The main issue here is that we have heard NOTHING from Offical sources in the case of LPH. That means the following have UNACCEPTABLY remained silent up to now: LPH itself / NYSE:AMEX / and most importantly the U.S. SEC who I blame for this whole mess.
I just got done reasearching CCTV/China and whatever they say isn't worth a plug nickle. They have had reporters BRIBED as in the case of Da Vinci furniture and even showed a "clip" of a plane bing shot down in a NEWS item that was taken from a 1980's film made in the US (Top Gun).
CCTV/China is in the same "credability boat" as GEO Investing or Seeking Alpha....both of which have HUGE holes in the bottom of their "ships."
Until the idiot-run "System" produces OFFICIAL, verifiable statements from one of the three sources above (LPH/NYSE:AMEX/SEC).....WE KNOWN NOTHING....because "Know-Nothings" are running the US "economic system."
And I will still refuse to vulture-up.
I believe LPH is finished and will never trade again. The CCTV video is clearly indicating that the Chinese government is now very serious about exposing their dirty laundries in public and to the world to protect China’s reputation going forward, given that in the current climate the world sees China as a cheater on international trade (illegally subsidizing) and currency manipulator.
The CCTV media is an official channel of the PRC government where they were able to examine the LPH tax records (sales revenues) with the cooperation from the director of SAT Taxation Office which is usually an off-limit to others especially to foreigners.
Unlike with other fraud cases (i.e. CBEH) of the past where the Chinese government didn't get involved and thus the perpetrators were allowed to continue to trade in OTC market but now with LPH getting exposed by the official Chinese media CCTV I think it will never be able to trade in the US again, effectively getting delisted permanently.
In my opinion.
I agree LPH will probably never trade again. However, we have to wait to see if the PRC is going to cooperate with SEC and help bring criminals to justice, or if no action will be taken just a simple slap on the rist and move on... Depends on who is pulling the strings...
"China Central Television (CCTV) falls under the supervision of the State Administration of Radio, Film, and Television which is in turn subordinate to the State Council of the People's Republic of China. A Vice Minister of the state council serves as chairman of CCTV."
CCTV is an official media arm of the PRC government. That is official enough for me. Even if you dispute the authenticity of their video, the fact remains that they are also suggesting LPH is a fraud, and therefore the PRC government thinks that as well.
In any event, unless you are suggesting that CCTV camera man sprayed some magic grower fertilizer on the rail tracks to get those weeds up, then sprayed rust on half the metallic objects, etc, those videos looked realistically like an abandoned oil depot with missing trucks, missing oil, missing LPH management and, unfortunately, missing shareholder cash.
Sentiment: Strong Sell