Replies to post #8302 on Longwei Petroleum (fka LPIH)

[honestengine_rh]

Red Chip bailed when the lawsuits against LPIH came out. Why should they issue quarterly financial statements when they are not required to file them while delisted? It would be better to issue audited financial statements for the year.

The first order of business for the Company is to get 2 independent directors, which is what got them delisted. Quarterly, financial statements would do very little at this time. Anderson Bradshaw agreed with the Company's 1/2/13 PR, raising revenue guidance 31% YOY as they have in effect certified everything througn 5/30/13.

[honestengine_rh]

Red Chip bailed when the lawsuits against LPIH came out. Why should they issue quarterly financial statements when they are not required to file them while delisted? It would be better to issue audited financial statements for the year.

The first order of business for the Company is to get 2 independent directors, which is what got them delisted. Quarterly, financial statements would do very little at this time. Anderson Bradshaw agreed with the Company's 1/2/13 PR, raising revenue guidance 31% YOY as they have in effect certified everything through 5/30/13.

Some information on the audit process:

http://seekingalpha.com/instablog/7768651-tenbagger421/1908901-everyday-is-independence-day-for-cpas

[surfer44]

Those who pushed for them, Red Chip and Seeking Alpha, both dropped them quickly after the report. Why weren't they willing to give Longwei the benefit of a doubt?

Maybe they got tired of the MMA ground and pound *

* yes, MMA ground and pound is an investing strategy :)