Was there money under the floorboards in Dongguan that wasn't found in the seizure of the factory when the business next door bk'd? Or do we still jot know, because that factory hasn't been restored to Ren's (or Seiden's or Chairman Sutter's) control?
By the way, who is in charge now? Who is the signer on the bank accounts?
How are sales going?
Very hard to find data like this in the 2014 10-K.
Last time someone said something interesting about wet coal, Frozen wasn't even a movie yet.
Anyone know if they've sold anything today? Any new mom and pop slurry shops providing stiff competition as before? Did Ren get his factory released from bankruptcy liquidation? How about the pre-paid coal money, was that ever refunded?
For these details and more, don't bother staying tuned. You'll never know anything again.
The price of diesel, btw, is still down in china. It is below the cost of extracting, transporting, pulverizing, watering, mixing, emulsifying, and again transporting coal.
Who are today's big slurry customers? Or did slurry put them out of business because energy costs remained high and competitors switched back to diesel?
I noted that last years filings failed to convey the "going concern" disclaimer. In fact, I got very little from last years 10-K.
Oh, and Seiden...that guy...what a communicator.
Will China let the PCAOB in?
Postings China audit market update »
One of the major problems with Chinese companies that use the US capital markets has been the inability of US regulators to effectively regulate them. The Public Company Accounting Oversight Board (PCAOB) regulates auditors of all US listed companies, but has been banned from conducting inspections of these accounting firms in China because China has viewed the enforcement of foreign laws on Chinese soil by foreign regulators to be a violation of its national sovereignty.
The PCAOB has been unsuccessfully negotiating for access for over a decade. A measure of cooperation was reached in 2013 when Chinese regulators agreed to cooperate with the PCAOB on enforcement matters. Enforcement, however, is a small part of the PCAOB’s mandate, and they have remained blocked from doing inspections on Chinese soil. That included Hong Kong to the extent the matters related to the mainland. China has blocked the removal of audit working papers from the mainland, meaning there was no alternative way to conduct the inspections.
The PCAOB jointly inspects accounting firms in a number of countries together with local regulators, and that is the arrangement that they have sought in China.
There are signs that a breakthrough may be near. This summer the PCAOB was allowed to inspect Deloitte in Hong Kong. Word on the street is that the inspection did not go well – Deloitte had few working papers in Hong Kong related to China engagements since those jobs are usually done by the mainland affiliate. That should have had the PCAOB raising questions about who is the principal auditor who should be signing the reports. Everyone I talk to at the accounting firms expects the PCAOB will be back next year to do inspections on the mainland. I expect an announcement of an inspection deal will be made during the state visit of Xi Jingping to Washington in the middle of this month.
Many Chinese companies have announced their intention to delist from US markets in order to seek a listing in China. The recent turmoil in the markets raises some questions about whether that will happen. I have also heard that Chinese regulators are aware of the moral hazard present in these companies delisting at low values and relisting at much higher values in China. I am told that they are considering allowing US listed Chinese companies to seek a dual listing in China. That could be a major win for investors, and the continued efforts of the SEC and the PCAOB to police this sector may provide the most important protection for shareholders, since I am skeptical that Chinese regulators will be up to the task of effectively rooting out fraud in these companies.
How much did he charge you for this press release and the action behind it? It's not wonderful lawyering to be forced to respond to the criminal Ren when Ren won't respond to Seiden. Ren forced Seiden to spend more shareholder money to prove to the bk court that the company is in receivership. Big deal.
Just another dumb scei event the shareholder circus.
I hear you. That is why I remain skeptical as always. Until I actually see the Chinese take the side of US investors in one of these micro-shell scams against their one of their own - I'll remain a disbeliever.
I hear you on the test-case notion -- but from what I can see, they are no further at getting money out of China than they were at the start...
Over seven months ago the Receiver issued a classically breathless paid news release suggesting he had taken control of the HK and China subsidiaries -- replacing the Boards and parachuting James Sutter 007 in to run the main operating entity in China. Ha, ha, ha...
Seven months. Where is a single report to indicate what the status of the operations are? Sales? Employees? Bank accounts? Inventory of manufacturing assets? (Let alone an SEC filing on the current financials.)
It really looks like a smoke and mirrors job. (Plus all the fees that Jim and crew are now owed from whatever they may possibly manage to secure.)
It just looks like all this bravado and posturing is basically a predictable campaign to harass Ren into buying back the shares for a pittance so everyone can save face and move on. (And Ren's lack of an offer, for even 10-cents, should really indicate just how worthless this phantom "clean" energy company is worth in China.)
I'm more interested in SCEI as a test case. If Seiden can set a precedent in China that shows that US investors can win - that would be great.
In the case of SCEI he and his gang of cronies have run up so many fees, that even if they can round up a few yuan in China, investors won't get a fin. But in the case of real companies such as Duoyuan and Weikang - investors might actually get a substancial recovery.
Not to mention... collecting on a judgement requires there be assets. Since Ren (with the well-paid help of Loeb & Weinberg etc, etc.) created the illusion of a vast company, all those pseudo-"audited" $100,000,000 cash deposit reports were an illusion too.
So, even if all the judgements were upheld, and somehow after all these years someone was still able to track down a few million in assets -- by the time the receiver and the lawyers take their fees what could possibly be left for remaining shareholders?
We all know who is in control - CHINA!
Ren will lose in Nevada and in Hong Kong. But so what?
Unless CHINA chooses to enforce any judgement - it's all for naught.
I still believe that the chance of China upholding any judgement made outside its own court system is slim to none; even though I do wish they would because of my own chinese holdings.
You have to believe that former management person is being advised by U.S. law firms. Doesn't that amount to treason?
Maybe there *is* no net asset value to protect. (Hence, the bankruptcy filing.)
Besides, at least he did manage to issue a few breathlessly vague overhyped press releases -- which did allow a lucky few to sell shares above a few cents. Perhaps if he made more allusions to the Thorhill-verified, nearly audited, one-hundred-plus-million-US-dollars-in-cold-cash waiting for shareholders to claim it, then he might have done better at keeping the share price up... But there's still time for a last flurry of wildly bullish announcements!
Oh Rex, take a look in the mirror -- you're starting to look like as much of a stock-scammer as the crew that roped you in! Pity, pity!
Why do you post this drivel all over the boards -- you know it has little application to SCEI (one company buying back shares from one shareholder -- and it's obviously not totally a sham business like selling coal slurry by truck. What a joke!).
Are you trying to lure other fools to buy shares quickly (to drive the price up before trading is suspended) -- so you can unload. What a horrid penny-stock manipulator you aspire to become. Shame!
You've already disclosed your purchases in SEC filings -- we all know you bought hundreds of thousands of shares for about 20-cents each. Big whoop. You're a bottom feeder with remorse. ...and you bought the shares long after the company had ceased filing SEC forms, and after the CPAs withdrew their audit, and after the stock was delisted -- so you knowingly bought a non-compliant shell corp for pennies hoping to claim ignorance and demand restitution. Gimme a break. No sympathy. And pathetic how you now try this last-ditch effort to run up the price.
(And what difference would it make to you, unless you plan to sell shares now? You're already part of the bankruptcy creditorship, so you'll participate in the *huge* after-fees "settlement!" [snicker] )