "guarantee" by Mr. Liu. None of them are based on real fact.
The official coal mine evaluation report never mention 24 million tons reserve of coal. It only mentioned roughly 0.76~ million tons. Wandi only has 49% right. Mining capacity is only 0.15 million tons per annum. Not to mention when the mining business start.
The latest 10Q is strange. Adding in 24m and subtract 24m asset at the same time. It is a very creative balance sheet! Some people read it as a done deal with extra 24m. Good luck to them!
Thank you for your 99T finding. Perhaps, another Wandi story. The excuse of not able to send people over for DD is really a joke! All stories pump the expectation, lot of victims afterward.
NMTT is an interesting history of DS. Please check the historical chart. Pump and Dump! But I do agree that he and his team is a very good writer.
P.S.: There is an interesting story posted by someone in Malaysia related to the management team of RSSV called "The Scam That Keeps On Scamming". Enjoy!
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