You might be right. Seems all online activity for Audi seized on April 2nd and branch link is inactive. Weird, I thought Itochu owned 40% of the joint venture.
Anything new on the chinese websites? This is the oddest situation I have ever experienced. Normally independent directors would resign, SEC would have something to say and blood hound lawyers would dig something else up besides an old story from 2014.
All dealeships are selling cars and taking service appointments.
Itochu did invest $50 million into Audi dealership not to long ago, Lentuo did pay close to $100 Million for the 6 dealerships they aquired since going public, chairman owns 46% of the company and company owns all the facilities. Very strange, they didn't buy all the real estate with funny money.
Cash flow issues in the car business do not scare me. I run a dealership in the US and we run into cash flow issues from time to time, sometimes from selling to many cars in the short period of time, believe it or not.
No illusions over here. In my mind I count it as money gone, however, it's not a typical scam. This company has been around since 1994 and does have real assets, the debt is what we are not sure about.
Interesting, assuming it is Lentuo job postings.
There are emails between Alan Seem, Lenuo Lawyer, company and SEC dating back to 2012 and 2013 annual reports where SEC questions minor issues with acounting where requests for information come in in January and Lentuo takes forever to clarify and respond, hence the filing delay every year. Lentuo also warns of not enough personal familiar with GAAP and weak controls. Edgar filings and NYSE listing costs run over 3 million per year, which is what Lentuo makes in one quarter. What if they just decided to ditch the listing, still due to auditor resignation and price staying below a $1 for some time they would get delisted anyway?
Yep. Auditor is gone. CFO is gone. Independent director Jeffrey Deboer still lists LAS as an acomplishment on his Linkedin profile. All a big joke.
Dude. NYSE suspended LAS today, due to failure to respond to regulators since February and failing to inform shareholders about resignation of its auditor in January.