Either Sino Forest Is Completely Full of Crap, or I Am Missing Something

Kiddynamitesworld writes: I was actually short Sino-Forest ($SNOFF) coming into Friday. I remarked to a few friends of mine that I guessed it was probably a once in a lifetime event that I would be short a stock that would drop 70% in a single day, and it was too bad I had a minimal position, but it’s still good to be on the right side of a trade like this. I covered my position midday, and actually bid for stock late in the day. I didn’t get hit, and the stock rallied 15% or so from my “non”-level. I was almost disappointed, in a way. Why did I bid for stock? Because again, I thought that the OSC’s announcement that they were suspending trading of Sino-Forest might be overdone. The OSC said that they had evidence of irregularities at Sino-Forest: that seemed to me to be something that was something that was already well priced in. Irregularities? File that one under “No shit, Sherlock.” The OSC did NOT say that Sino-Forest was an outright fraud that was worth $0 per share.

Well anyway, I am no longer thinking about playing $SNOFF from the long side. Their latest announcement falls into the “You are completely full of sh!t” category, and puts me squarely in the “You-don’t-get-the-benefit-of-any-doubt” camp. I am now a full non-believer in Sino-Forest (although as I mentioned, I covered my short position). What changed?

Read on…
http://kiddynamitesworld.com/either-sino-forest-is-completely-full-of-crap-or-i-am-missing-something/