I'm also invested in both stocks -- they are my top two investments.
Actions has Deloitte Touche Tohmatsu as an auditor (I think they are currently the biggest accounting firm), so I would be pretty surprised if the money isn't there. Also, they have been doing a long term share buyback and have so far bought back more than 16 million shares. That's a good sign.
Why would you liquidate an ongoing concern with sales that have stabalized around $40 million with the capacity to more than double? - Yes cash is not being well utilized. A better approach would be to continue stock buy backs and consider a "special cash dividend" - Buy backs can increase value wihtout tax implications - Dividnds are still taxed lower in the US.. and that window many be closing-but there are also Chinese tax implications. Doing a combination of the above will help unlock traped value plus leave the up-side opportunity od the ongoing concern in place.