as evidenced by the recent 10Q restatement (which came out after all the lawsuits listed under Yahoo).
"Item 1. Legal Proceedings .
FAB Universal is involved in routine legal and administrative proceedings and claims of various types. We have no material pending legal or administrative proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or of which any property is the subject. While any proceeding or claim contains an element of uncertainty, management does not expect that any such proceeding or claim will have a material adverse effect on our results of operations or financial position."
Bottom line, FAB feels the lawsuits are meaningless because they are. They will be settled in two or three years from insurance money simply because litigation can be expensive. The lawsuits are a scam, everyone knows it (including the lawyers and insurance companies) but it's just how the game is played.
=as evidenced by the recent 10Q restatement (which came out after all the lawsuits listed under Yahoo).
LMAO! The restatements were for the periods ending 06/30/2013 and 09/30/2013. the lawsuits were not filed before 09/30/2013.
If and that is a big IF they file a 10-K this month, I guarantee you they will not say the lawsuits are "meaningless".
You really have a lot to learn.
You have this great desire to spread misinformation while trading is still halted. Very interesting. Oh well... you don't matter and I don't matter. We will either have information from them or we will not and the game will progress from there.
You are the dumbest man in the universe I wish I could be in front of you when this opens and slap you like the bia #$%$ that you are .. No experience nor education of Wall Street whatsoever .. You live with your parents right?? Fing loser poser idiot
You may be right that Joe made a honest mistake. But don't make yourself too creepy by enjoying it so much, The fact remains that you followed Carnes' lead and bought short without any evidence but his rantings as expressed in his articles. I don't believe you bought short ahead of Carnes and were so stupid that you hung on that long. Even you are smarter than that... or maybe I should say more selfish than that.
This is what FAB's restated 10Q says about the bond transaction...pretty much exactly what I've been posting for weeks now.
"The bonds are secured by a pledge of shares in a company that does business with the Company, a certain real estate asset owned by a third party and are guaranteed by the Company’s Chairman. Interest is paid annually on the anniversary of the bond. The bond is due in full upon maturity on April 25, 2016. "
So the bond was backed by a company owed by Zhang, real estate that Zhang planned to buy prior to the acquisition and Zhang's personal shares in FAB.
I think that makes it clear Zhang was looking for a personal loan when he applied for the bond BEFORE the acquisition. All the guarantees were from his assets, not one from FAB.
FAB bit the bullet on this one with the restatement. I suspect they did it to remove any sense of impropriety because of the shorts claims. While in the end it's probably a good call (puts closure on the issue), clearly this was Zhang's project from start to finish and FAB should have stuck the costs associated back into his lap (maybe discussed at a later date?).