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RINO International Corporation Message Board

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  • rhalisd rhalisd Apr 5, 2010 10:40 AM Flag

    Press Release

    I sold out of most of my position this morning. Better to take a 15% haircut now.

    It really drives me nuts that the CEO took out a $3 MM interest-free loan right after they did that $100 secondary. The CEO now says he'll pay it back by May 15th.. and I'm supposed to believe him??

    Doesn't matter what the PR says... what the CEO did was inexcusable and nothing in the PR can fix that.

    As a side note, the BOT contracts bother me. For a small cap company to provide financing to the huge steel companies is too much risk for me. Paying up front for the equipment portion and not getting paid until a number of years out is too much risk.

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    • Completely agree with your thoughts on the actions of the CEO. However, I think selling at this point may not make a lot of sense if in fact the compnay does publicly clarify it's position on the BOT accounting issues to our satisfaction. I'm trying not to let my emotions get the better of me here, the future looks promising for Rino, it has for some time and I haven't heard anything that suggest that that's changed at all. It may hit 19 this week, but where will it be in six months? That remains the question for serious investors.

    • Sorry to hear that, rhalisd. Your insights have been very valuable. I understand your frustration with the CEO issue, but I will tell you from my experience dealing with taking US companies public (pre-SOX however) that a lot of CEOs have a hard time with the transition and understanding the company is no longer their "personal pocketbook". I wonder where the outside advisors were. Having said that, I have no reason to doubt he will pay it back -- especially now that there will be scrutiny.

      The BOT issue REALLY doesn't bother me since that is the way those deals are done in China and most of the world. I circulated a link to a research paper on water projects in China the other day and it made clear that more than 50% were BOT and moving more in that direction each day.


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