Thanks a lot for your further thoughts on the matter, Nooneother. Yes, I'm definitely pleased that they officially filed the appeal.
All this stuff is new territory for me. But from the little understanding I have of the Chinese mind-set and their way of doing business--ways that are not sanctioned by the Nasdaq or SEC--I find it hard to believe they could come up with a plan in such a short period of time. We all know that they must have lawyers advising them. Further, it makes no sense whatsoever to hire lawyers who are ignorant of the Nasdaq/SEC rules and laws. As such, if they truly needed more time--which seems very plausible to me--and if this appeals process is the best means within the US system to ensure them the maximum amount of additional time--which a competent lawyer should have already known or have been able to discover--then it suggests a well thought out approach on CCME's part. I hope that's the case. But I'll just keep watching and waiting. I think the only definitive statement one can make is that petitioning for an appeal was the last option left for longs and the company took it.
I'm of course encouraged by Amychan's various comments. It seems you are holding a similar view of what she stated a little while back, namely, that it really behooves the Nasdaq for their own financial well being--collecting fees from uplisted companies--to have the CCME debacle resolved favorably so as to not discourage other foreign companies from wanting to join the Nasdaq. Not surprisingly, I'd never thought of this. But it has a coherent logic to it, and I haven't heard anyone refute it, although I might have missed it. It also seems accurate to say that despite not knowing the specific details, both the company and the US hedgefund/short army have not played by the rules. If this is true, then it seems to add weight to the notion that the Nasdaq might prefer to see a resolution rather than a delisting: if both parties acted wrongly, why not side with shareholders as this will also benefit the Nasdaq's business model? As usual, I don't know. But there does appear to be coherence to the idea. Yet it's of course a mute point if management doesn't take the appeal process seriously--or if the requisite Nasdaq/SEC people have been bought.
Again, if management has been doing some creative financing behind-the-scenes, then I would think it would take some time to put together a creative undoing of those transactions. From what we heard from Deloitte and others, it sounds like management will need to bride a company to do a forensic. Yet in a culture where bribing apparently is quite common, I would think they would be able to work this out if they had the time and the willingness. We'll see. Like many others here, I'd just like to have as many of the facts on the table before it resumes trading.
Steve
News 
Market Data 
Discover 
