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Alfred Little

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  • Longwei Petroleum Vs. GeoInvesting: Someone's Wrong [View article]
    Short sellers job is well done, once again. But where are the regulators to charge management, directors, auditor, bankers, with fraud?
    Mar 19 07:56 PM | 1 Like Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    As I said before, the BCSC is wrong. See my response here: http://bit.ly/K3Lhkm
    Jan 6 09:22 AM | Likes Like |Link to Comment
  • FAB: Where Are Your Beijing Media Kiosks? [View article]
    Where are the media kiosks? I count 20. Every day FAB further delays publishing the addresses is further proof FAB is a fraud. What else matters?
    Dec 27 01:40 PM | 1 Like Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    The BCSC is wrong. See my response here: http://bit.ly/K3Lhkm
    Dec 24 10:38 PM | Likes Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    Lucky, see my comment above. I am not afraid of the "cash" at all, because it has no value since it cannot be verified in China. Cash exists only in so far as FAB can prove how it was generated and how it is being spent. So you first ask: Where are the media kiosks? Only if the business completely checks out do you believe the cash printout from the bank teller.

    Furthermore Cash in an account in China today is cash stolen tomorrow. It's the hardest asset to verify and the easiest to steal. Ignore it when you evaluate Chinese companies.
    Dec 19 10:18 AM | 1 Like Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    Cash in China is the least important factor. Cash is easily faked, as even the Big 4 auditors have repeatedly encountered.

    If you think Cash is verifiable, please tell us how? Short of actually withdrawing the cash and depositing it to another bank, as NQ mobile did, bank balances mean nothing.

    An even in the case of NQ, the cash could be offset by undisclosed debt. FAB investors now have a taste of the undisclosed debt problem in China.

    Ignore the cash. Focus on the business. Where are the media kiosks? I am shocked you don't seem to care.
    Dec 19 10:15 AM | 1 Like Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    SurprisedGuy and hill3: "If you have not seen any kiosks", try calling the number on FAB's Chinese website. After several hours of consideration, they will tell you to go to their SoShow Store.

    Why? Because it has 16 of the 20 media kiosks in the only 5 Beijing FAB stores still in existence.
    Dec 19 09:56 AM | 1 Like Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    Jim Rogers will not talk to me or even appoint one of his investment managers to review my evidence. I used to be a big fan of Rogers, but he is being completely negligent with his fiduciary responsibilities to FAB shareholders. Rogers should immediately resign as a director if he does not want to do the work.

    The SEC is getting tougher on what the agency calls "Gatekeepers" - Auditors, accountants, and directors. I hope the SEC will charge all of FAB's gatekeepers with failing shareholders.
    Dec 19 09:51 AM | 2 Likes Like |Link to Comment
  • FAB Universal Media Kiosks: A Fundamental Misunderstanding? [View article]
    Wang Lirong's FAB business card shows she is an employee of FAB, with the title Director of Franchisee Sales, working out of the FAB sales office in the Joy City building in Beijing. She sent the agreements via email several days after the meeting.

    FAB's Beijing media kiosks franchising is managed by Director Wang, and her staff, working in FAB's own company sales office. Wang's statements should be more reliable that any agents working outside of Beijing.

    We raised most of the items you mention with her. We recorded detailed answers from her. Yes, she gave us a scanned copy of her Beijing kiosk operating agreement and side-letter acknowledgement agreement.

    She explained that FAB had stopped selling the old "green" 5C kiosks a few years ago, having switched to a new "5C Pingo" branded model with some additional features. The key point is that whe was unable to ever give us locations where we could see the new 5C Pingo media kiosks deployed in Beijing.

    In over a month now, FAB cannot provide a basic Chinese list of media kiosk locations either. You have to conclude that the 3,954 Beijing media kiosks don't exist.
    Dec 19 09:43 AM | 3 Likes Like |Link to Comment
  • GeoInvesting Responds To Bronte Capital On AmTrust [View article]
    Maxlogan sour grapes money loser on LLEN fraud exposed by Geo.
    Dec 16 03:58 PM | 2 Likes Like |Link to Comment
  • FAB Universal: The Face of Piracy In China [View article]
    The kiosks belong to the franchisees, who according to the agreements are entitled to know the location where FAB deploys them. But other than knowing the location where the kiosk is deployed, the franchisee has no further involvement. FAB and Huzhong are responsible for membership, advertising, billing, content, maintenance, basically everything. So FAB can certainly publish a precise list of all the location if FAB wants to.
    Dec 15 10:36 PM | 1 Like Like |Link to Comment
  • FAB: Where Are Your Beijing Media Kiosks? [View article]
    The Franchisee Sales Director we interviewed was based in FAB's Joy City sales headquarters. She appeared to be the highest ranking franchisee sales director at FAB. We had very detailed discussions with her that addressed most of the questions you raise. I will submit the recorded interviews to FAB independent investigator once they accept my offer. Tomorrow's article will go into more detail.
    Dec 15 10:31 PM | 1 Like Like |Link to Comment
  • FAB: Where Are Your Beijing Media Kiosks? [View article]
    FAB's Chinese Bond prospectus states that Zhang controls Huzhong, which would make it an undisclosed related party. FAB's Proxy filing with the SEC states:

    “FAB licensing program is a merchant program that binds the FAB and each small investor or vendor. Under this program and associated contract, both licensor and lincensee take their joint-business obligations as follows:

    1. The licensee pays for FAB Kiosk and other equipment and fixtures while the licensor (FAB Media) is responsible for the complete set-up of each FAB outlet from the location selection to construction or conversion, remodeling and equipment installation.
    2. All FAB outlets will be owned by the licensee, but supervised by a designated management company – Beijing Huzhong Culture Co., Ltd (“Huzhong Culture”) in accordance with FAB’s distinctive business formats.
    3. FAB kiosks are linked to the server station through the internet to remain updated. Such maintenances are operated by Huzhong Culture.”

    Comment: Note how FAB refers to the franchisee as a "small investor." I believe this description above is quite accurate.
    Dec 15 10:20 PM | 1 Like Like |Link to Comment
  • FAB: Where Are Your Beijing Media Kiosks? [View article]
    Surprised:

    I will make all this more clear in my article tomorrow. Then we can discuss further.

    cheers,
    Jon
    Dec 15 10:16 PM | Likes Like |Link to Comment
  • FAB Universal: The Face of Piracy In China [View article]
    Surprised Guy -
    My mistake. You are correct that FAB did mention the Joy City closure for remodeling in the conference call. Personally I believe this was worthy of a press release and 8-K at the time of the closure since this one store accounts for more than half (30,000 sf) of FAB's combined Chinese retail store space. But since they mentioned it on the conference call I will stop bringing it up, unless the store turns out to still be closed in January. The "remodeling" is supposed to be finished this month.

    Regarding the other issues, I agree that time will tell. As long as FAB continues to fail to disclose the kiosk locations for investors to check themselves, then investors should conclude that FAB fabricated its kiosk sales. It is as simple as that.
    Dec 14 03:54 PM | 1 Like Like |Link to Comment
COMMENTS STATS
462 Comments
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