There is a lot here that just doesn't make sense:
Why did CCME hire DTT as it's auditor if it was knowingly committing fraud... Fraud companies would not do that.
What's more DTT signed off on 2009, and oversaw each 10Q for 2010
Switow - genuinely been delivering product from what we've heard... if they are a fraud, why dream up something like that? Why not stick to the buses? No one expected Switow... in fact Switow has to prove itself as profitable still... looks like a real business expansion
Starr - enough said; must be some business substance there for that investment to be made, or the guy is crazy
Global Hunter - Ping's DD seems genuine enough... the Feb work looked deeply into cash, contracts, buses etc etc.... there was enough at did add up there to get GH's stamp... it would be suicide to stamp it such if there was severe fraud going on
Then there is the case of the bashers and shorts, the fabricated documents on their part, and the constant conficting fud they produced between them... some said the company was a phantom, some said it was there, but with less revenues than published etc etc
I read something a little while back that makes some sense to me. The shorts have put so much pressure onto the company and DTT that DTT would be forced to try to counter everything the shorts 'claimed' to sign off... maybe they felt they couldn;t do that in time, and wimped out, stating they 'could not depend on management'... could eb there is little wrong here, but DTT not prepared to take the risk.
Jacky CFO - I suspect he either did something dodgy and got caught, OR he thought all was good, and was doing his damnedest to get the company audit through by cooperating with all the bizarre challenges raised via the shorts' fud... but in the end could not convince DTT enough for them to stay onboard. Tjis would account to self failure for him, and as a proud Chinese man, he resigns... wish he hadn't if this is the case!
Time is going to tell... if the cash is there - that's one good thing; GH says it is... The company acts more like it is there, than if it isn't... Their denial of the shorts accusations, the shorts timing etc all make the fraud case seem not too strong to me..
Can;t wait to find out the truth. Maybe CCME isn't a $70/shr company... but maybe it does still have good value. The big problem is that the shorts continue to build fud, and erode all opinion in the company... CCME need to get real news out fast, and get someone good in to start repairing the damage... unless they are a total fraud, in which case they should just admit it now.
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