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Orient Paper, Inc. Message Board

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  • peristentone peristentone Jul 23, 2010 12:32 AM Flag

    Lost in Translation by MW

    Many of your points are fair, but you are also not being fair to some of the points made.

    Regarding Loeb, the point made was that this law firm has a financial interest in making sure that ONP is not guilty of fraud. A large part of this law firm's revenue come from the Chinese reverse merger marketplace, and from service fees to companies that have gone through that process. If Loeb helps to prove a fraud against ONP, it would have a direct and massive negative effect on all of Loeb's revenue in this segment.

    Why not use an independent law firm which does not lose large parts of its other legal revenues if ONP cannot be defended?

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    • That may be the point in the article however misleading it may be. The most important aspect is not the law firm, but the fact a Big 4 auditor is coming in. So again, another misleading statement by an unknown and unreputable poster.

    • The law firm is not going to do the audit. The independent auditors are going to be one of the Big Four. The press release wasn't exactly 100% clear - how the hell is a lawyer going to audit the company? Just think for a second, the lawyers are there to explore legal options (to see if they can sue MW), not to investigate the company. Lawyers have no qualifications to do the investigation, even if they did it nobody would believe them.

      That Seeking Alpha blog is obviously distorting basic information. There are some things that have not been 100% answered by ONP. However, going after BDO and Loeb & Loeb is obviously just mudslinging and outright distortion of facts.

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