You must have gotten burned as much I did on the Chiscam stocks to hang around wasting your time with one cynical post after another. I guess it is good therapy ... after all I too participate as a way of releasing my frustrations - even though it is about as useless as pulling the wings off black flies after having gotten bitten.
I just hope that you have been making money on other stocks as you get the Chiscams out of your system.
Brntjns: Are you still confident the shareholders will get "north of $3.00/share?" (I'm only asking on the off-chance I may find a few $ in my stocking... then I could use those funds to buy me a few hundred shares of this stock you're so fond of. So much better than getting a lump of coal. ;)
brntjns1234 * Oct 9, 2014 9:46 AM: "...I don't care if it costs a few million dollars to recover the company or to sale the assets. Based on what I can tell, at minimum, after attorney's fees, shareholders will get north of $3.00/share. Therefore, I found it a good buy at $.25. That is 12 times return on investment. ... The stock price will respond in kind as more news comes out on his progress. So we will see. I took my chances and we will see if it pays off."
Also, because I know you're way ahead of the pack in getting the Receiver's reports to the court -- could you be so kind as to post a quick summary of the Activities through November 30th? (Particularly with respect to recovering multiple dollars per share for the shareholders.)
(((Also, to add clarity to something you mentioned earlier -- what's up with the new HK$9,999 of Capital issued by Wiscon? Did it go to Ren? Was it rescinded? There's so much I don't know that I'd like your aid in understanding.)))
Gee, I hope I didn't spoil anyone's holiday.
Golly, I can't for the life of me understand why some people (probably giving themselves ulcers over naught) would thumb-down a post suggesting the folks who know some information relevant to the company might graciously post their thoughts on a public message board. After all, what's a stock message board for, if not to exchange ideas?!?
(Well, I guess I could see that there are some paranoid-delusional tightwads who think all exchanges of public info might put them at risk, or at least subject them to ridicule, but then why do they bother to read YMB? Maybe they fancy themselves a thought police censorship brigade. To each his own. Well, I suppose if they bothered to read this MB a few years ago they would have understood why SCEI was obviously a scam destined to be delisted and go dark... because it would be laughably implausible to earn a big profit reselling wet coal delivered in small quantities by truck.)
Surely this must be why folks are suddenly climbing over each other to buy shares at nineteen cents:
STATUS REPORT REGARDING THE RECEIVERSHIP'S ACTIVITIES AND APPLICATION FOR APPROVAL OF THE FEES AND EXPENSES OF THE RECEIVER AND HIS PROFESSIONALS FROM AUGUST 1, 2014 THROUGH NOVEMBER 30, 2014...
Would any of you folks in-the-know care to give us a summery of the report? (Does it suggest there are recoverable assets of $5M after all the fees???)
You got your report already. Wiscon issued shares without permission from the receiver. Ownership and control are in doubt. Likely, this will be tied up in court in Hong Kong for a while.
It seems likely that the operating businesses can't afford both sides of the lawsuits, right? I fully expect Ren to pay his lawyers from the slurry money, and Seiden can't get anything unless it is from the slurry money...and there isn't much slurry money to divvy up.
Energy prices are in the worst slump in years, so even if there is a little something here worth fighting about, there isn't enough money to fund a protracted international court battle.
XI'AN, China, Aug. 21, 2014 /PRNewswire/ -- Sino Clean Energy Inc. (SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in China, today announced that it will release its audited financial information for the Group as of and for the years ended December 31, 2012 and 2013, before the end of October 2014.
Oops! Someone made a boo-boo... 'twas supposed to be a trade at $.10 not $.01 -- now it's been adjusted!
(Big difference between $19 & $1.90.)
[[[Will I garner three green thumbs for this post??? :) ]]]
Well, we've found common-ground you and I: I'll agree that this is indeedy a fun play (though methinks it would benefit from better subtitles, and perhaps a bit of editing to hasten the denouement). Not too small, not too big. Just right!
[[[And now that we're fast friends again -- I confess I find it a bit uncivil of you to keep giving me the red thumb treatment. Makes me question your affections and all. I don't expect anything green from you -- and I know there are no yellow options -- but you could lay off the criticisms for a bit, just as a show of solidarity and such.]]]
You could also clear up one note (and save me a look-up fee): long before this ballyhoo about Receiverships and the big putsch -- the Issued Share Capital of WISCON HOLDINGS was HK$ 1.
When I checked a few weeks ago, I saw that Wiscon's Issued Share Capital was increased to HK$ 10,000.
I'm inferring that new HK$ 9,999 of Capital was Ren's holdings & the HK$ 1 still belonged to SCEI (Nevada Corp).
You indicated that Ren never got control of the new shares of Wiscon... could you elaborate on that statement... or do I need to pay the fee to look it up myself??? (Not that the filings disclose the ownership, but merely the amount of Issued Share Capital reported.)
Thanks most kindly and with all the holiday fetes and trimmings!!! :)
I don't really shiver over much here. It is a small play. But a fun one at that. I was a bit surprised that there was no financials out by october 31, but I wasn't surprised after that that Ren was trying to do dubious things in Hong Kong. I don't have enough invested here to lose to much sleep but I am no doubt wondering. I did think Robert Seiden would win over Ren. Now I have my doubts.
Fie, Sir! I call fie on you!
You dissembling shill -- toadying up to the Receiver, as if he employes you. Have you no shame?!?
When you say "The Company" -- I don't know which sub-sub-subsidiary in far off shores that may or may not still have any connection whatsoever to the shareholders you refer? When I say "The Company," I mean Sino Clean Energy Inc., the Nevada corporation owned by shareholders of the stock SCEI.
And Nevada Secretary of State makes it very easy for the public to see who is listed on the Corporate filings through their SilverFlume online portal. And as far as I can see, that would still be good Mr. Ren.
And, curiously, I've seen no press releases that the Nevada-court appointed Receiver has any intention of changing who is in control of SCEI (The Company). But, if he did deem to take control of the US parent corp, he could well reinstate the corporate website if he chose to.
(As an aside, doesn't it make you shiver that the "Receiver" appointed a new Director for Wiscon Holdings, Lawrence Tomsic -- who is also the Interim CFO of REEDS, INC., an audit client of Weinberg? It's like a hornets nest in there! What possible motivation to keep things in close supervision of the same dubious CPA's who were signing-off on this miasma of corporate shenanigans for years??? Why would you rely on anything they said -- if you're looking for the truth of the matter. Oh, beware, beware. Be Aware!)
Hard to replace management when:
1. Wiscon's board is issuing shares, and not recognizing the role/authority of the receiver.
2. When Ren or other managers are replaced, how many qualified people would actually want to run a slurry company.
Another misstatement (lie) by asianvest. Robert Seiden just put out a press release a few weeks ago saying he was going to replace the management of the company. When management absolutely refuses to put out financials then there is no other choice.
The report to the court is due this week. We will see if he has done it.
You know what's really sad... besides that the company has once again gone dark (no website, no financials, no news... and no updates from the Receiver, who is paid to maximize the value for all shareholders)... what's really sad is, those 13-D guys may well still be in denial that this company was a fraud from the start, and that any paltry monies recovered from China will most likely just go to fees and administration.
As I recall, last time the stock was this low, two of the 13-D'ers were actually *buying* more shares (as reported in the 13-D/A).
...do you think the same folks are loading up now below 15-cents???
(I guess we can wait to see if there is another 13-D amendment filing.)
Only a few more weeks before the NV corporation license needs renewal. Hmmm.
Second Judicial District Court - State of Nevada, Washoe County
Honorable BRIDGET ROBB:
ORDER APPROVING THE FEES AND EXPENSES OF THE RECEIVER AND HIS PROFESSIONALS FROM MAY 12, 2014 THROUGH JULY 31, 2014
Approved By: NOREVIEW
There is a time limit on these things. It isn't a formal time limit, but the element of surprised is long since gone. It seems additional fraudulent acts may have been committed by Ren as shares in Wiscon were issued without permission from the receiver (those should be nullified, but can they be in HK?)
Anyway, at some point it will not be able to get any worse.
Oil prices will bottom, things will be settled one way or another with the Syphon.
Maybe if the shares got below $0.005, there could be a half-penny in it when Seiden calls it a day.
And after all, if you haven't got a penny, a ha'penny will do. If you haven't got a ha'penny, then god bless you.
Who here knew that many slurry furnaces could be easily converted to diesel? In fact, some slurry furnaces are simply converted diesel.
The cost of oil/diesel is way down. The cost of getting oil out of the ground is way down.
The cost of coal extraction is down a little, wanna guess why? Coal extraction relies on energy. But the difference to people running coal mines is minimal.
So, I imagine that Ren's top slurry salespeople ran off to oil companies, and brought along customer lists. It is a pretty easy sale, right? In 15 minutes, save 50% or more on energy costs for your factory. Don't take the risk that your next fuel supplier will have their facility seized in a bankruptcy.
While you are at it, did you know our former company is in receivership, and is being seized by the Red White and Blue lawyer Rob Seiden. He's going to take the money and give it to American investors.
Welcome to our happy family of oil based energy customers. Here is an annual subscription to a service that will deliver dim sum to you once a month.
Did you notice two very odd things about the items stated above about what a Nevada-court appointed Receiver plans to do? Namely:
1) There is no mention of removing Ren from controlling the Nevada corp, SCEI (which is after all is the corporation the shareholders directly own). That would seem to be the simplest thing for a Nevada Receivership to accomplish, yet he hesitates, and so Ren still is President, and runs the Board. So after all the action plans in China, what would there be to stop Ren from awarding himself a nice bonus salary raise and stock options -- or maybe he already has (without financial reporting the past few years, there is no way to know what's going on at the corporate level).
2) The phrase: "...with the aim of trying to re-list on a U.S. and/or Chinese stock exchange" makes me shudder. After all, while the shares have been delisted from Nasdaq, they still trade, and can readily be purchased by people who want to speculate on their intrinsic value. Listing on a different exchange doesn't inherently increase their worth, it just means the company has met certain minimum requirements and paid certain fees and expenses.
This seems to be an acknowledgement that the assets and cash are negligible -- since if there really were sizable assets to seize, one would expect the Receiver to liquidate the company and distribute the proceeds to shareholders. But to remove the existing management, bring in new folks to manage operations, spend several years documenting sales and reporting financials, then attempting to list the shares again and hoping the underlying business is valued at more than the $4M or so the market currently ascribes. What if it turns out selling Very Wet Coal by truck is a horribly unprofitable business to be in? What then?
(At that point you might as well just raise capital to start a brand new operation, and stop wasting valuable time chasing ghosts. Maybe the 13-D group will be the first investors!)