After the misleading PR where LLEN said KPMG was going to AUDIT LLEN financial Statements (it was only a review) ... ... today ... LLEN had to issue a new PR ... to clarify yesterday ownership Reaffirmation PR!
"To clarify the statement quoted above the 10-K only discloses that the Company did complete the acquisition by purchasing 95% interest in both the Luozhou and Lashu mines from Union Energy through an equity ownership transfer agreement. The additional disclosure of the names of the two Union Energy subsidiaries were made to respond to short sellers questioning of L&L's ownership of mines that do not bear L&L's name. Retaining the name of Union Energy, our joint venture partner and a reputable and well-connected mining group in the region, on our operating businesses in no way influences L&L's ownership rights."
ah ah ah .... simply the best! When Will next misleading PR be issued?
Do you remember NationsBank? It still exists except they adopted the name of one of their more famous acquisitions, Bank of America. It's not uncommon for companies to keep the name of the company they acquired. Whether that actually happened here is the key to LLEN's effort to turn this thing around. There will be more info forthcoming confirming what happened. If LLEN is correct and can conclusively prove that they own the mines in question under Union's old names, it puts a big hole in Geo's story.
The longs should know better now. The new longs without any history of LLEN are naive but the long term players know they many many lies and dishonest acts of Lee. The SEC/Nasdaq should put an end to this fiasco.
most interesting part :
"L&L accomplished this by purchasing 95% interests in two Union Energy subsidiaries, Guizhou Union Energy Shun Da Inventory and Transport Corporation and Guizhou Union Energy WuZhou Energy Development Corporation, which previously owned 100% interest in both of the respective mines."
previously owned 100% interest in both mines ? why previously ? if they took a stake in the vehicle(s), the vehicle(s) is/are still holding 100% interest in both mines !
never seen a more hilarious recipe in a chinese restaurant
I also found that sentence odd. Should it be put as:
L&L accomplished this by purchasing 95% interests in two Union Energy subsidiaries, Guizhou Union Energy Shun Da Inventory and Transport Corporation and Guizhou Union Energy WuZhou Energy Development Corporation, which CURRENTLY OWN 100% interest in both of the respective mines.
The PR statement creates confusion because after reading it, I now do not know what or how much equity interest Guizhou Union Energy Shun Da Inventory and Transport Corporation and Guizhou Union Energy WuZhou Energy Development Corporation respectively own those mines.