No way ONP would hire D&T if they had something to hide. Those guys are extremely thorough when it comes to audits. This whole MW fiasco is a disgrace. I am a little bewildered by ONP's slow response on the legal front. Why didn't ONP seek a TRO/PI (temporary restraining order/preliminary injunction) against MW after the first false statement. I would have sued MW immediately.
This may just be legal posturing---expecting ONP to file a lawsuit, you go proactive and file or threaten to file first, hoping to get some sort of legal "standoff." I personally don't think this maneuver is going to work and I would expect ONP to file a suit as soon as the figures come in clearing their name. jmo.
I think you have it a little backwards. No way the audit committee or board of directors would incur the expense of hiring an expensive law firm to investigate and Deloite's financial advisory services to advise if the allegations of fraud were frivolous and management had been able to answer all the questions about fraud satisfactorily and the audit committee was able to see thorough proof that fraud was not being committeed. You are missing the overall - if ONP's financial statements are revised for 2009 to reflect $0 net profit, the hedge funds investing in the capital raise get 3 million share free for nothing. Those same investors are the ones who got the 3 new board members appointed, the same board members who are the sold members of the audit committee that hired the law firm to investigate.
Seasaw-- are now saying that Deloitte's revealings will be trustworthy? I get you all mixed up but I thought the short seller-in-unison sentiment was that Deloitte's results would not be trustworthy whatsoever since Loeb hired the consulting arm of the business. What it sounds like you are saying is that ONP's board is nervous and so hired a legit company to find out what's going on.
If this is the case, then Deloitte's findings should settle this thing once and for all. Right?
I mean you can't have it both ways. You can't say that ONP management needed to hire a legit company to investigate (putting a negative spin on the fact that ONP hired Deloitte), and then also say that Deloitte is not a legit company to be doing this investigation.
I mean this would be insanely hypocritical-- even for you.
You have to remember that the Chinese culture is different from the US culture. The way Americans do things doesn't necessarily mean that is the way other countries do things. Go to Germany and hold up your index finger when you order a beer and you will get two instead of just one - for one you hold up your thumb. Different cultures have different rules on punctuality. The same goes for business practices. This could be exactly why MW, W.A.B., John Bird and all his fake identities short attack Chinese companies. - they hope and plan for slow response from the companies.
AndyInTheSand...that beer thing with the finger and thumb is about the most interesting thing I've read on these boards in a while. Really! Most of the board morons should be able to relate to this. Good work.