Appears to be an issue/rumor with Groupon-china, FMCN and unpaid debt. Anyone know more? (In Chinese, google translator: http://translate.google.com/)
I've been following it. Started out as a microblog ... but is not going away and two more, larger articles have appeared today. Just a rumor? If not, does anyone know more about the connection between the two? IE, How much unpaid debt are we talking about?
Professional translation of portion:
"Ren Chun Lei Suspected of Underhanded Dealings to Hide from Debt
Tuanbao (aka Groupon.cn) is going to declare bankrupcy, say reports and whistle-blowers on Weibo. Although Ren Chun Lei claims to have personally shouldered debt of over ten million RBM, and paid off employees' wages as well as debts to merchants, it is said that accounts with a majority of merchants have yet to be settled. In addition to wages and debts to merchants, it is said Tuanbao is still in arrears with partners Focus Media and Emar Online, with whom massive debts are still outstanding."
(I'm working on something else but hope to get back to this soon: I still don't know what "massive" means? And relative to whom ... to the journalist or to Focus Media? Anyone have more? )