Andrew -
First let me state that I have not been to YMB in months and have not posted there in a couple years...too much BS... As everyone is aware I have what (was) a large long position that I still hold.
That said, the sentiment of the post you are replying to is similar to my concern. The generally floated story around here right now is that:
CCME has directly hired Piper who in turn has hired PWC to perform a forensic audit and complete all fillings to get CCME back on track and ensure that they are found not guilty on all charges.
I think we can all agree that is what most people here believe to be true.
My position is that accepting the mob mentality and believing something because that is what everyone else believes is how we got screwed in the first place. I understand that most have only altruistic motives and I am not accusing anyone of anything to the contrary. We all want to believe this is true, me included.
The problem is that we have no way of knowing that the above statement is true, or is even close. Your post for example has yourself and Fernando (two trustworthy individuals) stating that you contacted Piper and getting some confirmation that they were involved yet no clear facts. We have no context for these conversations, cannot discern inflection and nuance and, lets face it, personal conversations are not subject to regulations. You also reference the same filling info that has been mis-represented countless times where members of the audit committee hired Piper to "assist with their investigation" - whatever that means.
In our strong desire to see CCME vindicated we all want to piece things together like we are the stars of a 60 minute detective episode. As we found when we were all screwed, that may not be the best, or from an investment standpoint the most wise course of action.
In truth, this is ALL we KNOW:
1) We know CCME has been delisted to pinks and not without a TA to keep some integrity in the float numbers there is essentially no actual trading occurring.
2) We know that board members resigned, and while we have suspicions we really do not know why.
3) We know that DTT resigned and we know their public reason for doing so, but we really do not know the "real" reason they left - short pressure...?
4) We know the remaining members of the audit committee are conducting (or were conducting) their own investigation into the situation. We do not know the status of this, the intent of the investigation, the potential implications or practically anything else.
5) We know that at some point the audit committee retained Piper to assist with this investigation. If we accept private statements that Piper made to Fernando and yourself as fact than we can assume that Piper is, or was, actively providing some services along these lines. We have no clear idea of when (or if they are still) providing services, nor the scope of those services. We do not know if these are to protect the members of the committee from being the CEO's scapegoat, or to vindicate CCME at large. We do not know if they are performing any type of audit what so ever.
6) We know that at some point Piper sub contracted PWC to advise on something. We do not know what. Could be a forensic audit, could be just to have someone on standby to call for procedural clarifications regarding financial auditing matters.
The bottom line is that anyone that states anything beyond this is speculating. Period. There is no shortage of people pulling random words and sentence fragments out of press releases, SEC fillings and even posts where individuals have claimed that they have spoken to the CEO directly; piecing these together and postulating their own theories - presenting them as facts. They are not facts.
To add an additional element here, there is a phrase that has oft been quoted where CCME states they are working to enact the recommendations of DTT. No where do they state that they are actually, right now, doing everything. Also - and this is the part that just amazes me - people take this as absolute gospel. Need I remind everyone of the buyback PR, the dividend PR, the several "We will fight back|appeal|try to get relisted" PR's - none of which turned out to be true? Why would this one phrase all of a sudden be the single line that is absolute truth?
I am not sitting here trying to be negative - I am trying to be realistic. We know what we know...and we are in a very long (probably months) wait and see mode. I do feel that there is an equal chance that we go to zero and write off a total loss as we obtain full vindication and pop to over $20 again. I do not know...but neither doesn't anyone else. The difference is that I state I do not know where others are stating made up "facts".
Market Data 
Markets 
AI
