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Something strange

Yesterday, Muddy Waters Research continued its trend in exposing Chinese fraud, with its exposure of Sin-Forest Corporation (TSE:TRE) a Canadian listed company with a Canadian CFO (Guess who’s maybe going to jail…). I don’t want to discuss the Sino-Forest data, but rather a quirkiness of markets; last night the TSX suspended trading of Sino-Forest shares pending clarification.

Now considering that Muddy Waters did a rather in-depth analysis (and provided all their data in a massive data dump), I don’t see how the TSX will re-authorize trading until all the information has been digested (especially if a ponzi scheme is suspected), and yet today it is possible to buy and sell Sino-Forest on the Pink sheet in the U.S. Strangely the stock has not been suspended in the U.S.

For those who are curious the stock is currently trading around $6.15 (effectively down 75% from Wednesday’s close.

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