I never claimed SOKF was a fraud. In fact, that was one of the names that I was hoping to buy, b/f the management stole the company from investors at an unfair price.
"Too bad investors threw those companies into the trash-bin, forcing them to go private."
No, actually not "too bad." We've cleansed the market of garbage, and now it is safer for investors. There is no reason for a company with 100% operations in China to trade on U.S. exchanges. It shouldn't even be allowed IMO. They should list in the home country, sell shares to their own customers and their own population, and then set up an ADR here (NYSE) or GDR (pink sheets) that tracks the movements over there. Like OGX.
This "go private" nonsense just goes to show what a scam the whole RTO game is. These guys are in it 100% for themselves, with no sense of fairness or ethics. They don't give a f---. No respect for shareholder interests whatsoever: heads they win, tails you lose. If things work out, and the company is or becomes profitable, they take the company private at 6 times earnings, and you make a paltry 25%. But if things don't work out, and the fraud is exposed, as happens more often, you lose everything, i.e., CCME and so many others.
That's not an attractive risk-reward.
"In my mind, this is a done deal with almost 0 probability of the money not going through."
OK, so put your money where your mouth is. Buy HRBN shares tomorrow at 23.00. Are you going to do it? You get a supposedly guaranteed 4% return in a week. That's more than 500% annualized. If you don't buy, that's admitting that selling is more attractive ;-)
Let me know if you buy some. Maybe I'll take the other side and grab some puts ;-) Why the heck not, the China RTO saga has been very good to me and to you as well, both on the long side (2009) and the short side (2011).
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