I estimate that the cost of traveling to China (air ticket, accomodation, etc) would be around us$ 10.000.
Here is my proposal: we can choose one of us long term investors that usually post in this board, to travel to China.
20 of us can wire transfer to this person us$ 500 each, to pay for the travel expenses.
This person goes to China and try to interview management and directors, take pictures of the facilities, meet with the auditors that signed off the SAIC filing, visit clients and suppliers, etc, etc.
As a result of this work, this person provides us detail description of his findings, sending a private email to each one of the investors that contributed to afford the travel expenses.
If you like the idea, I propose Cubbie to do the trip.
So, which email should i respond too. What is cubes email so I know where to send the $300.00. You know someone is trying to get something out of this thats not legit. Just want to be sure. 803-331-2979 email@example.com
we have reduced the amount to be paid to contribute to the travel expenses to us$ 300, in order to allow small investors to participate in the club.
If you are interested in making your contribution, I suggest you send an email to Cubbie to: firstname.lastname@example.org
The willing contributors are actively discussing the details of the travel via private emails.
Let me tell you a little story. For the past 20+ years, I have been investing via a private firm in this country (USA). My original investment with them has grown by over 20 times.
Ten years ago, one of our investments was questionable. A top officer of the firm went to Europe to see if the investment was solid. He spent three days with the company and came back, telling us that it was very solid indeed.
Three months later the share value fell to $.03/share and the CEO disappeared.
Investigating this firm via a trip to China sounds great. But, could we have the same kind of results?
Uhem, and meet the CEO? Unlikely that a) he meets with you and certianly b) he tells you something new. As for the factory you can check out google maps. The factory is there and as I said they have 24 huge production machines. The question is: how much cash do they have? Financial statements tell you more than a visit to the factory, even if those statements are rigged. Look at cashflow and think about it: where does the money come from and where did it go to? How did they pay for the aquisition and the new factory? How much of the wealth in the balance sheet comes from building a good company and how much from capital raise? Actually they raised capital at very bad prices, which tells you: they need the cash for investements.
Well, they raised it at nearly 10 times the current price, so I guess that's a good thing. Imagine where they'd be without the proceeds!
It's going to be fine. This company is legit, and the stock is going over $1 by end of July.
So - All of you, who think that this is a good idea - e-mail Cube and confirm your willingness to contribute to this plan. I am not a big shareholder but it's worth the gamble for me to contribute. Thanks.
I think it´s necessary for you to consider meeting with a chinese lawyer (preferably a chinese subsidiary of an american lawyers firm).
I think we will have enough contributors here to pay for the cost of this all important legal advice.
We need to carefully study our options in case management finally decide to abandon us.
In fact, I´m starting to consider the meeting with a local lawyer as important as the visit to the plant itself.
We need to remember that, behind their apparent hospitality, we are dealing with a management that was accused of committing fraud. If we can find the way we can eventually beat them, we need them to understand that we are ready to do whatever it takes to beat them.
For that reason, after thanking them for their kindness reception, and after visiting the factory, we need to adopt a serious face and tell them that we are not their friends, but the people who invested a lot of money in their project, and that we are not willing to lose any cent without fighting back.
one hit wonder, the only thing you can buy for $500 reliable transportation is some elses problem. really im very serious used car prices have been rising steadily for over a year but check local papers ect.. sometimes you can find someone selling somthing cheap when they arent aware of what they have. In my state tax and tag work is $500. Good Luck!