Of course Bloomberg did not say there were no smoking guns, they cited a hedgefund manager who said that. The quote:
"“Carson pointed at a lot of things, but what seems to be lacking is a present-day smoking gun,” said Eric M. Jackson, founder and managing member of Ironfire Capital, a Naples, Florida-based hedge fund that invests in Chinese stocks. “It’s a tougher job.” "
A hedgefund's sloppy due diligence does not take away the smoking guns presented. (A conclusion drawn from solid forensic evidence does not fade away with time; any emphasis on "present-day" constitutes a misunderstanding.)
**************** Also, 3. To refute MW's claim that the six acquisitions (handset six) did not take place, FMCN needs to supply the names of the corresponding WFOEs and explain how they have practical control of the handset six without having changed the nomimees. Why haven't they done this? http://www.geoinvesting.com/companies/duediligence/fmcn_thehandsetsix12022011.aspx 4. Add to this the claimed price of the purchases, subsequent massive write downs, and then giving the companies away for no consideration. One of several possibilities: If you lied about your revenue and needed to account for less cash in the bank, this would be one way to do it. But it may be just plain old incompetence. We'll have to wait and see. 5. Insider sales of over $1 billion.