They've got $50 million cash.
If Jiameng was smart. He'd spent $25 million buying back 250 million shares at 10 cents each. this would reduce the total shares in circulation to be less than 185 million in total.
With his 90 million holding, he'll be majority owner once again.
This is just a no brainer.. But then again, iam afraid Jiameng.. is not very smart. Else he would not have loss 160 million shares just to gain less than $5 million dollars.
Best option goin forward, is to liquidate the company. Shareholders will receive at least 15 cents per shares.. Chinese Government will have no problem approving monies transfer outside the county to pay creditors.
