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Harry Beck

 
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  • Star Scientific: A Tobacco Stock Buoyed by Dubious Forecasts [View article]
    Melissa,

    Nice piece, and I can't wait to see the follow-up.

    I looked briefly at the YAHOO message board for signs of intelligent life forms. Instead I came away with the conclusion that CIGX is the worst electronic boiler room promoted stock I have ever seen.

    If I recall there are legal/fraud problems in the backgrounds of the dentist promoter John Faessel and CEO Jonnie R Williams.
    Jun 30 11:51 AM | Likes Like |Link to Comment
  • Spreadtrum Communications: Clear or Muddy Signal? [View article]
    Suzhou Blue Tiger.

    I have never seen anything in print about their customers. They seem to be a secret. Where is it printed that Samsung and Huawei are customers?
    Jun 30 02:27 AM | Likes Like |Link to Comment
  • Harbin Electric: The Buyout Is a Poor Use of Capital [View article]
    Emillio,

    Shorts in HRBN (not to be confused with another Harbin) contend the CEO will never buy the company for reasons you can find in other recent HRBN posts. Like other RTO scams, they believe this is a scheme to pump up the price while insiders (or their families) find a way to sell. The street obviously questions the deal, otherwise the arbs would have the price above $22.00 today. Chinese banks have a history of "assisting" companies in ways that we believe are fraudulent.

    The deal is supposedly taking place in December. I question why Yang just doesn't tender it all for $16 per share right now? Why wait until December for $24? Why are the SAIC filings showing a company that is not successful? You get the idea!
    Jun 28 04:21 PM | Likes Like |Link to Comment
  • A Quick Update on Impending Events & News That Will Affect (CIGX) [View instapost]
    You have bad timing. The Streetsweeper just announced that they will hammer the company in a two part investigative article:

    TheStreetSweeper has just added Star Scientific (Nasdaq: CIGX) – the subject of an upcoming two-part investigative report -- to its “Caught on Radar” list of risky stocks that have soared on bullish promotions and could be headed for a plunge. Going forward, TheStreetSweeper will soon publish a pair of detailed articles that take a close look at (among other things) the following: the turbulent history of the ever-changing company, the stained record of its longtime CEO, the steady erosion of its financial results, the speculative drivers of its highflying stock and the relentless hype that has repeatedly lifted those volatile (and increasingly diluted) shares.
    Jun 28 03:46 PM | Likes Like |Link to Comment
  • Harbin Electric: The Buyout Is a Poor Use of Capital [View article]
    NYCTraderC,

    You can "change your mind" assuming if there is a clause that allows it. Usually there is a financial penalty. The penalty here is tiny compared to what insiders will get if the agreement is designed (as some shorts allege) to give them time to dump at a high price.
    Jun 28 01:58 PM | 1 Like Like |Link to Comment
  • Playing Cat and Mouse With Global Oil [View article]
    Playing "Cat and Mouse?" There is a good reason why the SPR let loose 60 million barrels: www.debka.com/article/.../

    As the late Matt Simmons was fond of pointing out, reported Saudi reserves are bogus and likely far less than reported.
    Jun 28 09:56 AM | 1 Like Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    I wonder if that firm also pumped LPHI? Are there documents that prove this? Peden's amicus brief will work against them when fighting Howey claims. But alas, that is another fraud. Speaking of which, I'm doing my research now on China Fire although Bronte's is likely all that is necessary.
    Jun 27 05:06 PM | Likes Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    Initials TB? You asked that before, and the answer was both enlightening and educational. He now has to have a big problem finding a new auditor!
    Jun 27 12:26 PM | Likes Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    northforkinvestor,

    I'll bet a steak dinner there will never be a proxy...just more press releases giving the insiders more time to dump.
    Jun 26 11:28 PM | Likes Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    It is about borrowing unused cash as you suggest. If it goes private with a $400 million + loan how will the debt service be covered? They already have twice the reported (and likely bogus) margins of any other similar company in the world with zero technological advantages, so it is not as if the money can be used improve sales or margins.
    Jun 25 02:00 PM | Likes Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    The old poker adage, "Look around the table and if you don't see a sucker, you are it." is also true with investing.

    One difference is that intelligent twenty-somethings can get the math, strategy and experience (due to the on-line stuff that is now disappearing) more quickly with poker. Successful investing requires securities analysis, and most twenty-somethings don't have the training to do that. So, like amateur poker players, they used basic reported analysis that everyone else has access to (no advantage to those who see it) and go with their gut feelings and the desire to be part of something bigger than themselves (jumping on a bandwagon and posting like a bunch of idiots).

    Sklansky's early works were classics on both poker and investment strategy. Too bad most of the twenty-something posters have never read TheTheory of Poker. Most will never read a auditors report, either.
    Jun 24 04:33 PM | 1 Like Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    Adam,

    I have a book that will be published this summer that contains a chapter about fraud. My research determined the amount of fraud in China is massive. For example, how can you have $1 billion + (US dollars) Ponzi schemes using ant farms without someone in the government knowing about it? How can all these RTOs go bust without consequences from the country where each firm is domiciled? China is easily on par with the USA in terms of total fraud. The major exception is with the government, with China being far more corrupt.
    Jun 24 11:39 AM | 3 Likes Like |Link to Comment
  • Citron vs. Harbin: 5 Questions Shorts and Longs Should Be Asking [View article]
    Nice balanced write-up.

    There is alleged to be a fraud with Chinese RTOs (Perhaps something similar is going on here?) that begins with pumping up the price of the stock. Then the chairman, his wife or whoever "borrows" from a friendly bank using a ton of inflated stock as collateral. The loan is non-recourse. Then the bank hedges their bet with PUTs knowing the loan will never be paid off. The stock is eventually sold, the stock price collapses, the bank loses nothing and keeps the family business. Everyone wins but the USA investors. Is that going on here? Is Left right (couldn't resist the pun) or is Left wrong? We'll know by December.
    Jun 24 10:13 AM | 3 Likes Like |Link to Comment
  • $1.50 Target Price for Life Partners Holdings: Ponzi Scheme, Catch-22 or Both? [View article]
    UPDATE

    Another law suit was recently filed, this time against the board of directors for breach of fiduciary duty, gross mismanagement and failing to oversee the company and maintaining internal controls. See: www.slideshare.net/whi... . The law firm is headed by a former federal judge.

    It just keeps getting worse for the company yet the stock price is still above $3.00. Amazing.
    Jun 23 05:33 PM | Likes Like |Link to Comment
  • $1.50 Target Price for Life Partners Holdings: Ponzi Scheme, Catch-22 or Both? [View article]
    Notes to the above post:

    1) Link to a news story about Judge Smith's recusal: lifesettlements.dealfl...

    2) Link to the 8-K regarding Ernst & Youngs resignation: www.sec.gov/Archives/e...

    3) Link to the 8-K regarding the NASDAQ letter addressing the late filing: www.sec.gov/Archives/e...

    4) Link to 8-K/A discussing the Wells notice: www.sec.gov/Archives/e...

    5) Link to 8-K discussing the previous auditor's (well, the firm that bought them) belief that the financials they generated "may no longer be relied upon until such time that an analysis has been completed and a determination made with respect to possible material misstatements related to the Company’s revenue recognition policy. The letter cites the disclosures made by Ernst & Young LLP in its letter to us dated June 6, 2011, as filed as Exhibit 7.1 in the Form 8-K we filed on June 9, 2011, regarding a disagreement about our revenue recognition policy and a possible material misstatement in our annual and interim financial statements as a result of the application of the policy.": www.sec.gov/Archives/e...

    Jun 22 06:21 PM | Likes Like |Link to Comment
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