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Letter/email to Omar & Matt - Printable Version

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Letter/email to Omar & Matt - blackdog08 - 12-20-2014

I sent the following email to Omar and Matt.  If you share the same view but have not communicated it to NQ, I encourage to simply forward this same massage and with a note that you echo the view expressed in the email titled "Feedback from a shareholder" sent earlier by a fellow shareholder.  Btw, their emails are:

omar@nq.com

matt@nq.com

---------------------------------------------------

Hi Omar /  Matt,

I am one of the shareholders who dialed in for the earning call last night and came away with more questions than answers.  Although the opening statement with the quote by T.S. Elliot delivered by Matt was stimulating and encouraging, I am afraid last night you made the end of credibility issue on disclosing financial results timely while making a beginning of another credibility issue.  The new credibility issue was centered around the proposed FL Mobile, and absence of increased buyback (in addition to the original $30M plan) commitment.
First of all, the proposed FL Mobile transaction will prevent the company's and management's buyback which you have repeatedly reiterated for over a year to do "as soon as the trading window opened" from happening until the deal is closed (of which timeline was not even provided during the call).  This is a serious blow to your and the board's credibility for not doing what you said you would do.  It created an appearance that the management intentionally postponed the buyback.  In addition, I along with fellow investors have perceived the proposed transaction as a poor choice for "unlocking shareholder's value".   The choice of reverse merger candidate is poor due to its questionable legitimacy as well as inflated HK$ 5 billion market value with HK$100 million book value.  The negotiated price of FL Mobile has to be inflated in order to account for that.  And, that only further damages NQ's credibility.
Secondly, there was no mention of increased buyback using the bond proceeds that were supposed, but restricted, to be used for large acquisitions back in Jan and May to minimize large dilution at the time.  At the current price of NQ, the lack of urgency to buy back shares is inconceivable and inexcusable.
I have been a loyal shareholder and a firm believer in NQ throughout the allegations because I believe in the management team.  The team's past achievements are so impressive that I am convinced they would succeed and prosper by conducting business with integrity.  I am hopeful that you and the BOD  will "make it right" by (1) reconsidering the proposed FL Mobile transaction to allow for immediate buyback, and (2) approving meaningfully increased buyback using cash on hand.
Best regards,



RE: Letter/email to Omar & Matt - BillNeuburger - 12-20-2014

Considering they've been inundated with messages, if they don't call an emergency meeting and rectify this by Monday, we find a way to make them pay. I realize they are in a VIE, and I don't care, I want to put Matt and Omar on the stand and take every last dime they have, not even to line my pockets but due to their lies and deception. I don't care what anyone thinks, for me this is personal, and I will not rest until these guys are accountable if they don't rectify this.

Every public company makes mistakes, NQ makes more and more mistakes and public companies have the ability to rectify the issue if shareholders demand change, it happens, this is not impossible and the MOU is not a definitive agreement, so screw them. Good Letter.

RE: Letter/email to Omar & Matt - bldasluv - 12-20-2014

Simple letter I sent to NQ..

Omar@nq.com
Vincent@nq.com
Matt@nq.com

Feel free..

Sirs,

Buy back..
Essential promise made for stockholder support during tumultuous times.
It's about honor, trust and keeping your word.
It's what should separate all of you from Carson Block.
Instead, we have received the equivalent of a campaign promise, which is even worse.


Shareholder


RE: Letter/email to Omar & Matt - avunculus - 12-21-2014

I kind of doubt that the mgmt team in US has much control of what is happening in mainland China and HK. Though Omar is the co-CEO, I am not sure how much he is involved in such decision making process. How the heck could he find the TK shell deal and approve it? When Lin was gone last week, Shi still said they would buy back shares. How can things change so much in one week? I'm sort of wondering who is behind all these.



RE: Letter/email to Omar & Matt - BillNeuburger - 12-21-2014

Who knows. Just when they could move forward they blow it all up. Unreal and literally the most disgusting thing I've ever seen.

RE: Letter/email to Omar & Matt - gaosl11 - 12-21-2014

'avunculus' pid='53492' datel Wrote:

I kind of doubt that the mgmt team in US has much control of what is happening in mainland China and HK. Though Omar is the co-CEO, I am not sure how much he is involved in such decision making process. How the heck could he find the TK shell deal and approve it? When Lin was gone last week, Shi still said they would buy back shares. How can things change so much in one week? I'm sort of wondering who is behind all these.

Omar might have no control, but he can still speak up or resign or do whatever he can. Apparantly he is part of the deal.



RE: Letter/email to Omar & Matt - Haggerston - 12-21-2014

'BillNeuburger' pid='53496' datel Wrote:Who knows. Just when they could move forward they blow it all up. Unreal and literally the most disgusting thing I've ever seen.

Personally I think this deal has been in the works for a while but they've lead us on the 48hrs buyback bullsh*t. Matt mentioned on various calls a while back that the relationship with Bison was complex and why they can't reject Bison's buyout offer as they were other relating components - now we know. These guys can't be trusted. That include CRCM TORO the whole lot theyve been cooking this for a while. I've heard that TORO also own some of TK.

Yes let's keep the pressure on them to cancel the deal but admittedly we've been played. i just hope that the RM proxy gets filled quickly so we'll know if these jackasses will indeed do a buyback.



RE: Letter/email to Omar & Matt - BillNeuburger - 12-21-2014

Well I don't know what toro's angle is or how much stock he has in NQ anymore, but we know if he has stock in NQ he is losing massively as well, unless he's hedged due to knowing all this B.S. We also know as you said the 48hr angle was to satisfy us until they dropped the bombshell of not doing it, so they lied and deceived us. If Toro owns TK, and we can prove it I'll expose his ass as well, I don't care, at this point this is the end game for me, I'm not stopping until I steam roll through each one of these scumbags, even if I can't win or I should say we can't win, they will hear from us all. Like we all agree, there is a process.
A. Win back trust and credibility, put your money where your mouth is and buyback stock management included.
B. corporate actions like spinning off FL Mobile come LATER, as we understand the benefits associated with this, instead these clowns don't talk to the market for 9 months, pull this crap to crash the stock further and fuel the fire even after all of this.

I can only imagine how F'in stupid they sound while discussing these things.

RE: Letter/email to Omar & Matt - Bose94 - 12-21-2014

Anyone knows email address NQ legal counsel, Mr, Justin Chen? We should be addressing the concern to him as well. Typically they take the conservative approach for legal matter. Thanks!

RE: Letter/email to Omar & Matt - Haggerston - 12-21-2014

It's very possible for them to start buyback once RM proxy has been filed so our letters may not get them to cancel RM but it may get to them start buyback earlier. RM proxy can be filed within days. So keep up the good work.