I think every one is being a bit too optimistic... and I really hope the company is not a complete scam but if it is this is how much they could have potentially stolen... maybe I screw up some numbers but its close enough.
In reality what probably happened is that the Bright Elite guy sold all of his stock and then got short. He is basically the inside guy for every one here. He was long like 1.8 million shares I think (just off the top of my head) and lets say he got out an average of 15. He was up ~ 27 mil. He then went and used that money to buy puts / short stock.
Then you have Zheng Cheng who is sitting on a horde of cash at the company. Assuming revenues are actually close to 0 then they just had cash from the warrants, tmi's initial investment, starrs investment, and starrs warrants.
There was about 10 million warrants so thats about 50 mil
Starr invested in preffered and warrants: 30 million in preffered and then 10 million from the warrants. So 40 mil call it
TMI investment I cant remember and really am so sick of this stock I am not going to spend a few minutes googling it.
So there if they raided the company of all of its assets they have about 100 mil in cash + tmi . Add to the stock sale by bright elite and his short position, probably another 50 mil total.
So if thats the case then the crooks made off with about 150 mil in cash.
If they were just overstating revenues so bright elite could dump and then short before the pending accounting scandal its still probably 50 mil.
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