I hope they will get off the grey market, I don't envision it trading up too much if traders can't see a bid and ask. But it did just make a new high, nice big trade printed at $1.28
"It is no wonder the NYSE chose to begin delisting them even though they are current with SEC filings. This is a complete sham and not even close to what they said it was. Where is the SEC? "
Oh, the humanity of it all. Shocking.
I'd call 911 if I were you.
Wonder how many took your advice the other day to sell at the open?
Kind of disingenuous, don't you think. The fact you were bragging the next day about being able
to cover your short right after it opened?
So FAB is fraud, but you're legit?
I get it...it's about you and the money.
I don't con on message boards, never have. I make money trading and want those around
me to make money.
I'm long, and am up a greater percentage than you made on your short in just the last 24 hours.
Think I should brag about it for the next 8 months here, then pump it up one last time before
Looking at Ibcb321's behavior these last couple of days, did I have his motives and allegiances and gang nailed way back when or what? You don't still think he is a retired person gardening in the cheese country of Wisconsin do you/ You had the idiot and liar part recognized long ago yourself.
If I were a professor... and you were a student... I'd give you an F on this poorly presented analysis of the kiosks and advertising concerns. Objectivity and reasonability are lacking. Maybe I would make a good professor, come to think of it....
Ibcb321, trusted Carnes gang member since 2011:
This a weak analysis you make. You knew the result you wanted (something the SEC could view negatively about FAB) and you worked backwards and threw together some arguments to that end.
At least we know whose banner you are here under, as you have no reason to be here as an investor.
You paid $2m in taxes last year? Or was that $2k? Don't answer because I am sick of reading your lies.
Yup, that's what LBCB been telling us non stop for 8 months now.
Wonder why they just spent about a million dollars getting their financials up to date and the investigation complete?
Why don't you learn how to read a 10Q before posting old news.
"Prior to 2010, the Company’s business model consisted of brand licensing and agreements that allowed for the purchase and operation of kiosks under the FAB brand. After 2010, the Company only sold license agreements which were outside of Beijing. Collectively, these agreements from 2008-2013 are referred to generally as “licenses” and the parties who entered into the agreements are referred to as “licensees”. Not all kiosks possess the capability of performing all functions noted below. "
This might be of interest to you also:
"As the Company is transitioning its business model from traditional distribution channels to more diversified digital channels, including digital TV, IPTV, mobile and the internet, we are anticipating a dramatic decline of revenue in wholesale, retail, advertising and membership cards going forward."
And nice job recommending everyone to sell at the open here while you rush to cover.
It's only up 700% from the low, reached 10 seconds after the open.
Just here to help, huh?
Learn what a short squeeze is....and not just Webster's definition.
=Because they are contractually obligated as long as FAB meets agreed on service levels.
Thank you, truth:
"The Company has not yet been able to renew the maintenance contract with Huzhong for the kiosks, which lapsed last year, and learned from the surveys that many of the kiosks did not function, either because of their condition or because they were not plugged in."
1.The licensee pays for FAB Kiosk and other equipment and fixtures while the licensor (FAB Media) is responsible for the complete set-up of each FAB outlet from the location selection to construction or conversion, remodeling and equipment installation.
2.All FAB outlets will be owned by the licensee, but supervised by a designated management company - Beijing Huzhong Culture Co., Ltd ("Huzhong Culture") in accordance with FAB's distinctive business formats.
3.FAB kiosks are linked to the server station through the internet to remain updated. Such maintenances are operated by Huzhong Culture.
That is clear breach of contract. They are contracted to maintain, supervise and update the kiosks and they don't even have an agreement with anybody anymore to perform these functions and the kiosks are mostly nonfunctioning now. Can you really not put two and two together? This is going to get expensive for them and they need to come clean on the lawsuits against them and/or how much they are paying in damages to licensees. I am pretty sure the contracts covered 5 years, but I would need to verify this. That is HUGE damages even on a pro-rata basis since a majority of the license agreements were done in the past couple years.
CCDM, CCME, CILE, DYNP, NIVS, RINO, SDTH....
FAB is going the same, as it's been proven a Fraud with Fake financials. The company is closed, so the stock going to finish.
=Why would advertisers want to keep on advertising on the kiosks, if many aren't working or even plugged in?
Also, how are those who paid all that cash for the licenses making any money if the kiosks deployed don't even support downloads? Nothing has ever added up with this company or their business model. Everything is turning out to be completely different from what they claimed their operations entailed.
The big question now is how many more lawsuits are there from people who paid all that upfront money. Their contracts included the maintenance being done by Huzhong and now we find out that they haven't even had a contract with them to do the maintenance since last year. They conveniently omitted this material fact from the Q1 10-Q. They raised tens of millions of dollars from these license sales. I have not seen them refunding money or setting up funds for claims since they have broken the terms of their contracts with licensees.
What gall they have for the audacity to come back now and say only a tiny percentage of their kiosks ever had download functions when they pushed that as their whole business model.
"the Company recognizes that some confusion may have resulted from the fact that it refers to all of its kiosks, even those that do not offer content for download, as Intelligent Media Kiosks or 5C kiosks"
There was no CONFUSION... they blatantly lied about the functions of their deployed kiosks. Now we find out they have old, nonfunctioning terminals they called "Intelligent Media Kiosks" that never had the ability to generate much in the way of revenue. That is what the interviews with the kiosk manufacturers stated. I am now believing those interviews with the company coming clean on what was actually deployed.
It is no wonder the NYSE chose to begin delisting them even though they are current with SEC filings. This is a complete sham and not even close to what they said it was. Where is the SEC?
I am assuming you are one of the gang who thinks motives matter. Ibcb321 says motives do not matter unless his motives.
Anyone who knows advertising knows there is "spoilage," or waste in advertising, and this is usually priced in. I trust FAB will make any needed adjustments with advertisers.
Why would advertisers want to keep on advertising on the kiosks, if many aren't working or even plugged in?
Because they are contractually obligated as long as FAB meets agreed on service levels. This may be a low point in service, maybe not, and no one here really knows how good or bad a medium this is. But I get it... you are a short and here to cause concern.
Why would advertisers want to keep on advertising on the kiosks, if many aren't working or even plugged in?
Hey, yags... it has been a long time since I "rated" a post, but I gave you a thumb's up even though you called me a "shorting idiot":
"you people should be more worried on why the investment community hasn't reacted better toward all this "good" news just released rather than worrying about some shorting idiot"
Right on. I have preached for years on the ABAT board that it is the INFORMATION that is important and not the motives of who presents it. These fools haven't caught on to that yet.
=and ABAT continues to trade....the world is messed up place.
Isn't it hilarious a proven fraud that has been dark for three years and abandoned its US holding company has a higher market cap than FAB? LOL!
you are always full of good news aren't you? it appears you won't have to bash this too much as the market seems to already know what the deal is and the price is going nowhere fast.......even an independent investigation couldn't pull this out of its doldrums.....whether anyone is lying or not......no one believes anything that is being said or written.....oh well....and ABAT continues to trade....the world is messed up place.
you people should be more worried on why the investment community hasn't reacted better toward all this "good" news just released rather than worrying about some shorting idiot on this message board that is full of themselves.......beyond bizarre imho....
=the company is worth about $1.47 on a liquidation basis.
Not the US holding company you own shares in. In a liquidation scenario, according to Chinese law the assets would be distributed to the Chinese operating subsidiaries and that money would never leave China and go to shareholders of the US holding company.
What you are thinking is a common misconception when trading in Chinese VIEs. Zhang could declare all of the VIE agreements void and Chinese law would back him up. Actually, we don't know this hasn't already happened.
"The Company has not yet been able to renew the maintenance contract with Huzhong for the kiosks, which lapsed last year, and learned from the surveys that many of the kiosks did not function, either because of their condition or because they were not plugged in. The Company intends to address the situation as soon as practicable."
License sales abruptly ended and they don't even have a contract anymore with the company responsible for maintaining them. Have you seen the dozens of lawsuits in China against Zhang? The entire business they were hyping would fuel their growth in China doesn't appear to even exist anymore. We haven't heard yet that Zhang is on board with not being able to convert his preferred shares. FAB management has answered NONE of the important questions. What they did supposedly answer was verifying bank statements from months before the investigators were even hired and finding some nonfunctioning kiosks that were never able to provide downloadable content. Is that what you bought into?
That report was a joke and an embarrassment. Did you also catch who supposedly was a big customer of the kiosks without disclosing this related party nature?:
" Huzhong is the entity that historically has maintained the kiosks in Beijing. It also is a significant owner of kiosks."
How convenient. Why would Huzhong pay big upfront license fees for kiosks they knew were not functioning and weren't even capable of downloads?