Replies to post #33783 on China MediaExpress Holdings, Inc. (fka CCME)

[Floridana]

His post and your comment pretty much sum up the whole problem with CCME - there is apparently no evidence that those audits reflected any sort of reality. I still can't figure out if the company is currently doing any business whatsoever. Boy am I sorry I believed what was in those audits.

[Eberndorfer]

"according to 2009 yr-end audit report ccme had $57 millions in cash and no debt."

The "audit report" didn't say to whom these $57 millions really belonged:
“Many stock frauds … falsified cash balances as a basis for fabricating prior years’ profitability. The most common method of doing this was to “show cash” in accounts that was actually not the company’s own cash, but in effect “borrowed” -- arranged to be deposited in the company’s accounts utilizing a variety of undisclosed contingent liability arrangements.”

http://geoinvesting.com/companies/ccme_china_mediaexpress_holdin/research
(In Anonymous Letter sent to Deloitte)

Disclosure: I am long on CCME, and sorry.

I ran into CCME as a day trader, one day after the Citron report came out, something I hadn't known. My quite heavy investment dropped immediately from about 19 to 16 after which I tried to recover it with some early successes. Eventually I got caught like so many other investors.
Had I read the "Anonymous Letter to Deloitte" in the GEO article series, I definitely would not have invested in CCME one single cent, even though I am a risk taker.