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  • seustis seustis Mar 31, 2011 7:35 PM Flag

    The Glickenhaus Report: THANK YOU

    (1) A bombshell! I'm now persuaded that CAGC really does have an operating production facility and the capacity to produce as much product as they claim -- in fact, they seem to be producing at that rate now.

    (2) I was also impressed that Jim Glickenhaus constrained himself to reporting on his visit, and refrained from commenting on the financials, bank accounts, etc., since his mission did not include evaluating those.

    (3) However, and as a number of you have already noted, the Bronte and Lucas allegations included questions about BOTH CAGC's production capability and the veracity of its financials, so it's too early to conclude that there's absolutely no problem at CAGC. The involvement of Mr. Bennett with CAGC is still a valid cause for concern, given his rather shady history with several Chinese scams.

    (4) I'm amused by the reaction of many of the shorts to the report -- which has been variously to deny the evidence, to accuse Glickenhaus of spreading false information to protect his investment, to claim that he actually failed to uncover anything significant, or even to hint that Glickenhaus may be in cahoots with CAGC management in perpetuating a scam. Gee gosh, not one of the shorties is willing to acknowledge that half of the scam allegation (the lack-of-production half) has just been blow away pretty convincingly? Now that's some pretty fancy denial at work.

    Though none of us know how the CAGC story will play out, and what will happen in the hours, days, and first weeks after trading resumes, I do know that a whole bunch of shorts, probably including some pretty big players, aren't nearly as comfortable sitting with their positions right now as I am holding mine. For me, the most important thing at this time is just to extend a HUGE THANK YOU to Jim Glickenhaus (and probably to Seth as well -- since I expect he approved the public release of his son's trip report.) Jim restricted himself to reporting on just the things he actually saw and photographed, and neither he nor his father had to share that information with anybody. If I were looking for a financial manager at present, I'd take a hard look at the Glickenhaus firm. And FWIW my short friends, I am not a shill for anybody, and until yesterday, I had never even heard of the Glickenhauses. THANK YOU, JIM.

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    • I only have a small put bet on this stock so I guess I'm lumped in with the shorts. Most of my argument is losing ground and/or wrong. Both shorts and longs have to watch out for confirmation bias. I'm going to keep my bets where they are since I can absorb the losses even if it turns out I'm wrong. The only way that I'm right on the production side is if they put on a show for the Glickenhaus visit. I had read about another chinese stock, forget which one, where someone did DD but still got burned because they put on a production show for the investor. If I didn't already have options I would be standing on the sidelines watching the drama. No matter what side of the bet you're on this one is a learning experience.

      • 1 Reply to eskimo22
      • Check the video, he went to about a dozen stores that sell CAGC products. If it's the case that the stores visited were random, as it should be, then it would be more difficult to stock up on products the day of the visit and put on such a show. Also checking the factory workers, it looks like they've been doing their jobs for a long time, there's no stutter or hesitation in their motions. Basically they look like regular factory workers and not paid actors. Granted the visitation was scheduled in advance but it's not so easy to make up all this stuff.

        I think the shareholder suits should be against Bronte Capital and LM. They're wasting their time sueing the company.

    • I'd like to also convey my thanks to Jim and his son Jesse for providing the insight. All we can do now is wait patiently for a verdict.

    • rcgalaska Mar 31, 2011 7:51 PM Flag

      Hmmm,where is the plan required by nasdq today ?

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