management outright lied on the conference call about this issue...
Brad J. Boyer - Stifel, Nicolaus & Co., Inc.
Okay great. And then on the Hong Kong listing, is there anything new to add there?
James R. Preissler - Director of Asia Entertainment
No, the bankers and the lawyers are still working on this, actively working on the prospectus. I think we are probably couple of months away before they submit the application perspective. They both have to be submitted at the same time. So we continue to have positive responses from the exchange. So things are progressing nicely on that front, and trying to push it forward as expeditiously as possible. So I know there is lot of work going on behind the screen that you are not necessarily seeing, but still a lot of work done going on behind the scenes.
there were several questions regarding HK listing in the q&a session but management kept talking about no dilution and other stuff
with a little tough luck this might end up in courtroom as disgruntled shareholders will hold management accountable for their lies ONE day before doing a brutal dilutive offering.
while I might be wasting my time here you might want to notice that the bankers and lawyers are working on the prospectus for the HONGKONG listing which is still months away.
the offering the company announced after the close of trading applies solely to EXISTING investors of the Nasdaq listed common shares. While the company is telling us that the sole purpose is to fulfil Hongkong listing requirements the way the offering is done is telling a different story as the deal seems to be structured to effectively allow major shareholders to cash partially out of the company. Otherwise the founders could have just converted their credit line to equity at a premium to send a great signal to shareholders.