I did read the 10K did you?
BSPM is an empty US shell with a quasi-legal link to a real company in China. Unfortunately the quasi-legal link is unenforceable within China and US investors can't go after either assets or management there as has been illustrated time after time:
Biostar was incorporated in the State of Maryland on March 27, 2007. Through the steps described immediately below, we became the indirect holding company for Aoxing Pharmaceutical, a medical and pharmaceutical developer, manufacturer and marketer in the PRC on November 1, 2007.
On June 15, 2007, we formed Shaanxi Biostar in the PRC as our wholly-owned subsidiary. Because Shaanxi Biostar is wholly-owned by Biostar, a U.S. company, it is a wholly foreign-owned enterprise, or WFOE, under PRC laws.
Aoxing Pharmaceutical was formed on May 8, 1997, as a limited liability company under the laws of the PRC. Its current registered address is No. 588 Shiji Xi Road, Xianyang, Shaanxi Province, PRC, and its registered capital is Renminbi (“RMB”) 61,800,000.
On November 1, 2007, Shaanxi Biostar and Aoxing Pharmaceutical entered into a series of agreements (collectively the “Contractual Arrangements”) pursuant to which we have acquired control over Aoxing Pharmaceutical and which requires us to consolidate the profits and losses of Aoxing Pharmaceutical under U.S. Generally Accepted Accounting Principles (“GAAP”):
I want to buy NMM at the right price and that is all that I as a greedy SOB really care about. So I am all about arguing about just that.
Yet somehow this board has diverted into politics and the Republican vs. Democrat debate. I laugh. Since both parties love to divide us into believing that they both aren't just the servants of the Oligarchs who rule behind the scene who are paying for the play we are all so enamored in watching.
It's just a show - however entertaining.
Do an search for "7 Ways Republicans and Democrats are exactly the same" for example.
It's a classic divide and conquer scheme.
I just wish I had an answer and wasn't just left to taking advantage of the stupidity.
You ain't seen nothing yet. In the next recession the fed will be out of bullets. No more printing over problems and pretending they aren't there.
I don't have to read history. I lived it.
The Democrats loved the housing boom since it bought votes. The Republicans loved it since they were making money off it. Thy levered it up, sliced it and diced it, and derivatives it.
Everyone was happy till the bubble popped. Well except for we true conservative Independent voters who were screaming about the bubble.
Once you offshore all your jobs what else did you expect to happen? Encouraging everyone to borrow in order to spend only works for so long. Eventually they can borrow no more and the lost wage income effects appear.
Ha ha - ship their jobs overseas and then blame the worker for being unemployed.
Obama doubled the national debt. Bush also doubled it while Reagan tripled it. But the neo-cons are silent on that. Only the sins of the other party count. See why I'm an Independent!
I don't believe in the borrow and spent policies that both parties practice.
Actually I agree. Cut the dividend and chase out those falsely chasing it. Then the bottom fishers will come in creating a sustainable bottom based on reality and not just false hope.
Last quarter Angeliki was much more honest. Next quarter will she be brutally honest?
I was talking about a new yearly low. But sub $1.00 sounds good. NMM was sub $4 in 2009.
I loved March 2009, I had already sold off my SKF double short and was sitting 100% in cash. So I started buying bank preferreds, NG MLPs, Bond ETFs and other dividend payers. I believed Ben when he said that he would be dumping free money from his helicopter.
Hopefully stocks will again fall down to the undervalued range and we can all buy some cheap shares again.
Yes, you are right. But the cash reserves are dwindling fast. It doesn't appear that there are enough to make payments in 2016 as promised. Next quarter earnings report in a month should clearly show that. It's not just "hysteria."
No way do they now have $50 M. Just wait till earnings and you'll see. They spent $51M in second quarter, so who knows how much they spent in Q3.