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Jtechkid

05/26/11 11:36 PM

#32001 RE: value1008 #32000

How does SEC and NASDAQ let ccme trade until the audit was done - how does that protect shareholders

Nope but they were getting huge pressure from the shorts , clearing houses, brokerage firms to let this trade to unwind the short position -

They couldn't wait 30 more days to finish the investigation .

What happens if piper clears ccme , it settles with staar , goes private at 8$. NASDAQ gave the shorts a way out and killed the little guy - congrats -
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stills999

05/27/11 12:37 AM

#32002 RE: value1008 #32000

Tim ... my belief is that lies cannot perpetuate forever which means there is hope in this sector. As these companies mature, start paying dividends (like XIN today), I don't think these liars continue to be successful? What kills me is we don't know what the issue is with CCME and have not heard any reply from the company.

One crazy speculative thought that just came to mind, which I don't think has been raised here (and contradicts my optimism), is the possibility that CCME bribed the goverment for its status (where the operations of the company are legit). Short sellers have accused CCME of everything but this ... perhaps they don't want to upset the Chinese government directly by releasing these details but at the same time knew CCME would not pass the audit for these reasons.
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CanZen

05/27/11 5:55 AM

#32004 RE: value1008 #32000

There seems to be little hope in the face of such coordination, particularly when Co's like LTF are offering such blatant examples of fraud that involve banks, of all parties, thereby offering all the ammunition required to separate investors from their shares.

Piper and PWC may eventually clear CCME, but it seems this sector will take years to recover. CCME could go private $4 a share or less and all the stranded longs would take what they can get.

From CCME's perspective this assault came from overseas, so if shareholders want to take action and recover losses they should go after those foreigners that launched this attack on the co. Even if the forensic audit goes as any remaining longs hope, I don't see much light at the end of this.
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upwardmo

05/27/11 10:01 AM

#32021 RE: value1008 #32000

Great post and absolutely right. As a veteran of the Novastar, Overstock wars, every time I see a name like Boyd, Norris or Chanos it raises my hackles and my suspicions. They are all part of the same naked short-selling cabal and have friends in high places, unfortunately.