Wed, Aug 20, 2014, 3:22 AM EDT - U.S. Markets open in 6 hrs 8 mins

Recent

% | $
Quotes you view appear here for quick access.

FAB Universal Corp. Common Stoc Message Board

joebigbuck 225 posts  |  Last Activity: 2 hours 32 minutes ago Member since: Jan 22, 1999
SortNewest  |  Oldest  |  Highest Rated Expand all messages
  • If you run a fraud the cash either has to be fake or raised from a secondary. By definition it cannot exist (frauds don't make cash, they steal it).

    It is also the easiest to track/verify....especially after Longtop.

    No one trust the local banker, everyone jumps up a level or two to verify it.

    FAB just increased it's cash over 500% from 2012 to 2013. It now stands at over 5 dollars a share.

    With three audit firms looking over FAB's books over the last 7 months if that cash did not exist someone
    would have outed FAB by now.

    The shorts throw out generalized terms, like watered down, only because they are scared to death of the numbers.

    And for good reason.......

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 8, 2014 4:58 PM Flag

    "LOL! When they can't counter the information presented... they always attack the messenger and turn the conversation to motives and agenda."

    Look, before pointing out he was like the twitter version of you (idiotic liar), just not as verbose, I I pointed out why ONP (a brick and mortar company with declining revenues in the 15% range that was in the process of raising cash) with FAB (a digital company growing revenues around 50% flush with over 100M in cash with a legendary investor on their BOD's) was a ridiculous comparison. ONP would be comparable to CNFT or CHOP.

    Only after that did I point out he was like the twitter version of you.

    "Anybody who can independently find red flags and verify transgressions has "fallen" for some scam yet anybody who blindly defends those who actually COMMITTED the transgressions walk on water and are brilliant as they sit with their large percentage losses."

    Well, I guess that's an improvement. Instead of just denying you fell for the Canes Scam now you try to justify your position (of falling for the Canes Scam).

    Baby steps, yes. But steps.

    Sentiment: Hold

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 7, 2014 3:57 PM Flag

    When I read this I come to the conclusion mykweed is a lot like LBCB.

    "One more point, I never said PwC resigning was the ONLY possible outcome. I've always said they would resign because in my opinion that's the overwhelmingly likely outcome. Anything is "possible" and I would think a five star bonafide lawyer like yourself knows when I state something that hasn't taken place yet it's my opinion.

    In any case there's virtually no chance at this point NQ gets an unqualified opinion unless they come clean and do a massive restatement of past earnings. I seriously doubt it and I still believe that PwC likely already resigned. However you ain't twisting this around to be a binary proposition on resignation or no resignation. NQ's a fraud and whether they are outed via resignation or massive restatement the issue is whether they are a fraud, not how they were outed for being a fraud."

    Both are big on using the "opinion" and "fraud" word.

    Actually after looking over a few of his comments I'd say he's either LBCK or the twitter version of him...doesn't yap quite as much.

    It's clear he fell for the Block Scam....while LBCB fell for the Carnes Scam.

    Sentiment: Hold

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 6, 2014 11:17 PM Flag

    The ONLY reason FAB switched auditors (and paid an additional 50% in doing so) was the original auditor made it very clear they would NOT complete a 10K or even offer up an unqualified opinion letter until AFTER the completion of the internal investigation. Since the NYSE insisted on getting that letter before granting an extension FAB' s choices were:

    1) Keep their first auditor and get kicked off the NYSE

    2) Switch auditors (pay an extra 50%) and take a shot at staying listed.

    So you're FAB's CEO. Which way do you go?????

    "Friedman was UNWILLING to express an opinion on the Company’s financial statements PRIOR to the completion of the Internal Investigation..."

    Sentiment: Hold

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 6, 2014 8:07 PM Flag

    What kind of cut and paste #$%$ is that? You can't paste half a sentence and then twist it the way you want.

    Here is the rest of it:....

    This is the part you left out......." DUE TO the time requirements placed on management because of an internal investigation (the “Internal Investigation”) being conducted by an outside independent consulting firm at the same time as the audit,...... (this is where you jumped in) Company personnel were not readily available to assist Friedman in completion of certain audit procedures..."

  • Reply to

    July 16th hearing date..

    by running2fall Jul 6, 2014 8:50 AM
    joebigbuck joebigbuck Jul 6, 2014 8:02 PM Flag

    Revenue went up about 10% sequentially but "cost of goods sold" increased 20%.

    Now sure why that was, but maybe the Joy City Store opening after the major remodel had something to do with it (restocking?). If you remember that store was part of the original Carnes Scam, when his kid investigators discovered it closed.

    Noticed while FAB did not yet recover the13M from the bldg deposit, they did pull in 17M from other deposits related to stores they will not open.

    Cast just exploded up, as evidenced by the following from the 10K:

    Current assets at December 31, 2013 included $108.8 million in cash and accounts receivable, an increase of $82.2 million, from our cash and accounts receivable of $26.6 million at December 31, 2012. The increase in cash was primarily contributed as a result of the operations from DEI.

    During fiscal 2013, our operating activities provided cash of $54.4 million, as compared to $8.9 million in net cash provided by operating activities during 2012. This increase was driven from our net income, delivering 21.9 million as well as management of our inventory contributing $4.6 million, and the sale of FAB Brand license fees providing $ 29.5 million in cash. "

    FAB really needs a C.C. to explain their future plans. They've been very busy bees (including the LA building) yet we're in the dark.

    Going to be a fun few months when this does finally start trading again....because I suspect most of the news is going to be really good.

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 6, 2014 7:44 PM Flag

    "FAB admitted to withholding info from their first auditor..."

    Here's the release:

    "During the year ended December 31, 2012, which was audited by Friedman, and the year ended December 31, 2013, which Friedman was engaged to audit, and the period from January 1, 2014 to April 30, 2014, when Friedman was still the auditor of record and performing auditing procedures, (i) there were NO DISAGREEMENTS with Friedman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to Friedman’s satisfaction, would have caused Friedman to make reference in connection with its opinion to the subject matter of the disagreement, except that (a) DUE TO the time requirements placed on management because of an internal investigation (the “Internal Investigation”) being conducted by an outside independent consulting firm at the same time as the audit, Company personnel were not readily available to assist Friedman in completion of certain audit procedures, (b) certain requests for additional documentation and procedures were not complied with, and (c) Friedman was UNWILLING to express an opinion on the Company’s financial statements PRIOR to the completion of the Internal Investigation and prior to the confirmation of bank balances at certain depository institutions in China, and (ii) there were NO “reportable events,” as that term is described in Item 304(a)(1)(v) of Regulation S-K. The Company HAS AUTHORIZED Friedman to fully respond to the inquiries of KCCW regarding the matters described in (i)(a)-(c) and NEITHER the Audit Committee or the full Board of Directors of the Company discussed such matters with Friedman. The report of Friedman on the Company’s financial statements as of and for the fiscal year ended December 31, 2012 did NOT contain an adverse opinion or a disclaimer of an opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles.

  • Reply to

    July 16th hearing date..

    by running2fall Jul 6, 2014 8:50 AM
    joebigbuck joebigbuck Jul 6, 2014 4:49 PM Flag

    We not only good great numbers in the 10K, we still have Q1 and Q2's numbers to look forward to.

    Clearly the company that was halted 7 months ago is not going to be the same one that opens later this month.

    Sentiment: Hold

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 6, 2014 4:47 PM Flag

    You can't just look at P/E's when decided how to value a stock. There is so much more to it than that.

    ONP is more brick and mortar with revenues that have declined 15% in the last year. FAB is mostly digital, with a growth rate around 50%.

    ONP wll take large sums of cash (they are in the process of doing a secondary now) to grow their business. It is very capital intensive.

    FAB generates tons of free cash with an expanding balance sheet (100M) and has been able to grow at 40% plus with their "plant and equipment" level stagnant at 16M.

    In short, they are not the same beast.....not even close.

    CNTF and CHOP are similar to ONP. They look like fantastic values until you dig into their growth rates.

    FAB jumped from around 3 to 10 when they first showed the markets they were capable of a high growth rate. That quick jump put a bullseye on them for the shorts.

    Clearly FAB was not ready for the big time, but the company that emerges from all this will not be the same one that existed 7 months ago.

    Our local resident short calls the 10K watered down, I call it the new and improved FAB.

    Sentiment: Hold

  • Reply to

    No Get Out of Jail Free Cards

    by mylkvveed Jul 5, 2014 12:17 PM
    joebigbuck joebigbuck Jul 5, 2014 5:37 PM Flag

    " In any event longs here banking on the replacement auditors blessing on the 10K as a get out of jail free card might want to take a peek at ONP. Another ChiScam I only followed cursory but they were supposed to be the poster child for vindicated ChiScams a couple of years ago, they're legit auditor BDO continues to bless they're financials and yet they trade for a whopping 2.6X earnings."

    I've previously bought up ONP as a comparison to FAB, but not as a business but as a company that was wrongly accused of fraud by the shorts.

    They settled their lawsuit for 2M after about 2 years, which I expect FAB will do. It's legal blackmail, but the insurance company pays for it and it removes the legal expenses and I guess this is just how business is done now. Many small law firms are in business just to promote this scam. They don't do any of their own investigations, they just piggy back on whatever negative news isalready out on the internet (in FAB's case the Carnes Scam is just cut and pasted by the lawsuits). It seems every stock I followed is sued now immediately after they miss earnings estimates.

    But you can't compare ONP business (brick and mortar) with FAB's (mostly digital). In order for ONP to increase their revenues they need vasts amounts of capital (just announced a secondary) while FAB has grown about 50% while"plant and equipment" has remained flat at 16M.

    Have to run....later.

  • Reply to

    NQ pulling a FAB

    by lbcb321 Jul 3, 2014 9:16 AM
    joebigbuck joebigbuck Jul 4, 2014 1:15 AM Flag

    "Are you saying that if NQ refuses the PwC request that they will just quietly get delisted and have their SEC registration revoked?"

    We can get into a million what if's, the point I was making you stated NQ was shopping for a new auditor when they never announced anything of the sort.

    You do this constantly with FAB, then go off on some sideways diatribe when confronted.

    You call it an opinion...I call it a flat out lie.

    " They have not successfully defended against a single allegation in over 7 months."

    FAB hadn't announced any business updates in the last 7 months either, until the 10K came out the other day. But that didn't stop them from upping their cash to 5 dollars a shares and earning a dollar a share while growing at 40%. They didn't announce any of that, yet clearly FAB is now hitting on all cylinders. So if they can keep all that good business news quiet just maybe their holding back on refuting any charges related to the Carnes Scam. What they did say in the 10K was that in their opinion the lawsuits are without merit. Pretty clear where the independent investigation is headed with that already thrown out there, don' t you think? Remember, the lawsuits just cut and pasted the Carnes Scam. No one did their own research.

  • joebigbuck joebigbuck Jul 3, 2014 6:16 PM Flag

    I don't the SEC allow them to. Previously they had knowledge of the internal investigation that you didn't and now they have knowledge of the audit that you don't.

    If they loaded up now, right before the 20F filing, they'd be crucified by the SEC.

    Would you be happy if insiders were allowed to buy right before they announced a record quarter or sell right before bad news? Its the same thing.

    Sentiment: Hold

  • Reply to

    NQ pulling a FAB

    by lbcb321 Jul 3, 2014 9:16 AM
    joebigbuck joebigbuck Jul 3, 2014 2:41 PM Flag

    "NQ quit cooperating with their auditor so they are shopping for a new one they can pay an exorbitant amount of money to in order to get them to look the other way."

    Why do you lie so often? It's not like no one notices.

    I'm clearly not happy with NQ's action today, but I've read no where that they're considering switching auditors.

    NQ is very speculative play, as I posted when I bought a very small amount of (for me...1K) shares the other day. If it hits, it will pay a 3 figure return (and rapidly) but the downside is the entire investment is at risk (and rapidly). I would encourage no one that does not understand the risks to put a penny there.

    NQ is a puzzle at the moment, at least for me. It has clear signs of being a fraud, but there is just as much if not more information indicating it's legit (which is why I took the leap).

    As for you posting lies.....is making a few bucks really that important to you?

  • Reply to

    what are the chances this trades again?

    by new2game82 Jul 2, 2014 3:38 PM
    joebigbuck joebigbuck Jul 2, 2014 6:04 PM Flag

    85%....OK, fine.

    But if they bring the 10K, Q1 10Q's and the results of the internal investigation to the hearing they'll not only stay listed but will start trading the next day....100% on that one.

  • Reply to

    Comparison between Fab and NQ

    by vvrm Jul 1, 2014 1:15 PM
    joebigbuck joebigbuck Jul 2, 2014 5:47 PM Flag

    Yags,

    It takes all kinds to make up a message board.

    Good luck with your investments.

    ":.....I suppose its really going to come down to just how much they are able to sue FAB for...and, it this ends up being anything like ABAT, well, this could take years to settle."

    ABAT is/was a fraud. It's not comparable to FAB. If you want to see how the lawsuits against FAB will play out check out ONL.

    "On August 6, 2010, a stockholder class action lawsuit was filed in the U.S. District Court for the Central District of California against the Company, certain current and former officers and directors of the Company, and Roth Capital Partners, LLP. The complaint in the lawsuit, Mark Henning, et al. v. Orient Paper et al., CV-10-5887 RSWL (AJWx), alleges, among other claims, that the Company issued materially false and misleading statements and omitted to state material facts that rendered its affirmative statements misleading as they related to the Company’s financial performance, business prospects, and financial condition, and that the defendants failed to prevent such statements from being issued or corrected. The complaint seeks, among other relief, compensatory damages, attorneys' fees and experts’ fees. Plaintiffs purport to sue on behalf of themselves and a class consisting of the Company’s stockholders (other than the defendants and their affiliates). The plaintiffs filed an amended complaint on January 28, 2011, and the Company filed a motion to dismiss with the court on March 14, 2011. On July 20, 2011 the court denied the Company’s motion to dismiss, thus allowing the litigation to proceed to discovery. On June 21, 2012, the Company reached a proposed settlement of the securities class action lawsuit with the plaintiffs. The terms of the proposed settlement call for dismissal of all the defendants from the action in exchange for a $2 million payment from the Company’s insurer."

    BTW, the lawsuit against FAB is just a cut and paste job of the Carnes Scam.

  • Reply to

    what are the chances this trades again?

    by new2game82 Jul 2, 2014 3:38 PM
    joebigbuck joebigbuck Jul 2, 2014 4:05 PM Flag

    100%.

    Somewhere.

    I'm going to say at this point (the 10K being filed...which they paid 470K for a months worth of work) it's
    a 95% probability it will open on the NYSE at some point. That's up from about 30% before last week (the 10K being filed changed the odds dramatically since that is the reason they were being kicked off the exchange).

    4%...OTC

    1% pink.

    So the exchange is pretty much set, but the time frame is up for grabs. It could still be as long as 6 months, but my bet says it opens within 30 days (and the internal investigation results are released).

    The really good news is while this has been halted the company has being moving forwarding at a brisk pace (40%) and generating tons of money (50M last year). At this point the numbers are almost unrecognizable from when it was halted....and they still have two quarters to post to get up to speed.

    I'm sure before it opens the company will release updates so we all know where we stand in regards to value.
    It would not be fair to shareholders to open this up without those updates. How are you suppose to value something when you're looking at 6 month old numbers (Q4 2013).

  • Reply to

    FAB wonderful group blog

    by hiflyer246 Jul 2, 2014 1:04 PM
    joebigbuck joebigbuck Jul 2, 2014 2:43 PM Flag

    The bottom line is FAB is growing and growing rapidly. Hopefully Q1 and Q2 numbers show the growth story continuing. I expect the Loeb report prior to July 16th. I think they pushed back the hearing date as far as possible with the expectation they would either present a 10K or Leob report. They got the 10K, now let's see if Loeb comes through.

    This is all starting to come together nicely.....sure would hate to be short right now (my how things have changed around here).

    Sentiment: Hold

  • Reply to

    Comparison between Fab and NQ

    by vvrm Jul 1, 2014 1:15 PM
    joebigbuck joebigbuck Jul 2, 2014 2:33 PM Flag

    Why do you continue to post the exact details of the Carnes Scam, and then follow it up with didn't fall for it?

    The addresses are a nothing, always were and are. The "chick with the business card" was bogus, that was just Carnes elaborating on some girl his kid investigators spoke to. The pirated material was from a couple Kiosks out of 16K.

    But Carnes knew FAB could NOT provide address for the pre 2012 Kiosks because FAB never sold them. They sold licenses and who knows where they were placed (10K of them). This was great short term scam for Carnes, because most would fall for the language he posted from the 2012 Kiosk agreement (where it stated FAB was responsible for placement and upkeep of post 2012 Kiosks (6K)).

    Carnes knew this was as short term scam, as eventually others would figure out the 10K and 6K were not the same Kiosks. But then, his hit piece was not designed to have a lasting effect. Only when the bond showed up did it become a long term project.

    So keep believing in the Carnes Scam. There are always consequences for being wrong in life, and in investing the cost is money. Soon enough we will see just how much your undying belief in the Carnes Scam will cost you.

    5 dollars a share in cash, 1 dollar a shares in earnings for 2013, 40% growth rate and unlimited potential...yup, that's a one dollar stock if ever I saw one:).....you better hope Carnes has a least one more scam up his sleeve when it comes to covering. There's 3 Million shorts out there stuck just like you.

  • Reply to

    Comparison between Fab and NQ

    by vvrm Jul 1, 2014 1:15 PM
    joebigbuck joebigbuck Jul 2, 2014 2:04 PM Flag

    "If they would have cooperated with the original auditor they could have filed on time. "

    More stupidity from you. What's with all the cut and paste on the meaningless parts? Why did you skip the only meaningful sentence....

    You know, the one were Friedman told them very clearly they would NOT offer and opinion letter or complete the 10K prior to the completion of the internal investigation.

    Of course they stopped cooperating with them after that....what, you expect them to continue to waste their time?

    They moved on, found another auditor that had enough confidence in their own work to do the job, and cooperated fully with them (see the new 10K as a result).

    So stop lying and twisting because you're a scared short who fell for the Carnes Scam.

    BTW, have to love the number in the new 10K and the future possibilities. I can see why you're in panic mode.

    Sentiment: Hold

  • Reply to

    Comparison between Fab and NQ

    by vvrm Jul 1, 2014 1:15 PM
    joebigbuck joebigbuck Jul 2, 2014 5:33 AM Flag

    =did not get the extension because their auditor would not offer up an unqualified opinion letter

    Why do you keep blaming "the auditor"? Can't you read? The auditor couldn't complete the audit because FAB was not cooperating with them. It is a simple cause and effect. FAB didn't cooperate so the auditor could not complete the audit. It isn't the auditor would not give an opinion so FAB couldn't file. The auditor can't form an opinion if the company does not cooperate in completing the field work to gather the information on which to assess an opinion. I have also shown you the proof that an "unqualified auditor opinion" does not apply to a small filer like FAB. It only applies to an accelerated filer or a large accelerated filer so once more you are spewing fantasy that is not supported by fact."

    You want to take all that back? Or just continue to look stupid?

    FAB's previous auditor stated very clearly they would NOT offer an opinion letter (nor complete the 10K) prior to the completion of the investigation. Nothing to do with FAB, the SEC, or NYSE rules. Just their way of doing business and perfectly within their right. Just like it was FAB's right to show them the door. FAB was clearly cooperating with everyone (both auditors and the forensic investigation) in a desperate attempt to stay listed. They paid a high price (470K plus probably around 1M for the forensic) but if it keeps them listed it will be worth it. Your ""unqualified auditor opinion" just highlights your ignorance. FAB's 10K received an unqualified auditor opinion, as I've already posted numerous times.

    Pretty spectacular numbers in the 10K, huh?

    Sentiment: Hold

FU
3.070.00(0.00%)

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.