China MediaExpress: Reiterating My Buy Based on Global Hunter Report [View article]
From Global Hunter's report: "As with all employees of GHS, a portion of our analysts’ compensation is based on investment banking revenues. Global Hunter Securities, LLC does and seeks to do business with the companies covered in this research report."
Muddy Waters was clear about its financial incentives: it was shorting the stock. Global Hunter and Ping Luo needs to be much more clear what their business relationship with CCME. How are they getting paid for their "seven months of due diligence"?
From article above: "the relative vagueness of the short attack (it seemed like a lot of internet searching and very little groundwork), I feel confident in the recommendation."
Carson Block of Muddy Waters lives in Shanghai. If you read the Muddy Waters report, you will see that at least he claims to have done extensive on the ground research, including interview competitors to CCME (VisionChina and AirMedia), six large advertising agencies (VivaKi Exchange, Kinetic, Heartland, OMD, Dentsu, MediaCom) and two smaller agencies (Shanghai Yun Xiang Advertising and Shanghai Jun Zhe Advertising): www.muddywatersresearc.../
Right now, it comes down to whether you believe in Muddy Waters or Global Hunter. There is no clear reason to trust one more than the other (although Global Hunter does buisness with CCME).
A more prudent recommendation is for people to wait until the Deloitte audit results are announced before putting more money on the line.
CCME: Extensive Research Confirms It's the Real Deal [View article]
"Reviewed contracts, tax filings and bank statements: The company presented to us all of its bus operator and advertiser contracts, tax filings and bank statements for the last three years. The taxes paid and cash balances appeared reasonable and matched GAAP reported numbers."
If Global Hunters saw ALL of CCME's bank statements, they would have a good idea of what Q4 2010 earnings would be ahead of the general public. That's a violation of SEC Regulation Reg D. The company cannot selectively disclose material information to a small group without disclosing the same information to the general public.
www.sec.gov/rules/fina... Final Rule: Selective Disclosure and Insider Trading B. Discussion of Regulation FD
Rule 100 of Regulation FD sets forth the basic rule regarding selective disclosure. Under this rule, whenever:
(1) an issuer, or person acting on its behalf,
(2) discloses material nonpublic information,
(3) to certain enumerated persons (in general, securities market professionals or holders of the issuer's securities who may well trade on the basis of the information),
(4) the issuer must make public disclosure of that same information:
(a) simultaneously (for intentional disclosures), or
(b) promptly (for non-intentional disclosures).
As a whole, the regulation requires that when an issuer makes an intentional disclosure of material nonpublic information to a person covered by the regulation, it must do so in a manner that provides general public disclosure, rather than through a selective disclosure. For a selective disclosure that is non-intentional, the issuer must publicly disclose the information promptly after it knows (or is reckless in not knowing) that the information selectively disclosed was both material and nonpublic.
CCME: Cash Is Real, Company Is Real [View article]
From Global Hunter's Ping Luo's report: "Maintain Buy. During the last seven months, we have done extensive due diligence. We interviewed a number of advertising customers, bus operators, and the company’s regional managers. We also talked to CTR, the third-party market research firm, visited Starr International’s office in Shanghai and talked to the company’s independent auditor, Deloitte. We have taken CCME’s buses in different cities and checked its advertisements and programs. We have also looked at CCME’s contracts with customers and bus operators, and government certificates and documents. We feel comfortable with CCME’s business and continue to believe in its growth potential. We therefore maintain our Buy rating and $26 price target."
1. Is Global Hunter being paid by CCME? How can they afford to spend that much time covering CCME?
CCME: Extensive Research Confirms It's the Real Deal [View article]
Yes, Reg FD applies to CCME because it is a US-listed stock. The latest cash balance is material non-public information. Global Hunter, as a US-registered broker-dealer should know better. They should also disclose all their business relationships with CCME.
From the disclaimer on Global Hunter's report: This material has been prepared by Global Hunter Securities, LLC ("Global Hunter") a registered broker-dealer, employing appropriate expertise, and in the belief that it is fair and not misleading.... Global Hunter and our affiliates and their respective directors, officers and employees may buy or sell securities mentioned herein as agent or principal for their own account.
Is China Media Express Still a Buy? [View article]
Evidence of CCME Pump and Dump?
One of the founders Bright Elite used to own 2 million shares and sold most of its shares late year. Those sales weren't reported because its ownership dipped below 5%.
The founders also sold 1.5 million of their own share to Starr in October last year at $9/share. Last year was on pace to be a $4 EPS year. Why were they selling their stocks so cheaply?
Here are some messages on the Yahoo board from last year about the sales. People didn't pick up what was going on at the time. messages.finance.yahoo... December 28, 2010 When Jacky bought 100,000 shares from Bright Elite, it took Bright Elite's ownership percentage to 4.89%. Coincidence? I doubt it. By getting below 5%, they can sell without having to file.
I think all the PR's are intended to help keep the stock up as Bright sells. That's why all the good news leads to a brief pop then a fade. Jacky buyback, dividend announcement, SWITOW announcement, etc.
messages.finance.yahoo... Furthermore, this should leave Lin with exactly 600,000 shares. The afterhours selling since the 20th of December were as follows: 12/20 = 200,000 12/21 = 150,000 12/28 = 150,000 01/04 = 150,000 01/06 = 80,000 01/07 = 150,000 01/10 = 150,000 01/11 = 73,231
For a total of 1,103,231 shares sold and that would leave Lin with a nice round number of 600,000 Shares. I bet that is what he plans on holding on to and this last sale rounded out his position.
His sales seemed to be around 10% of daily volume.. approximately.
messages.finance.yahoo... Starr to Purchase 1.5 Million Common Shares from Founders of CCME 13-Oct-10 09:59 am
Starr Investments Cayman II, Inc. (“Starr Cayman”), has agreed to purchase an aggregate of 1.5 million shares of the Company’s common stock in two private transactions. Mr. Ou Wen Lin and Mr. Qing Ping Lin, two of CME’s founding shareholders, through their holding companies, Thousand Space Holdings Limited and Bright Elite Management Limited have agreed to sell 1,000,000 and 500,000 shares of the Company’s common stock, respectively, to Starr International at $9 per share.
Although the agreement was signed after the Chinese Golden Week holiday, it has been under discussion between the parties since the middle of September, and the selling price was based on CME’s average closing trading prices for that month. It is CME’s understanding that Mr. Ou Wen Lin and Mr. Qing Ping Lin intend to use proceeds from the stock sale to finance their other personal business projects that are unrelated to CME.
CCME: Extensive Research Confirms It's the Real Deal [View article]
Some background on Muddy Waters.
www.thestreet.com/stoc... On Whether Our Report is a Vendetta for ONP Refusing to Pay us $300,000 for Research
At no time did we, or the company for which we performed due diligence, make a proposal to ONP for compensated research. Nor did ONP reject a proposal from us, or from the company that engaged us to perform due diligence, for compensated research.
My father, William Block, owns W.A.B. Capital LLC (“WAB”), which writes equity research that it distributes to institutional investors. In many cases, it takes management on road shows to meet with institutional investors.
In 1999, WAB switched its model from one driven by payments from institutions to one in which the companies compensate it through stock awards or warrants.
I left CIBC World Markets in mid‐1999 and went to work with my father at WAB. I worked there full‐time for about two years until mid‐2001. Since leaving WAB, I have consulted for it on five projects.
In late 2009, my father developed an interest in China microcaps after attending a conference in Florida. It was there that he was first exposed to ONP. He explained his model to some ONP investors at the conference, and they thought that ONP would be a good fit for WAB.
When my father first spoke with me about ONP, I was skeptical. The amount of money it intended to raise to expand its paper factory seemed excessive. I told him to assume that construction expenses would be padded – the question was to what extent. He told me that he was quite impressed with the CFO, Winston Yen. He also said that he had heard Chairman Liu is “different” from other Chinese company bosses in that he doesn’t drink, smoke, or chase women.
But my father asked me to keep an open mind and meet with him and Mr. Yen in Los Angeles (I had already planned a trip). Between then and the meeting, my father told me that he discussed with Mr. Yen the possibility of doing paid research with a road show for ONP, and that Mr. Yen was interested in it. My father made it clear that any formal proposal would be contingent upon ONP going through due diligence. Mr. Yen stated that he felt compensation of approximately 20,000 shares would be appropriate.
My father of course had in mind that I would conduct the due diligence. He offered me a portion of any economics on the deal. I told my father that I was skeptical and that certain elements of the story sounded shaky. But I agreed that if the company were largely legitimate, there seemed to be a good deal of upside based on the valuation.
The only further communication between ONP and my father or me was on January 6, 2010 when Chairman Liu’s assistant emailed me to ask whether I had any follow up questions. I said that we’d like to visit the factory again, but would wait until after the fundraise. (Because of our subsequent document research, that turned out to be unnecessary.) There was no further communication with ONP until this week. Thus, WAB never made an offer to ONP because ONP failed due diligence. My father felt, and I have to agree, that had WAB made an offer to ONP, it would have been accepted. Certainly that would have been an easier path to getting paid than we took with Muddy Waters, LLC.
On How We Came to Form Muddy Waters, LLC
Sean and I were mildly shocked by Pearson’s video and the positive reviews that ONP continued to receive. We’ve seen this across all industries in China: Westerners wanting a piece of the China pie so badly that they’re willing to believe anything. I’ve had a fairly rare experience here in that I’ve done business at the multinational level (as an attorney with Jones Day), and then I climbed down into the trenches by opening Mainland’s first international standard self storage company.
After some time in the trenches as an entrepreneur here, I came to realize how ivory tower the multinational world (in China) is. My former Chinese colleagues – well educated, progressive, and diligent – are the cream of the crop here. The mistake too many foreign businesspeople make is thinking that the English speaking, relatively polished people they interact with here are representative of China. This myopia is a major factor affecting equity research on Chinese companies.
A number of my closest, dearest friends are Chinese. But the fact is that many of the small companies view analyst meetings as competitions for the money analysts represent. It’s often a game where anything goes on the company side. We Westerners are not used to that system. To really understand how this works, you have to get burned on the ground here. With first‐hand understanding of how business is conducted in China, you can see a lot more. Just like how a factory expert can identify far more issues than can a novice. ONP and its attendant hype opened our eyes to the massive need for due diligence in China equity research. Thus, the plan came together in between running our other businesses. We decided that we would form the service and issue an inaugural report on ONP to demonstrate our due diligence capabilities.
CCME: Extensive Research Confirms It's the Real Deal [View article]
The SA editors should have asked Ping Luo to post the report herself.
By posting it under the SA editors' name, you are giving the report an implicit endorsement, particularly with your headline of "Extensive Research Confirm It's the Real Deal".
CCME: Extensive Research Confirms It's the Real Deal [View article]
Global Hunter also said in their Feb. 1 report that they talked to Deloitte. In my experience working with accounting firms, auditors have very strict protocols on talking to third parties. What do you think? Is it plausible that they talked to Global Hunter?
seekingalpha.com/artic... Maintain Buy. During the last seven months, we have done extensive due diligence. We interviewed a number of advertising customers, bus operators, and the company’s regional managers. We also talked to CTR, the third-party market research firm, visited Starr International’s office in Shanghai and talked to the company’s independent auditor, Deloitte.
Royalty Settlement May Be Music To Pandora's Ears [View article]
jstod is correct. Radio Music License Committee (RMLC) is the industry group for your radio stations.
This settlement does not affect Pandora. Pandora's current licensing agreement with SoundExchange still has several years to run.
That the settlement covers internet streaming by terrestrial radio stations does NOT mean it covers Pandora.
http://bit.ly/sI8R9Y The RMLC and ASCAP had a lot of zeroes to deal with – 10,000 radio stations, 425,000 composers and 8,500,000 pieces of music. The two organizations have arrived at an agreement in principle that will keep money flowing to composers, and the composers’ music on radio – through 2016. The deal would be retroactive to 2010.
The agreement will bring an end to litigation currently pending in the Federal Rate Court. It will include a fee structure based on revenues and will take into account new radio distribution outlets, including internet and mobile, and it takes steps to modernize and streamline the reporting process.
CCME: A Good Deal Thanks to the Shorts [View article]
"The result of this is that when Deloitte signs off on the numbers, there will be no doubt that the numbers are genuine."
Glen, you should change "when" to "if". The audit sign-off is not a foregone conclusion, yet. Why don't you tell people to just wait another month for the audit to come out? If you buy now and Deloitte resigns, the result will be catastrophic. So why not wait?
China MediaExpress: Reiterating My Buy Based on Global Hunter Report [View article]
"As with all employees of GHS, a portion of our analysts’ compensation is based on investment banking revenues.
Global Hunter Securities, LLC does and seeks to do business with the companies covered in this research report."
Muddy Waters was clear about its financial incentives: it was shorting the stock. Global Hunter and Ping Luo needs to be much more clear what their business relationship with CCME. How are they getting paid for their "seven months of due diligence"?
From article above: "the relative vagueness of the short attack (it seemed like a lot of internet searching and very little groundwork), I feel confident in the recommendation."
Carson Block of Muddy Waters lives in Shanghai. If you read the Muddy Waters report, you will see that at least he claims to have done extensive on the ground research, including interview competitors to CCME (VisionChina and AirMedia), six large advertising agencies (VivaKi Exchange, Kinetic, Heartland, OMD, Dentsu, MediaCom) and two smaller agencies (Shanghai Yun Xiang Advertising and Shanghai Jun Zhe Advertising): www.muddywatersresearc.../
Right now, it comes down to whether you believe in Muddy Waters or Global Hunter. There is no clear reason to trust one more than the other (although Global Hunter does buisness with CCME).
A more prudent recommendation is for people to wait until the Deloitte audit results are announced before putting more money on the line.
CCME: Extensive Research Confirms It's the Real Deal [View article]
If Global Hunters saw ALL of CCME's bank statements, they would have a good idea of what Q4 2010 earnings would be ahead of the general public. That's a violation of SEC Regulation Reg D. The company cannot selectively disclose material information to a small group without disclosing the same information to the general public.
www.sec.gov/rules/fina...
Final Rule:
Selective Disclosure and Insider Trading
B. Discussion of Regulation FD
Rule 100 of Regulation FD sets forth the basic rule regarding selective disclosure. Under this rule, whenever:
(1) an issuer, or person acting on its behalf,
(2) discloses material nonpublic information,
(3) to certain enumerated persons (in general, securities market professionals or holders of the issuer's securities who may well trade on the basis of the information),
(4) the issuer must make public disclosure of that same information:
(a) simultaneously (for intentional disclosures), or
(b) promptly (for non-intentional disclosures).
As a whole, the regulation requires that when an issuer makes an intentional disclosure of material nonpublic information to a person covered by the regulation, it must do so in a manner that provides general public disclosure, rather than through a selective disclosure. For a selective disclosure that is non-intentional, the issuer must publicly disclose the information promptly after it knows (or is reckless in not knowing) that the information selectively disclosed was both material and nonpublic.
CCME: Cash Is Real, Company Is Real [View article]
"Maintain Buy. During the last seven months, we have done extensive due diligence. We interviewed a number of advertising customers, bus operators, and the company’s regional managers. We also talked to CTR, the third-party market research firm, visited Starr International’s office in Shanghai and talked to the company’s independent auditor, Deloitte. We have taken CCME’s buses in different cities and checked its advertisements and programs. We have also looked at CCME’s contracts with customers and bus operators, and government certificates and documents. We feel comfortable with CCME’s business and continue to believe in its growth potential. We therefore maintain our Buy rating and $26 price target."
1. Is Global Hunter being paid by CCME? How can they afford to spend that much time covering CCME?
2. Ping Luo is listed as covering 20 different Chinese companies on Global Hunter's website. How can she spend so much time on CCME?
www.ghsecurities.com/p...
AirMedia Group, Inc. (AMCN)
China Advanced Construction Materials Group, Inc. (CADC)
China Automotive Systems, Inc. (seekingalpha.com/symbo...)
China Electric Motor, Inc. (seekingalpha.com/symbo...)
China Housing & Land Development, Inc. (seekingalpha.com/symbo...)
China Hydroelectric Corporation (seekingalpha.com/symbo...)
China Marine Food Group Limited (seekingalpha.com/symbo...)
China MediaExpress Holdings, Inc. (seekingalpha.com/symbo...)
China Ritar Power Co., Ltd. (seekingalpha.com/symbo...)
China Valves Technology, Inc. (seekingalpha.com/symbo...)
China Yida Holding Co. (seekingalpha.com/symbo...)
ChinaCast Education Corporation (seekingalpha.com/symbo...)
Harbin Electric, Inc. (seekingalpha.com/symbo...)
QKL Stores Inc. (seekingalpha.com/symbo...)
ShengdaTech, Inc. (seekingalpha.com/symbo...)
Shengkai Innovations, Inc. (seekingalpha.com/symbo...)
SinoHub (seekingalpha.com/symbo...)
SOKO Fitness & Spa Group, Inc. (seekingalpha.com/symbo...)
Wonder Auto Technology, Inc. (seekingalpha.com/symbo...)
ZOOM Technologies, Inc. (seekingalpha.com/symbo...)
CCME: Cash Is Real, Company Is Real [View article]
His articles were so obviously wishful thinking. SA should really do a better job of filtering.
CCME: Extensive Research Confirms It's the Real Deal [View article]
From the disclaimer on Global Hunter's report:
This material has been prepared by Global Hunter Securities, LLC ("Global Hunter") a registered broker-dealer, employing appropriate expertise, and in the belief that it is fair and not misleading.... Global Hunter and our affiliates and their respective directors, officers and employees may buy or sell securities mentioned herein as agent or principal for their own account.
Why I Am Long China Media Express [View article]
Is China Media Express Still a Buy? [View article]
One of the founders Bright Elite used to own 2 million shares and sold most of its shares late year. Those sales weren't reported because its ownership dipped below 5%.
The founders also sold 1.5 million of their own share to Starr in October last year at $9/share. Last year was on pace to be a $4 EPS year. Why were they selling their stocks so cheaply?
Here are some messages on the Yahoo board from last year about the sales. People didn't pick up what was going on at the time.
messages.finance.yahoo...
December 28, 2010
When Jacky bought 100,000 shares from Bright Elite, it took Bright Elite's ownership percentage to 4.89%. Coincidence? I doubt it. By getting below 5%, they can sell without having to file.
I think all the PR's are intended to help keep the stock up as Bright sells. That's why all the good news leads to a brief pop then a fade. Jacky buyback, dividend announcement, SWITOW announcement, etc.
messages.finance.yahoo...
Furthermore, this should leave Lin with exactly 600,000 shares. The afterhours selling since the 20th of December were as follows:
12/20 = 200,000
12/21 = 150,000
12/28 = 150,000
01/04 = 150,000
01/06 = 80,000
01/07 = 150,000
01/10 = 150,000
01/11 = 73,231
For a total of 1,103,231 shares sold and that would leave Lin with a nice round number of 600,000 Shares. I bet that is what he plans on holding on to and this last sale rounded out his position.
His sales seemed to be around 10% of daily volume.. approximately.
messages.finance.yahoo...
Starr to Purchase 1.5 Million Common Shares from Founders of CCME
13-Oct-10 09:59 am
Starr Investments Cayman II, Inc. (“Starr Cayman”), has agreed to purchase an aggregate of 1.5 million shares of the Company’s common stock in two private transactions. Mr. Ou Wen Lin and Mr. Qing Ping Lin, two of CME’s founding shareholders, through their holding companies, Thousand Space Holdings Limited and Bright Elite Management Limited have agreed to sell 1,000,000 and 500,000 shares of the Company’s common stock, respectively, to Starr International at $9 per share.
Although the agreement was signed after the Chinese Golden Week holiday, it has been under discussion between the parties since the middle of September, and the selling price was based on CME’s average closing trading prices for that month. It is CME’s understanding that Mr. Ou Wen Lin and Mr. Qing Ping Lin intend to use proceeds from the stock sale to finance their other personal business projects that are unrelated to CME.
CCME: Extensive Research Confirms It's the Real Deal [View article]
www.thestreet.com/stoc...
On Whether Our Report is a Vendetta for ONP Refusing to Pay us $300,000 for Research
At no time did we, or the company for which we performed due diligence, make a proposal to ONP for compensated research. Nor did ONP reject a proposal from us, or from the company that engaged us to perform due diligence, for compensated research.
My father, William Block, owns W.A.B. Capital LLC (“WAB”), which writes equity research that it distributes to institutional investors. In many cases, it takes management on road shows to meet with institutional investors.
In 1999, WAB switched its model from one driven by payments from institutions to one in which the companies compensate it through stock awards or warrants.
I left CIBC World Markets in mid‐1999 and went to work with my father at WAB. I worked there full‐time for about two years until mid‐2001. Since leaving WAB, I have consulted for it on five projects.
In late 2009, my father developed an interest in China microcaps after attending a conference in Florida. It was there that he was first exposed to ONP. He explained his model to some ONP investors at the conference, and they thought that ONP would be a good fit for WAB.
When my father first spoke with me about ONP, I was skeptical. The amount of money it intended to raise to expand its paper factory seemed excessive. I told him to assume that construction expenses would be padded – the question was to what extent. He told me that he was quite impressed with the CFO, Winston Yen. He also said that he had heard Chairman Liu is “different” from other Chinese company bosses in that he doesn’t drink, smoke, or chase women.
But my father asked me to keep an open mind and meet with him and Mr. Yen in Los Angeles (I had already planned a trip). Between then and the meeting, my father told me that he discussed with Mr. Yen the possibility of doing paid research with a road show for ONP, and that Mr. Yen was interested in it. My father made it clear that any formal proposal would be contingent upon ONP going through due diligence. Mr. Yen stated that he felt compensation of approximately 20,000 shares would be appropriate.
My father of course had in mind that I would conduct the due diligence. He offered me a portion of any economics on the deal. I told my father that I was skeptical and that certain elements of the story sounded shaky. But I agreed that if the company were largely legitimate, there seemed to be a good deal of upside based on the valuation.
The only further communication between ONP and my father or me was on January 6, 2010 when Chairman Liu’s assistant emailed me to ask whether I had any follow up questions. I said that we’d like to visit the factory again, but would wait until after the fundraise. (Because of our subsequent document research, that turned out to be unnecessary.) There was no further communication with ONP until this week. Thus, WAB never made an offer to ONP because ONP failed due diligence. My father felt, and I have to agree, that had WAB made an offer to ONP, it would have been accepted. Certainly that would have been an easier path to getting paid than we took with Muddy Waters, LLC.
On How We Came to Form Muddy Waters, LLC
Sean and I were mildly shocked by Pearson’s video and the positive reviews that ONP continued to receive. We’ve seen this across all industries in China: Westerners wanting a piece of the China pie so badly that they’re willing to believe anything. I’ve had a fairly rare experience here in that I’ve done business at the multinational level (as an attorney with Jones Day), and then I climbed down into the trenches by opening Mainland’s first international standard self storage company.
After some time in the trenches as an entrepreneur here, I came to realize how ivory tower the multinational world (in China) is. My former Chinese colleagues – well educated, progressive, and diligent – are the cream of the crop here. The mistake too many foreign businesspeople make is thinking that the English speaking, relatively polished people they interact with here are representative of China. This myopia is a major factor affecting equity research on Chinese companies.
A number of my closest, dearest friends are Chinese. But the fact is that many of the small companies view analyst meetings as competitions for the money analysts represent. It’s often a game where anything goes on the company side. We Westerners are not used to that system. To really understand how this works, you have to get burned on the ground here. With first‐hand understanding of how business is conducted in China, you can see a lot more. Just like how a factory expert can identify far more issues than can a novice. ONP and its attendant hype opened our eyes to the massive need for due diligence in China equity research. Thus, the plan came together in between running our other businesses. We decided that we would form the service and issue an inaugural report on ONP to demonstrate our due diligence capabilities.
CCME: Extensive Research Confirms It's the Real Deal [View article]
By posting it under the SA editors' name, you are giving the report an implicit endorsement, particularly with your headline of "Extensive Research Confirm It's the Real Deal".
CCME: Extensive Research Confirms It's the Real Deal [View article]
seekingalpha.com/artic...
Maintain Buy. During the last seven months, we have done extensive due diligence. We interviewed a number of advertising customers, bus operators, and the company’s regional managers. We also talked to CTR, the third-party market research firm, visited Starr International’s office in Shanghai and talked to the company’s independent auditor, Deloitte.
CCME: Cash Is Real, Company Is Real [View article]
www.glenbradford.com/h...
Royalty Settlement May Be Music To Pandora's Ears [View article]
This settlement does not affect Pandora. Pandora's current licensing agreement with SoundExchange still has several years to run.
That the settlement covers internet streaming by terrestrial radio stations does NOT mean it covers Pandora.
http://bit.ly/sI8R9Y
The RMLC and ASCAP had a lot of zeroes to deal with – 10,000 radio stations, 425,000 composers and 8,500,000 pieces of music. The two organizations have arrived at an agreement in principle that will keep money flowing to composers, and the composers’ music on radio – through 2016. The deal would be retroactive to 2010.
The agreement will bring an end to litigation currently pending in the Federal Rate Court. It will include a fee structure based on revenues and will take into account new radio distribution outlets, including internet and mobile, and it takes steps to modernize and streamline the reporting process.
China MediaExpress: Reiterating My Buy Based on Global Hunter Report [View article]
SeekingAlpha shouldn't let this guy post any more.
CCME: A Good Deal Thanks to the Shorts [View article]
Glen, you should change "when" to "if". The audit sign-off is not a foregone conclusion, yet. Why don't you tell people to just wait another month for the audit to come out? If you buy now and Deloitte resigns, the result will be catastrophic. So why not wait?
China MediaExpress: Reiterating My Buy Based on Global Hunter Report [View article]