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  • paultradestoday paultradestoday Jul 11, 2008 10:23 AM Flag

    The most suspicious thing to me

    nothing suspicious had discussed a possible spin-off of wireless and internet last year and earlier this year Jiang went over to head up those early-in-their-growth businesses. He had successfully headed the company through its massive growth through the aquisition phase and the company needed a manager for the organic growth phase. Shortly after Jiang slid over to head up those businesses the SMS wireless problems hit; which was buried in the poorly run start-ups acquired by FMCN. Yup, bad management by FMCN; but a very tiny piece of revenue. If they had spun-off those businesses as planned before the news hit then FMCN would have been less meaty for the bears. But, thats history.

    Jiang still is Chairman of the Board of FMCN while heading the non-core business growth. He owns over 10% of the shares and bought 100,000 shares at over $34/sh in March.

    I still remain positive on FMCN. But will Hold my close to 15,000 underwater shares.

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