is flooding this MB trying to either beat down the shares when it reopens or enjoy others' possible misfortune.
Either case, no substance but yelling scam without any credible web links while hiding behind their anonymous names.
Put them on ignore in mho.
so what day are we into now ? I don't see any need for legal and financial counseling. YU has the money, supposedly to do the deal ,and he has obviously thought things through. We should have an announcement without all the drama - late filings or no filings - no communication . Maybe this is par for the course with these chinese companies. I have only dealt with two in the past and one was a lemon.
Take a look at this earlier post from eoi (again if ducks have all lined up in a row with professional firms to handle the pitfalls):
Timelines for a Go Private Transaction 25-Mar-12 04:18 pm
Hypothethical Steps & Timelimes for a Typical Go private Transaction
Step 1 - Day 1: Board of Directors appoint special committee of independent directors to review an offer.
Day 2 to 45: Independent committess appoint legal and financial counsel; negotiate offer, obtain fair value opinion from the independent financial advisors, either accept offer price or negotiate for a higher offer, presents recommendation to the board of directors.
Day 45 to 75; Board of directors issues a press release regarding accepting or rejecting the offer. If percentage of shareholders in support of offering is not majority, a shareholder vote would be announced and a date for it disclosed.
Day 75 to 90: Result of shareholder vote announced. Deal closing date announced and delisting date from NASDAQ anounced.
Day 90 to 120 - Deal closed. Company delisted. Money deposited in shareholders account by Transfer agent via their brokers.
the chinese lose all credibility when they pull stunts like this. Yu is a hypocrite for saying that americans have bias towards chinese stocks. He is a prime example of why they are. Why no communication at all when they have responded in past by letters ? It is inexcusable We'll just have to see
This message board routinely blocks post attempts with links in them...undermining my ability to important background data on Sherb & Co, LLP, for example. That may explain why other postrs cannot bolster their posts via links to data
How many Chinese privatization deals have you participated other than PUDA?
A full month for committee to respond is nothing -- someone had posted a link to typical timeline before based all smooth sailing. It was 45 days typical with all the ducks in a row. In this case Yu had just began to start the ball rolling on 2/28.
As on 10K filing, which led to T-12, it is a bad one but until we know more, we don't know why. The national holidays with new auditors are not helping. Unlike PUDA, TBET is a small simply business, selling 5 drugs in hospitals and retail stores. The money in the bank should easily be verified as well.
Lastly, As of 2011 public companies must implement the Dodd-Frank reform regulations which could be too vigorous for TBET's finance department to comply:
i dont really care either way. u either go big or go home. im long all the way till the end. if it does turn out to be a scam, or the buyout doesnt go thru, that def will deter me from investing in a chinese company again.
It's laughable how many new faces are showing up. What makes it even funnier is none of it means squat since we're not even trading yet. I'll give it a STRONG BUY anyway, just to stir the pot. LMAO
It is okay to exchange info of substance like the auction, auditor change, resumes of the directors, email exchanges, examples of good/bad Asian stocks, P&L details etc.
It is rubbish simply to voice nothing but:
It is a Chinese Stock and thus a scam.
SNOFF failed and therefore TBET would.
Stereotype Asian business owners as all crooks.
I told you so and longs are going to lose all.