Seeking Alpha

Waldo Mushman

Waldo Mushman
Send Message
View as an RSS Feed
View Waldo Mushman's Comments BY TICKER:
Latest  |  Highest rated
  • China Natural Gas (CHNG:NASDAQ:GM) Reports Strong Year-End Results: Worthless P Bloggers False Claims Laid Bare. [View instapost]
    Just to clear up some of your misunderstanding about Legal Reps in China. Legal reps are not appointed like trustees in a 1031 exchange as you deceptively portray.

    From www.lehmanlaw.com/file... whom I suspect know a lot more about the subject than you pretend to.

    The legal representative of a company may be the chairman of its board of directors, an executive director or its general manager, as provided by the company’s articles of association. The legal representative must also be registered with company authorities. Companies need to select their legal representative carefully, and legal representatives should be made aware of the responsibilities and liabilities that come with the position.
    Mar 13 02:31 PM | Likes Like |Link to Comment
  • China Natural Gas (CHNG:NASDAQ:GM) Reports Strong Year-End Results: Worthless P Bloggers False Claims Laid Bare. [View instapost]
    Dave-

    It makes no difference what Abax understood about the acquisition. The debt and dilution were born by CHNG not YUXI. Somehow you confuse lender knowledge with shareholder permission. Pooled cash used for acquisition is diverted from something. If CHNG starts knocking on investor doors for more money to complete the LNG plant Phase II (very likely ploy) then it is an easy connection to suggest Yuxi money might have been used elsewhere.

    Trying to explain the acquisition in terms of a 1031 tax transaction is absolutely wrong. The Chinese tax law has nothing that provides tax deferral to selling shareholders. It takes novice level understanding of Chinese tax law to immediately recognize that as fiction. Posting US tax law is irrelevant. Chinese tax law is easily available in English especially relating to foriegn owned enterprises. The flabby "trusted good buddies " story ignores the realities of what a legal representative is and the authority they have. It would appear that Ji was Legal Rep far before this transaction so the ad hoc nature of his position is very unlikely.

    I am short this stock and I am offended by your " let’s be clear about the motives of the bloggers" stance. Your company is paid a minimum of $10,000.00 a month to publish "Visibility" puff pieces and you have the gall to suggest someone else has ulterior motives. When the smoke screen is blown away will you feel any remorse for the support and aid you provide these schemes?

    As a public service why not discuss the on going situation in Xi'an where CHNG was fined the maximum allowable fine for CNG violations. Google this 西蓝公司放弃参加听证会 for the abundant news stories.

    John
    Mar 12 05:02 PM | Likes Like |Link to Comment
  • This Small-Cap Chinese Drugmaker Is Fund Manager Jason Tillberg's Highest Conviction Pick [View article]
    From Asensio.com
    "As previously reported by asensio.com, American Oriental Bioengineering, Inc. (NYSE: AOB) paid nearly $105 million in two separate transactions for Beijing-area property to a company that appears to be an undisclosed related party. Click here to read the prior asensio.com report.

    However, even without evidence of an undisclosed related party, many of the Wall Street analysts covering AOB were clearly surprised by the $70 million Beijing property acquisition announced in January 2009. Many of the analysts openly questioned the company's decision to make the $70 million expenditure. None of the analysts, though, connected the $70 million transaction with the $34.9 million transaction that occurred in the third quarter of 2008 and that appears to have been conducted with the same related party. "
    Feb 12 11:55 AM | Likes Like |Link to Comment
  • This Small-Cap Chinese Drugmaker Is Fund Manager Jason Tillberg's Highest Conviction Pick [View article]
    AOB is not that great a play and has more hair on it than a siberian musk ox. Asensio.com has some interesting notes about the company that should give pause to any prudent investor.

    Balaban (M.D. where?) is either a paid hypester or completely oblivious concerning CSKI. The company is an out and out fraud. I have several instablogs on SA regarding the ongoing lies and deceptions CSKI is foisting on the investment community. The most egretious recent example is the fact that CSKI claims $15mm in patents. They own nothing. The patents they claim do not exist. I don't think AOB is much of a company (started out as Internet Golf Inc, as a very suspect reverse merger) but CSKI is arsenic in your portfolio.
    Feb 12 10:18 AM | 3 Likes Like |Link to Comment
  • China Sky One Shifts Emphasis to Generic Western Products [View article]
    CSKI is a fraud. waldomushman.com/paten...
    They put out press releases that never turn into anything. You might also take a look at asensio.com to highlight the long list of questions any investor ought to ask. The CFO has publicly admitted to filing different sets of books in China and in the US but has yet to offer an explanation as to why.

    On a side note Balaban MD was the subject of some Yahoo board speculation because there is no one by that name registered with the AMA. Absent some public credentialling you have to be suspect if such a person with an MD exists.
    Jan 22 09:40 AM | Likes Like |Link to Comment
  • China Sky One Wins National Innovation Award for Diagnostic Kit [View article]
    CSKI is a fraud. Most recently I have identified the fact that they claim ~$14,000,000 of book value for the seven patents they say they own. The patents don't exist. Take a look at my InstaBlog on SA for details.

    Also this PR release is so typical of how they create the illusion of substance with trivial realities. They have claimed the 15% tax rate for 2 years (what they actually pay is so small that it doesn't matter). The comparitive revenue from this product makes no sense when you look at the claims made last year. The NDRC grants subsidies for loads of things like installing efficient light bulbs and CSKI somehow spins what is probably a very small amount of money they share with numerous other companies into some sort of award.
    Jan 13 02:51 PM | Likes Like |Link to Comment
  • China Sky One Expands Patch Distribution into Canada [View article]
    Another problematic area for CSKI. The illusion of export potential is somewhat negated by their own 10-K pg 3.

    >>>>>>
    export sales for our main countries of export (in order of revenues during the year ended 2008) were as follows:


    Export Country 2008 Revenues
    Malaysia $ 8,821,616
    Germany $ 23,445
    Russia $ 2,897
    Taiwan $ 6,087
    TOTAL: $ 8,859,191

    <<<<<&l...
    In addition the sales to Malaysia are purported to be to mainly from a distribution agreement with Takasima. Takasima reports annual sales of less than 8mm and their website makes no mention of any of CSKI's products. www.takasima.com.my/

    Also SAIC documents filed by CSKI with the Chinese Government (copies available on my web site waldomushman.com) report 2007 exports of less than $50,000.
    Sep 10 10:12 AM | Likes Like |Link to Comment
  • China Sky One Admits Under-Reported Revenue [View article]
    The difficulty presented with any analysis of CSKI is that the CFO has publicly admitted to "material differences" between the financial information presented in China and the information presented to US investors. I have put up a website that provides scanned copies of the Chinese filings, waldomushman.com. The SAIC annual reports contain a wealth of information that contradicts CSKI claims in the US. As a very small example, exports are listed by country and value. Duties are collected by the tax authorities from the shipper and must verify that export duties are fully paid before the license renewal is approved. CSKI would have an American investor believe that the export numbers reported in the company literature are accurate. Contradicting that claim are agency reviewed sales volumes and collected export duties indicating that CSKI's actual exports are less than 5% of the American claims.
    Sep 2 04:41 PM | Likes Like |Link to Comment
  • China Sky One May Raise New Capital for Acquisitions [View article]
    You might want to take a look at my web site waldomushman.com/ On the site I provide copies of the audited Chinese filings CSKI subsidiaries submitted to the government. CSKI reports sales volumes 40 times larger to American investors than they report to the Chinese government. The company is a fraud.
    Aug 7 08:27 AM | Likes Like |Link to Comment
COMMENTS STATS
384 Comments
648 Likes