tag:blogger.com,1999:blog-4815867514277794362.post8675143973811291242..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Sino Forest quote of the weekJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-4815867514277794362.post-22181346917289446462011-06-19T21:30:37.984+10:002011-06-19T21:30:37.984+10:00A scaled down version of the Sino Forest story
MK...<a href="http://blog.jitbit.com/2011/04/chinese-magic-drive.html" rel="nofollow">A scaled down version of the Sino Forest story</a><br /><br />MK.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-47099372841493463732011-06-19T03:46:35.422+10:002011-06-19T03:46:35.422+10:00Hey here it is - http://www.theglobeandmail.com/gl...Hey here it is - http://www.theglobeandmail.com/globe-investor/key-partner-casts-doubt-on-sino-forest-claim/article2066110/<br /><br />$35billion Hedge fund guy(Read as John Paulson) lost to 2 room guy Muddy Water. This is the beauty of investing due diligence.Guruprasad Vnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-17827148377220235232011-06-16T08:10:46.116+10:002011-06-16T08:10:46.116+10:00@Robert
Here is a much better transcript of the R...@Robert<br /><br />Here is a much better transcript of the RBS portion of the TRE-X call:<br /><br />Operator: Your next question comes from the line of [indiscernible] (1:02:46) from RBC - or I'm sorry, RBS. Your line is open.<br /><br />Q: Thank you very much. I just have one question. Given the external funding has always been a very important component for your business historically, can you just give us a sense of your banking relationships now?<br />What are - what are banks telling you now, are they expressing concerns if any banks [indiscernible] (1:03:12) any of the credit line? And also on the [Inaudible] (1:03:22)?<br /><br />A - Louisa Wong: Well, I think it probably got cut actually. The line was quite bad. So maybe operator, can you pick the next one please?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-64086866589015305862011-06-16T08:03:19.392+10:002011-06-16T08:03:19.392+10:00In honour of Sino-Forest's spiritual ancestor,...In honour of Sino-Forest's spiritual ancestor, how about we rename it <b>TRE-X</b>?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-60416600305003792222011-06-16T00:18:56.289+10:002011-06-16T00:18:56.289+10:00The Globe & Mail has just written a surreal ed...The Globe & Mail has just written a surreal editorial: "Carson S. Block of Muddy Waters' relentlessly hyperbolic comparisons of Sino-Forest to Bernard Madoff and Ponzi schemes, and his relentless repetition of the word 'fraud,' undermine his own credibility, even if he eventually turns out to be right."<br /><br />So basically, if you find a Ponzi scheme and a fraud, then using those terms will undermine your credibility. Even if those companies are later demonstrated to be Ponzi schemes and frauds. Huh?<br /><br />Talk about rallying around the Maple Leaf ...Tomnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-20333060861752517682011-06-15T23:02:20.161+10:002011-06-15T23:02:20.161+10:00You can use a more neutral source. Here are tidbit...You can use a more neutral source. Here are tidbits from FT Alphaville's live coverage of the call. ("Noise on the line" = death ray.) Note RBS is the only broker maintaining its buy rating, so perhaps the death ray really was inadvertent. <br /><br /><br />JM<br />Nomura on now<br />JM<br />From Nomura<br />JM<br />Q: “is the company in compliance with all the planting regs in China?”<br />JM<br />A: Yes<br />JM<br />Q: can you put the docs online?<br />JM<br />A: if we’d done things wrong, they’d have already informed us<br />JM<br />Q: what is the current cash level of the company?<br />JM<br />A: 1.1bn end of March<br />JM<br />“some of the cash has been used in normal operations”<br />JM<br />but no major acquisitions or purchses<br />TA<br />Oooh<br />TA<br />They just shutdown the Nomura lady<br />JM<br />will disclose the rest at end of June<br />JM<br />yup<br />TA<br />Only three questions allowed<br />JM<br />smack down<br /><br /><br />JM<br />Back to RBS <br />TA<br />Again?<br />TA<br />External funding again<br />JM<br />“What are your banks telling you now?”<br />JM<br />And then lot’s of noise on the line.<br />TA<br />(A Reader – sadly I am listening to the webcast, am not on the call)<br />TA<br />Uh oh<br />TA<br />RBS has been silencedRobert in Chicagonoreply@blogger.com