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the bear is back biatches!! printing cancel....
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Yeah its pretty hilarous when you think about it

they give you more options as i've always believed they should......but not until the entire stock market becomes one farse rigged casino run by the fed and robots....pretty comical

average joe 401k guy was piling into treasuries as we had the last crash down...now they are slowly starting to flow back into equities now as we are entering the obvious bubble portion of the fed induced ramp.....and will lose their shirt once again when the inevitable next crash comes.....

as the banksters and robots laugh all the way to the bank on their fun rigged casino roller coaster ride
 

Breaking Bad Snob
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After reading some more and hearing the rebuttals to the negative reports, I'm no longer convinced that this stock is a fraud. It seems the market doesn't either as it popped 28% today and is up another 25% after hours.

http://seekingalpha.com/article/250...ors-crushed-in-rush-for-the-exit?source=yahoo

The most telling part of the article above:

CCME short interest is a whopping short squeeze nightmare for anyone who is short of 6.44 million shares. With a float of about 10 million shares this means that more than one out of every two shares out there is shorted. Fourth quarter 2010 earnings report is expected to come out next week. If the numbers beat expectations it could kill the shorts as they scramble to get out of the burning inferno that would be cooking them alive. How do you get out of a large short position right before earnings without taking a huge loss? One idea is to issue a “research report” on why you believe the stock is a total fraud. Prices fall and you get out just in the nick of time. There are no coincidences on Wall Street.​
 

the bear is back biatches!! printing cancel....
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not sure why'd you'd even think of messing with ccme in any form (either long or short) at this point but have fun if you do i guess....

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Red Flags at China MediaExpress: Significantly Mismatched Filings in China, U.S.

43 comments | by: Chimin Sang February 07, 2011 | about: CCME




My last article on China MediaExpress (CCME) discussed why the "official document" provided by the company lacked the reference number needed and thus was without administrative power. I also presented evidence that the company faked national level science awards for its patent.
The rumor has it that the company’s SAIC (State Administration for Industry and Commerce of China) filings mismatched its SEC numbers, and in this article I will present to the readers the original documents.
“Fa Piao” Is How the Chinese Government Fights Fraud
Before I delve into the evidences, I would like to comment on the significance of SAIC report. Many Chinese small-cap investors have been convincing themselves that the mismatch does not matter. In order to dodge tax, companies in China are under-reporting their revenues and thus such mismatches are common. If we were to believe that the SEC numbers are truer than the SAIC numbers, we would have to believe that the Chinese government is losing a lot of tax.
While tax dodging is rampant, the Chinese government is no patsy. What it came up is “Fa Piao” (invoice) system. While companies in the U.S. can issue their own invoices, companies in China have to issue invoices using anti-forgery invoices purchased from the government. A good description is here.
For the advertising business, the government charges 3-5% of revenue as business tax for the service rendered. The government knows the revenue of a company from the invoices. If a company is able to under-report its revenue number, it will have to issue less amount of “Fa Piao” than it rendered service to its customers. However, if the customer receives no “Fa Piao” for the service it purchased, it will not be able to count the amount in its cost, and thus will have to pay 25% corporate income tax for the under-stated cost. The economic loss for not receiving “Fa Piao” motivates the business customers to ask for “Fa Piao”; thus the government would know the true revenue.
The point here is that it is not easy for a company to significantly under-report its revenue to the Chinese government. It is as difficult (if not more so) for a U.S. company to under-report its revenue to the IRS.
SAIC and SAT Numbers Do Not Match SEC Filings
Below are the SAIC and SAT (State Administration of Taxation) filings I can gather for China MediaExpress. The original copy is available here and a translated copy here. The SAIC filing covers 2008 and 2009, including the balance sheet and the income statement. I purchased the SAIC filings from Qingdao Inter-Credit. The SAT filing covers 2008-10, which was obtained from within the SAT system. The SAIC and SAT filings match very well, but they represent only a fraction of the SEC numbers.
482-12970261357125-Chimin-Sang.png

While China MediaExpress claimed $63m revenue to the SEC for 2008, it only reported $0.3m to the Chinese authorities. The difference is 210-fold. While it claimed $96m revenue to the SEC for 2009, it only reported $0.8m to the Chinese authorities. The difference this time is 120-fold. While it is estimated to reach $214m revenue to the SEC for 2010, it only reported $0.6m to the Chinese tax authority; that difference is 356-fold.
China MediaExpress told the SEC that it paid $8.9m to the Chinese tax authority; the China source check showed $200. The difference is 44,500-fold. It reported it paid $15m to the Chinese tax authority in 2009, but the Chinese document shows that it did not pay any. No ratio can be calculated due to the denominator being zero. For 2010, Global Hunter estimated that it would report $35.6m in tax, but the SAT number we have shows zero.
What China MediaExpress Has to Say About the Mismatch
When I found the disagreement between the SAIC numbers and SEC numbers, it was a shock. I emailed Jacky Lam, the CFO, on why the difference existed. Lam gave me a one-line answer:
However, the quick answer to your question is that Fenzhong is not the only sub. in our group.
I later pushed Lam several times for further explanation on what other subs exist in the group, but my questions fell upon deaf ears.
The latest 10-K for the company clearly indicates that Fujian Fenzhong is the only sub of China MediaExpress. The organization graph can be found here.
Disclosure: I am short CCME.
 

Breaking Bad Snob
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CCME shares halted on Friday morning and remain so until news is released. Something really good or really bad is getting ready to happen to this stock/company.
 

Breaking Bad Snob
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Auditor and CFO resigned. I dodged a bullet with this one. Wish I had sold it when I was sitting on 80% gains.
 

the bear is back biatches!! printing cancel....
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Another one bites the dust

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Latest Alleged Chinese Fraud: PUDA Coal (NYSE: PUDA) - $2.66 Price Target, 70% Downside, By Alfred Little
Submitted by Tyler Durden on 04/08/2011 10:05 -0400

NASDAQ New York Stock Exchange

Notorious contrarian Alfred Little, who recently made a splash in the alleged Chinese fraud basket, by issuing a scathing report against Deer Consumer Products (Nasdaq: DEER) which has since cut the price of the stock in half, yet gotten the author in hot trouble with the company which decided to sue both him and Seeking Alpha which hosted the report (even as shareholders of DEER should be thanking him for issuing the report when the stock was still at $11) is out with his latest report, taking on the next in a seemingly endless sequence of potential frauds (check the Nasdaq halt list and find the most recurring word): Puda Coal, Inc (NYSE: PUDA). Cutting to the chase: "Considering the 2009 and 2010 audited financials can no longer be relied upon, and* more importantly the complete lack of internal control that allowed Chairman Zhao to first steal the company, then sell half the company (pocketing the proceeds) and then pledge the other half of the company to a Chinese PE fund while piling on $530.3 million of 14.5% debt, I strongly believe $2.66 is the most this stock is worth today." Those buying puts are cautioned that the stock may halt and never reopen. Place your bets appropriately.
 

the bear is back biatches!! printing cancel....
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Even the big boys starting to get burnt by the Chinese fraud mania....john Paulson who made a boatload off the collapse/worked with GS to get on the right side of the CDS implosion got caught with his pants down holding a good chunk of this

This muddy waters guy shows you the importance of shorts in a free marketplace they will be better regulators of sniffing out fraud than any government agency (most time they actually make it worse/cover it up/let the big boys get off with hand slaps)

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Muddy Waters' Carson Block Discusses Sino-Forest, Says Will Keep Short In "Ponzi" Until Stock Hits Zero
Submitted by Tyler Durden on 06/06/2011 10:51 -0400

Capital Markets John Paulson Short Interest



More color from Muddy Waters' Carson Block on why he believes the now infamous Sino-Forest is a ponzi scheme: "It's a Ponzi scheme in that the company perpetually issues securities in order to fund itself. Even by its own fraudulent numbers, the company does not generate any free cash and has not done so in sixteen years. Were the company be unable to issue additional securities to fund itself, it would collapse. That to me is the definition or epitomizes the definition of a Ponzi. "In this situation, the company appears to be investing for the 23rd century. It's sixteen straight years burning cash, no guidance as to what the rationale is to acquire so many trees so far ahead of customer orders. This is taking a capex fraud--we have found several of these in China--it's taking it to the next level where you're not constrained by the walls of a factory and no one is able to really see the movement of physical goods. It could grow to be infinite provided that the capital markets continue to fund it."
 

bet365 player
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I think he also has quite a chunk of his investment in Lehman Brothers too.
 

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CCME shares halted on Friday morning and remain so until news is released. Something really good or really bad is getting ready to happen to this stock/company.

CCME is at 0

^<<^^<<^^<<^##)##)##):ohno::ohno::ohno:
 

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another goneeeeeeee

XODG is now at $0.01^<<^

What a waste, but learned!!
 

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apwr is up 160% today..no clue where it is in the 55 pages of this thread but it was a call at some point...
 

the bear is back biatches!! printing cancel....
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apwr is up 160% today..no clue where it is in the 55 pages of this thread but it was a call at some point...

It was halted just below 2 back in June was mentioned in this thread before then and now at 90 cents ... So what
 

the bear is back biatches!! printing cancel....
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Fmcn another to add the Chinese fraud list

Down 50% today
 

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