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Carson Block of Muddy Waters: Sino-Forest stock is a 'zero'

Carson Block of Muddy Waters Research spoke to Bloomberg Television's Julie Hyman this afternoon regarding Sino-Forest.

Block said that he was "certain" on Sino-Forest when he first called the company a fraud and that he still holds a short position because the stock is a "zero."

 

Courtesy of Bloomberg Television

 

On today's moves by the Ontario Securities Commission against Sino-Forest:

"The important thing here is that they suspended the stock. This way, investors are not going to make uninformed decisions. In terms of the Allen Chan and the executives, their day will probably come. But for the time being, investors will not be paying $6-7 a share for this stock. That is the good outcome."

On whether he feels he's been vindicated:

"When we published, we were certain. You do not call a company a fraud unless you know it is a fraud. We expected that eventually, we expected the wheels of justice would turn. I think they are turning at quite a nice clip at this point. In the meantime, we did take some arrows, but this is the game. The important thing is, from this point forward, I do not think investors are going to risk losing any more money on the stock."

On whether he believes there's a disconnect between the regulators in Canada and in the U.S.:

"That is an interesting question. I think the issue is that in the U.S., the stock trades the pink sheets. Were it listed on the NYSE or NASDAQ, it would probably be an agreement that would kick in whereby both sets of regulators would suspend it. That is my understanding but I think it is a little bit situation by situation."

On whether he's still short on Sino-Forest:

"Yes, we are still short. As I've said before, it's a zero. We will stay short."

 

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