The no longer Very Special Committee (CAGC)

Less than a month ago, our good friends at China Agritech (CAGC) issued an important-sounding, but ultimately meaningless press release (debunked here) with quotes from G. Michael Bennett about all the important work the Very Special Committee was doing.

After the close of trading yesterday, the 25th of April, CAGC issued another press release, announcing that the esteemed Gene Michael was no longer on both the Very Special Committee nor the Audit Committee. Fear not GMB fans, as he does remain on the Board of Directors of CAGC, and still has his other gigs at SHZ, CPHI, etc.

The laughable excuse given by CAGC in their press release was that Gene Michael:

voluntarily resigned from the Special Committee and from the Audit Committee of the Board to address concerns that, due to other commitments, he might not be able to devote sufficient time to the investigation process.

Perhaps studying for that DBA in Corporate Governance is really taxing poor Gene. Are the fabulous AGBA parties taking up too much time? Or is Gene filling his time with a good old Glickenhouse D-movie marathon?

Instead, perhaps both GMB and the Glickenhouse family should be watching this very insightful video of John Garnaut talking about CAGC and its relationship with a particularly powerful Triad, discussed at length here.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.

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