it is listed on the scei webpage "Sino Clean Energy Announces Intent to Release Annual Financial Information to the Public and to Hold an Annual Meeting of its Shareholders to Elect Directors"
Yeah. The should not have selected Halloween as their self-imposed deadline. It seems the data was simply too scary, or haunted by ghosts of slurry past.
The Chinese are a little more brazen then our American crooks who love to hide behind their lawyers. I still remember that after Lotus had stollen all assets; that they then said they were going bankrupt since US investors wouldn't send them any more money to complete their projects.
In SCEI, several American crooks in cahoots with their lawyer (Robber) and a Nevada judge
have been identified as co-conspirators to swindle. No Chinese have been accused yet.
Can you give us some insight as to the control Seiden has via the Wiscon board? Do you think that maybe the gov't in Hong Kong doesn't recognize the receivership set up in Nevada? Do you think the board took Seiden to court in Hong Kong over their rights? Do you think Hong Kong recognizes a court order from Nevada? After all, Seiden didn't become a majority shareholder, but he became a receiver. As a receiver, he "removed" the members of the board. If they didn't feel like being forcibly removed, perhaps they voted against (or simply ignored) Seiden, and his claim to control.
Where is Ren btw?
Where are the unaudited financials?
Who is Ren's lawyer? Has he met Seiden?
How many new customers has Seiden contracted with since he "took control," and was he able to secure any sales commissions based on slurry sales?
Perhaps a bigger question: If Seiden actually gets mired in legal battles in China, how aggressive will he be? The moment he stops believing he can get blood from the turnip which is Ren's company, he'll be gone. Right?
Of course they are guilty! Well at least in the eyes of American investors and American law. However, the Chinese have a different culture, which often blames those swindled for their own stupidity!
Swindled by the Chinese - swindled by US lawyers - no difference ... at least for those who lost their money and will never get it back!
Why would anyone - even a "banshee" get paid for losing money trading Chiscam stocks? Although if anyone wishes to pay me I would gladly accept the funds in order to limit my losses.
You're speaking of crooked Wall Street culture which plays
investors for fools. You are guilty! There's no "American law"
in practice to punish perps like those operating here. It's up
to vigilantes to restore honesty and justice in securities fraud.
It's because there is no volume... so if someone wants to buy a few shares, they pay around 36-37 cents -- but when they try to sell shares, they only get around 20-cents. So there are huge percentage changes between those trades.
Here is the trade history for the past week:
22sh @ $0.20
100sh @ $0.21
400sh @ $0.37
120sh @ $0.20
250sh @ $0.20
300sh @ $0.37
6,500sh @ $0.20
500sh @ $0.36
Yes - only the MMs are making money off the huge spread. Stocks such as this are liquidity traps. once one gets in - its impossible to get out without taking a huge loss. Of course if Ren ever did decide to legitimize the stock it would fly for the same reason. But since he didn't release financials as promised that seems unlikely.
Yeah, sure... but in order to "legitimize" the stock, one would need to believe there is a legitimate underlying operating company... you seem to thing that's an open question -- while I assume from everything I've seen that there isn't and never was much of a small coal-slurry-made-overnight-and-delivered-by-truck business. That in fact that would pretty much be a money losing endeavor in any situation -- since the number of customers for the amount of slurry that could regularly be delivered by truck would be next to nil (nor would they be motivated to pay the huge premiums over coal it would require).
Basically, the SCEI story was of snake-oil. (And that's why a supposedly debt-free profitable operation already swimming in cash needed to find new "investors" on the other side of the globe!)
The road to hell is paved with good intentions, but what road is paved by bad intentions?
Let's speculate for a moment that Ren is putting up a fight. Now that Seiden "controls" Ren (what a joke), we can guess that he has a tiger by the tail. Ren is in position to use all of the company's money and whatever resources he controls to hire chinese lawyers to defend him as CEO of whatever entity he still manages. Seiden needs to try to get paid from the same pool.
Hey, that reminds me, did anyone on this board ever see Star Wars? Remember how that one guy...Palpatine wound up in power? He controlled both sides of a war. So, Seiden is Palpatine and is spending money like crazy, and forcing the other side to do the same. There is no "Luke" in this story, nor is there a "Luke's father" who will come to the rescue.
Do you think that any remaining slurry customers are still paying their contract price now that they can buy slurry for 35% less than they could a year ago? When the customers renegotiate with SCEI subsidiaries, will there be enough margin to pay for the electricity to crush the coal, and the water with which to mix it?
I have a feeling that Seiden will come back with a report soon, and that report will be drastically different than the 13D group expects. I think the business climate in China is such that a wet coal company must be struggling mightily. Even if the business had been operating profitably all this time, I have to believe that the last few months have been tortuous. I think the report from Seiden will say things like:
1. All the money is gone, because it was sent out to a coal mine at a less than optimal time, and guaranteed coal purchases at rates that are above current market values.
2. We tried to save this company, but it was too late.
3. There are no new customers, because mom and pop slurry shops were able to set up coal crusher/soaker equipment on site at customer factories.
4. Ren's boondoggle to Thailand was more costly than expected.
Cost of sales: $13
Anyone care to volunteer to audit these?
Of course, I'm not totally sure about the accuracy, but it is the most accurate stuff yet reported. No arguments there, right?
Yes, what's going on is billable hours. Lots of them.
Seiden's Syphon is operating.
Obviously, he ran in to some problems. He doesn't want you to know the details, or he would make them public. My guess is that Ren got sick of Seiden, and acted to limit Seiden's control. Ren has tremendous power. He can, and may have:
1. Hire a different set of lawyers to take Seiden to court
2. Take his ball and go home, leaving no one to run the company
3. Pay out tall funds to vendors, who will kick back the cash to Ren
4. Fire everyone, start a new company and move on
Anyway, it's just another day in the slurry world, where small margins and deception rule the day.