Gulf Resources: sometimes you only need to look at the accounts
Glaucus - a small research firm - has had a dig at Gulf Resources - another Chinese reverse takeover stock.
I hardly felt it was necessary. At Bronte we have been short Gulf Resources (GFRE:Nasdaq) on behalf of our clients for most of the last year...
Capital management in a Chinese software firm
Longtop Financial Technology (NYSE:LFT – market cap $1.5 billion) is not a Chinese reverse takeover.
The stock came to the market the conventional way: through an IPO. And its not like CCME (you can confirm its existence). Moreover when I do a quick...
Fatal Risk – the must-read book on AIG’s failure
There are dozens of books on the financial crisis: I have read many of them and the Kindle samples for just about all of them. There are only two I would recommend: those are Bethany McLean and Joe Nocera’s excellent All the Devils are Here and the ...
Universal Travel Group: auditor resigns edition.
Universal Travel Group has lost its auditor - a small firm Windes and McClaughrey. Windes looks reputable - a cursory look through the SEC database as to companies they have audited turns up nothing untoward.
So I was surprised when they accepted...
Singapore-Australia stock exchange merger: reasons for the veto
Mike Smith, the CEO of ANZ Bank (one of the big four Australian banks), has received a lot of press for criticising the Australian government veto of the takeover of the Australian stock exchange by the Singapore stock exchange. I guess he is making ...
China Media Express and a comment on the efficient market hypothesis
China Media Express has announced that it will appeal its suspension from the Nasdaq.
I guess they are going to say that - apart from this amazing 8K they were completely kosher.
[Deloittes] has informed the Company in its resignation letter that it...
China Media Express and a comment on the efficient market hypothesis
China Media Express has announced that it will appeal its suspension from the Nasdaq.
I guess they are going to say that - apart from this amazing 8K they were completely kosher.
[Deloittes] has informed the Company in its resignation letter that it...
Northern Oil versus Brigham Exploration Company
Someone in the comments asked me why I was short Northern Oil versus (say) Brigham Exploration Company. Brigham is another highly valued Bakken play. Yahoo reports Brigham as having a 97 times PE ratio.
Northern Oil is – as previous posts have m...
When senior executive pay becomes parody: Transocean edition
Transocean awards bonuses to senior management at least in part based on safety. That looks honorable to me.
But as the WSJ reports:
Transocean Ltd. had its "best year in safety performance" despite the explosion of its Deepwater Horizon rig th...
Northern Oil’s expanding share count
I had to double-take when I wrote this. Over the past two years Northern Oil has had about 60 million dollars of revenue. It has issued roughly three quarters of a billion dollars worth of stock at current prices.
Think about that for a wh...
The guy in charge of purchasing acreage at Northern Oil
Northern Oil is not a traditional oil exploration and production company. It has a simple model. It buys part shares in acreage in the Bakken shale. It waits until the major holder develops the acreage and it pays a proportion of the development costs ...
Northern Oil related party statements
From the 10K - presented without comment
NOTE 7 RELATED PARTY TRANSACTIONS The Company has purchased leasehold interests from South Fork Exploration, LLC (“SFE”) pursuant to a continuous lease program that covers specific agreed upon sec...
