Noble Group

[specuvestor]

And Michael Dee's response: http://businesstimes.com.sg/companies-ma...xtor=AL-18

In his rebuttal to Noble's letter, Mr Dee questioned how Yancoal can be considered an associate company, since Noble only owns 13 per cent of it (instead of the required 20 per cent). "How is that consistent with accounting standards and market practice? If you are so confident of your Yancoal book value release the full model, with all its assumptions, both before and after you recently wrote it down 40 per cent. Let the market decide if your assumptions that it is worth 30 to 50 times the market value are realistic and if Yancoal is worth what you say. You ask us to believe all your mark-to-market valuations yet you will not show us your work," said Mr Dee, asking Noble to release the full model.

You can read the full letter here.
http://www.theedgemarkets.com/sg/article...pen-letter

I find mr dee's letter strange. As an individual he could respond within an hour. I wonder how long did Morgan Stanley take to respond to the dot com allegations. Surely he cant be unaware of protocols?

Similarly since when did Morgan Stanley research reveals their modelling to the public?

And he still comparing Noble with Dow index. Maybe he should compare Morgan Stanley with CSI index

Everyone is entitled to their opinion but not to their facts. If someone claim mr dee was fired from Temasek after just a 20 months stint would he leave the guy alone? Why shouldn't Noble sue for serious allegations of accounting impropriety?

He has no skin in the issue yet he dare others to add skin to the game. And he wants to be contacted... Based on what? Advocate for Noble shareholders?

And thats with so called 30 years of experience. Probably not so sweet experiences. I'm glad i don't know this guy.