Seeking Alpha

Milkweed

 
View as an RSS Feed
View Milkweed's Comments BY TICKER:
Latest  |  Highest rated
  • Did NQ Mobile Officially Fire PwC? [View article]
    Found an auditor that will play ball and look the other way and they file their 20-F, rejected the offer that in over their head longs considered low ball and suggest they are negotiating a better offer, (supposedly) completed the minority investment in FL Mobile that would value that unit alone near the current market cap for the entire company and yet the stock is down 10% after all of this fantastic news? Bad luck and short sabotage? I know which factor I'd choose from your list.
    Oct 28, 2014. 11:17 AM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    http://yhoo.it/ZVWsD3

    I'll save you the effort. This was once the poster child for vindicated ChiScams.
    Oct 28, 2014. 10:46 AM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    Take a look at ONP's chart since they were "vindicated". The road to zero or effectively zero doesn't have to happen instantly.
    Oct 28, 2014. 10:43 AM | Likes Like |Link to Comment
  • Highlights From NQ Mobile's 20-F [View article]
    I don't remember the exact language but NQ crafted the disclosure to get around the fraud. IE: It is factually true that PwC signed off on 2011 and 2012, but they won't let NQ rely on those sign offs anymore. It's factually true PwC didn't have disagreements on accounting matters, because NQ hid the evidence and wouldn't allow PwC to expand the scope of the audit to areas that would uncover the fraud.

    What do you think real investors are going to rely on, the fact that NQ was clever enough to craft a disclosure that avoids the issues PwC had or the fact that NQ had to fire their vaunted big 4 auditor and down grade to the auditor to the frauds and the big 4 auditor won't let NQ use their past blessings anymore? Is it more important that PwC China snuck out the back door to avoid issues in China from fully exposing this fraud or the fact they had to sneek out the back door?
    Oct 28, 2014. 09:48 AM | Likes Like |Link to Comment
  • Highlights From NQ Mobile's 20-F [View article]
    "PwC did not issue an audit report on our consolidated financial statements for the
    year ended December 31, 2013 and declined to issue a consent allowing their report on the financial statements as of and for the years ended December 31,
    2011 and 2012 to be included in this annual report of Form 20-F."
    **********************...

    Interesting little nugget from the 20-F.
    Oct 28, 2014. 08:52 AM | 2 Likes Like |Link to Comment
  • Highlights From NQ Mobile's 20-F [View article]
    http://yhoo.it/ZVWsD3

    Here's what the chart of a vindicated ChiScam looks like. Enjoy your Pyrrhic victory.
    Oct 28, 2014. 08:25 AM | 1 Like Like |Link to Comment
  • Highlights From NQ Mobile's 20-F [View article]
    http://yhoo.it/ZVVNkT

    ONP was the poster child for vindicated ChiScams and has a more credible auditor playing ball and yet it trades for a whopping P/E of 1.57. Oh that's right I forgot NQ doesn't have earnings anymore so no worries about the P/E. BTW what did NQ trade for pre- Muddy?
    Oct 28, 2014. 08:21 AM | 3 Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    NQ trades at ~40% of pre-Muddy price even after the auditor to the frauds did their job and looked the other way. I'm not an expert on how to hide fraud however Muddy predicted the loss in Q4 was likely due to a new attempt to hide the fraud and would continue. The 20-F was consistent with his prediction. Finding an auditor willing to game the minimum standards of auditing to sign off on a frauds 20-F does not vindicate NQ and the share price after filing proves it. No significant investors will ever take NQ serious again.
    Oct 28, 2014. 08:16 AM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    I don't know if BABA tried to get listed in HK or not and don't know if they commit fraud or not. I saw Carson Block suggest the level of disclosure about their businesses at least leaves room to be suspicious. If they did choose not to list in China or couldn't, that would be yet more reason to be suspicious. I saw an article the other day suggesting they are faking the number of people interested in items for sale to give the appearance of high interest. If true and it sounded like they at least tacitly admitted it, yet more reason to be suspicious.

    Do I think BABA is a near complete fraud like NQ? No. Would I be surprised if they were found to be goosing their numbers? No. As Carson Block pointed out in the same interview there has been ZERO repercussions to the Chinese executives who have already been proven to have defrauded U.S. investors. Why wouldn't you be suspicious of a Chinese company, when they literally have nothing to lose by defrauding U.S. investors?
    Oct 22, 2014. 12:36 PM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    The whole premise of the article you and I are posting on right now is that the SEC would require a Chinese company to provide the same level of disclosure as a U.S. company and NQ would have to include a letter from PwC noting whether they agreed with NQ's disclosure about the nature of their firing with NQ's disclosure of the firing.

    It turns out I was mistaken and the SEC actually makes it easier for foreign businesses to defraud U.S. investors than domestic businesses, and NQ did not have to file a response from PwC like a domestic company would have been required to. I'm afraid you would be incorrect in assuming the SEC learned anything from the 2011 Chiscam outing. Look at the PCAOB compliance negotiations for further proof. There should never have been a negotiation to begin with, comply or forget about a U.S. listing. Period end of sentence.
    Oct 22, 2014. 12:00 PM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    In case you are interested in the truth, here's a link to someone who set up an entire portfolio of Chiscams.

    http://bit.ly/IKxYnw
    Oct 22, 2014. 08:23 AM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    I followed many Chiscams, HRBN was the only one on your list however and the only one to escape the auditor resignation and effective zero status with a buy-out. I have a public record in CAPS where you can verify this.
    Oct 21, 2014. 07:03 PM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    They already got a fake buyout offer for half that, why would you think anyone would take this fraud on at double the fake offer on the table?

    With the exception of HRBN I didn't follow any of the others and HRBN shareholders were just lucky enough to own shares in a politically connected fraud, who was able to get CCB(?) to do an uncollateralized loan to the founder to buy the company back. How much do you want to bet CCB already wrote that loan off?

    BTW given how hard China has been fighting PCAOB compliance when it's no problem for any other country in the world and the tens maybe hundreds of billions of dollars the chiscams bring into China, I have serious doubts that the buyouts you hang your hat on are vindications of the accused Chiscams and suspect more more than meets the eye going on. The fact that so few of the accused can simply show enough evidence they are clean to put the accusations to rest and have to resort to going private or going away is telling in itself.
    Oct 21, 2014. 03:18 PM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    BTW even if MDP plays ball long term this is going to essentially zero even if there is a short term bounce. No serious institutional investors will find MDP's blessing credible. Outside of the momo's playing the news cycle and die hard longs who can't accept reality there is no interest in this broken stock. "IF" they file the 20-F this will drift into obscurity over time. There may be bounces to play short term but long term this one is done.
    Oct 21, 2014. 01:58 PM | Likes Like |Link to Comment
  • Did NQ Mobile Officially Fire PwC? [View article]
    NQ was fraud enough to fire their vaunted big 4 auditor because they were asking for information that would expose the fraud. Replacing them with the Auditor to the Frauds to play ball and look the other way does not make them not a fraud. Given we're three months into the MDP tenure and the books were already cooked before they signed on, I wonder if they can look the other way this time. Whether the stock goes to zero or not is purely a function of whether MDP can get away with looking the other way. I've got no problem with anyone gambling they can, just don't tell me this was all about some minor misstatements. NQ fired PwC because they're a fraud not because of some missteps.
    Oct 21, 2014. 01:52 PM | Likes Like |Link to Comment
COMMENTS STATS
1,164 Comments
1,313 Likes