I've been saying for some time that we shareholders need to sue Kabani, the individual board members, and anyone else who is in the middle of this mess. The auditors absolutely should have been confirming receivables, should have done significantly more due diligence after the initial claim by Alpha relating to ownership, etc. If this is a fraud, each board member should be individually sued due to incompetence and potential collusion with Lee. It's possible they have some insurance that might cover managment fraud and that should be looked into also. Now, how do we start this lawsuit as I'm finally ready to admit that there is some degree of fraud going on, just not sure how much.
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"Maybe there's more to it than that."
Well that's a understatement if I ever heard one.
The fact is, LLEN was a fraud.
Those of us who understand and share that thought, do differ on some of the details.
I don't know how much Kabani knew. Even Lee's own close associate's were snookered. Kabani, I am sure, received doctored raw reports to compare to the accounting it was also reviewing to do the audit,. But they have a history of occasionally getting into this mess. Just don't know if they did it on purpose. Lee could have been paying them a bonus to keep auditing with a promise to keep them protected.
With Lee gone....bonus gone....and the asset too are gone. Not just uncollectable.
All conservatives enjoy a (small l) libertine side to them. I have that too..
I am referring to the Libertarian aficionados of today. Although much of their shared political believes are somewhat fractious and unevenly shared, the root of Libertarianism is the word Liberal. But they take it in a different direction.
But it's a great stopping point for a person to gather his/her beliefs and merge them with a political underpinning. Many Conservatives take the route through the libertarians to get to Conservatism.
We just vote for most Republicans, we don't like too many of them right now.
Yeah, you must be young. lol
Of course when I first began to drive, gas was 24 cents a gallon. To me it was not that long ago. (the 60s)
Much of the increase in gas price in the US is due to problems in the Middle east, combined with increases in taxes , fees and regulatory costs at the well heads and refineries. They do it this way so you can't see it. (note I did not mention federal taxes which have been fairly stable) State taxes have risen dramatically to help paid for increased demands on state governments and they are now after the federal taxes on gasoline to help pay for checks written by government that their #$%$-es cannot cash.
Yes, transport costs based on the fuels they need , do indeed put a damper on certain economic areas. But they are just one of many factors and all of them are going out of control, including inflationary price increases and little movement on wages.
When this thing finally lays over and goes, it will make 2008 look like a kids birthday party.
That's all utter horse puckey.
All, of that is refutable.
Not going to do it on the board, and generally I don't even try to argue with liberals. I have found it to be a total waste of time because they rely on their own errant political propaganda and they keep repeating it, endlessly and have never thought things out in a open minded critical thinking way. it's foreign to them and you can't fix stupid.
By the way, we will never have a balanced budget with democrats at the helm unless they can raise taxes again and again and again until the economy's blood is gone. It's what they do, left unfettered.
We can never pay this debt that Obama has run up since the Bush admin. Taking the debt as it was when Bush left office, we still cannot pay it in todays real dollars. Even if the dollar was devalued, it would take generations and we are still adding to that debt despite republican efforts to curb spending which have all died in the Senate.
What we will have left to turn over to over kids is a broken and utterly hopeless country with a unpayable burden of debt, a sick economy and still today with this greatly improving economy you crow liberal lap dogs about we continue to borrow money to pay over extended social obligations.
Those boomers are retiring, but most of them are retiring early due to job loss and inability to find replacement jobs unless they are part time. So they are doing what they have to do and filing for disability.
The disability industry and government services and their private contractors are where the economy is growing and unemployment is low.
Everyone else (the minority) is being taxed and fee's to death to pay for it. But it will never be enough.
We are totally F'd!
The only reason the US looks better to investors is that Western Europe is even worse.
All your accusations
The market is up because profits are at or near record levels, corporate cash is at or near record levels. LPR has been trending down for years now, mainly because 250,000 baby boomers are retiring each and every month, and they make up 25% of the U.S. population. Employment has been growing for five years and is accelerating. Inflation is relatively tame, despite the predictions from day one of the Obama administration that it would quickly get out of control. Almost every prediction made by republicans about the economy since Jan. 2009 has been wrong. The only prediction that was right was that the national debt would grow, and that's been primarily because of the fiscal policies of the previous administration, and their borrowing to finance two unfunded wars, the unfunded Medicare Part D and 2001/2002 tax cuts. Take all those out of the equation and we would have had a balanced budget years ago, if not actually paying down the debt. We were on track in 2001 to eliminate the national debt in a few short years. The only thing that changed that scenario was that republican had complete control over both houses and the White House, and their borrow and spend policies kicked in with a vengeance. Is Obama responsible for the stock market success? What would it have looked like if, as many rank and file republicans wanted, we had not bailed out the banks and auto industry? The entire economy was on the verge of total collapse, literally. The ramifications of that would have taken years to recover. And I don't mean the kind of sure but steady recovery we've had since 2009, but a recovery from the depths of something no one in this country has experienced, including the Great Depression. I blame lax regulation on the mortgage and securitization industry, among other things, for letting us get to the brink. Ask yourself who was for the rescue and who was against it.
excellent post. I agree with most of your characterizations, except gas prices which are
not much more than a gallon of milk or two gallons of store water jugs; gas is bargain,
comparatively speaking. Weekly gasoline cost to commute affects employment decisions however.
Kabani & Co has audited the company's financial statements for the past several years. There have always been unqualified opinions. It seems kind of fishy to me that LLEN would have trouble collecting receivables just because their former CEO is now in a prison cell. Maybe there's more to it than that.
Does anyone think that maybe there might have been some errors in the financial statements that Kabani & Co didn't find in their audits? I hope that's not the case because they are CPAs and they should have been able to tie out all the bank balances, verify receivables, existence of mines, etc. If Kabani overlooked something that was wrong, they might be sued by angry investors who lost money. If LLEN doesn't really have any money, Kabani might have some.
Not a sermon, just a thought.
By the way, my sentiment is now "Sell". I sold this stock at .55 (huge loss) shortly after trading resumed. Lesson learned.
ahhh....well I would point out to you that some people in both parties are gloom and doomers. most of them I do not know their affiliation.
Are you saying the market is up because of Obama? Or anything Democrats have done.
If you are I would disagree .....
What the gloom and doomers are saying, apparently prematurely, is that there are bubbles forming all over and at some point a catalyst will set them off. They are having a hard time making sense out of long held economic theory that if you shove to much cash into a economy, the excess money will chase too few goods and inflation will rise beyond the ability of the fed to control.
Interest rates have been too low for too long.
The debt is outrageous and unimaginable.
The total market of available jobs has shrunk to 50 year lows.
The total workforce has shrunk with it.
Over 50%, a majority of the US population depends on government checks for employment or benefits.
Food stamps recipient's are at record never anticipated levels.
The world is destabilizing in many areas.
gas prices are still to high
and after all that the market is going up.
Like a broken clock the gloom and doomers will eventually be correct.
Well, the investigations began months before lee was arrested.
Lastly it's a small almost insignificant company. If it were a biggun, they would have acted sooner I believe. The SEC is not the paramount of virtue. They did not have evidence until they raided the office, and finished a half dozen interviews of people, some of which are hard to get together with. But I don't think that is what you wanted to know.
Here is what you need to consider.
These are but the criminal charges. That particular violation carries a criminal penalty since Enron.
The Civil SEC charges and the investigation at last report were still active but they have been stayed pending the conclusion of the Criminal case. Even the Class actions are stayed. All of the federal cases.
So all of that is yet to come. all pending the criminal case. and we don't know yet what they will charge.
I would think that seeing as how most republicans have been predicting the imminent demise of the economy and the total destruction of the American way of life since 2009, they've missed out on the biggest bull market in history, or have lost their #$%$ shorting this market, if they backed up their talk with action.
You do not have me convinced. You said:"SEC case against Lee was reported in 2011 and published out so everyone could see it...." What else SEC could have done to stop the fraud? -They should not just" wait and see "people manipulate the ,trading for so many years...This does not make sense......