I have a question for those of you who are either optimistic or pessimistic. Who is buying and selling shares right now? Obviously, sellers are more motivated based on the share price dropping so significantly, but for every seller there has to be a buyer. Since the stock reopened, close to a million shares have traded. I haven't bought or sold. A lot of others can say the same, but with a stock that only has 11 million shares in the float, a million is quite a few. Does anyone have ideas on who is buying the shares at this level?
If the SEC wasn't completely useless, some of the previous frauds would have already been brought to justice. Unfortunately, the time frame on any potential action is years away and by that time Yong Hu could've sold any remaining assets 10 times over.
"but for now they are getting away scot free and laughing at the SEC who is powerless to punish them."
I am not sure that the SEC is powerless. Since the company chose to be listed on an American exchange, the SEC has the duty to sue the culprits in an American court. The culprits then either have to come to the US to defend themselves or choose to ignore the trial. In any case a judgement will be rendered against them regardless. The question then is can the SEC collect on behalf of the defrauded shareholders. It seems to me that (and I could be wrong on that) since the United States and China have trade relationships, such court verdicts should be enforcable in China. Of course if all the company cash has been lost and can not be retrieved then that would be the end of the fiasco for everyone involved!
Nice try Dartell but time I mentioned to take a look at it as an alternative to Tbet was in the low 4s, in the midst of its huge selloff. Taking a look at it or tracking it on your radar is not the same as buying that same day and as I said you should never catch a falling knife so I wouldn't necessarily pull the trigger until a few days of green, or at least stability in the share price. This past Friday was the first day of stability in the stock in a while and an entry point may be near soon. So hope that answers your question, and yes I still strongly recommend looking at it and adding it to your watchlist for a good entry point.
Att: Night only (not aka "Jim Cramer"?? As you mentioned in your correspndence)
Dear Night ;-)
What is your recommended/planned entry point to Jaguar Mining JAG (current price USD2.32 /when you recommended it was USD7), maybe USD 1.7 (50 % of book value maybe)???
Please share your thought with Rob and me :-)?
No, I can't explain that. I could guess that on the part of all these Chinese companies who went public on our exchanges, they started out chasing legitimate capital infusion. Remember, that whole flurry happened during and after the BRIC days. It wasn't lost on the Chinese that foreigners were interested with investing in their growth story.
The cost of going public was weighed against the promise of growing capitalization. Then when things went bad for some of them, either via business fundamentals or general market dynamics (and for some, both) they tried to maintain their slowly shrinking market cap by hiding business losses.
I'd guess some thought they could get away with it. Some probably will. Some may have felt trapped, and hoped they could get the business back on its feet before anyone found out. And of course there's some who went into it looking to steal easy cash from the start.
But your argument seems to be if there were consequences for their illegal actions, why would so many undertake illegal actions? My best guess in response would be why so many people here break the law, thus risking the consequences of our justice system? Probably a lot of the same reasons behind that seeming illogical action.
Dutch, can you explain to me why then there are such a high disproportionate number of Chinese scams? What is your explanation behind such a phenomenon? That is my theory for it, but perhaps you have a better reason.
I think you're wrong. To put things in your sci-fi language, it has and continues to hit the mothership every day.
Read that article again about the 'fraud schools.' It was reported in a Chinese publication, based on what little information a journalist could get from a criminal investigation.
Perhaps I got nothing to add to you at this point at 20 cents a share, but there are others like Vinny who were able to salvage a few cents out of this disaster by getting the f out first thing when this opened.
And as far as nothing to add, I am the only one on this board who has been right from my first post... so I guess that means I have nothing to add? Keep drinking the Kool-Aid.
I blame myself for letting this get out of hand. I fed the pigeons again. You're a punch line, nothing more. You add nothing to this board. You're an I told you so person who didn't get any scenarios right but still asks for credit. From now on, I'll ignore you and maybe you will go away.
You can call me a clown but I'm not the one with a pie on my face right now. I keep saying I am not long Jag now nor I am long any gold miners at this time but you seem to keep want to argue with me about this stock for some reason. Any stock that is not a fraud like Tbet is a good buy at the right price, and sectors will eventually turn around as well, including gold. I know because I bought BCS at 2.75, KFN at .40, and GNW at 70 cents a few years back.
This is the TBET board and I'm not here to recommend stocks like Cramer, I'm here to give me thoughts on TBET.