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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (42086)	4/8/2011 9:00:25 PM
From: Madharry	Read Replies (2) of 78714

another one bites the dust.might have some more implications for breen murray- PUDA coal. a chinese based investor and former accountant says that the chairman and i guess the board illigally sold the operating entities to a different company 98% controlled by him. yet Breen Murrray subsequently did two stock offerings raising additional cash for PUDA based on what would appear to be fraudulent financial statements. He goes on to question the extent of BMs legal due dilligence before going ahead with the offering. Now I dont know what the law is in china about pilfering from a company that you manage, but I can see a bunch of lawsuits and may be a couple of public executions over this one. As an investor its distressing when one cant rely on an audited financial statement as being remotely accurate. But perhaps this will be yet another wakeup call for auditors and investment bankers to do their jobs more carefully. after skimming the article it would not surprise me to see puda coal drop sharply again on monday.

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