Hey jeff--

Nope, being listed on a U.S. exchange does not mean that a foreign corp is subject to SEC reporting requirements on the same level as all other U.S. based corps. If you trade ADRs, as ARMHY does, on the exchange, then it's very different. If you check any free online source for ARMHY's SEC filings, such as freedgar.com or sec.gov, you'll see what I mean. There's a world of difference between filing 6F and 20Fs, and filing 10Q and 10Ks, 8Ks, etc.

Anyway, I edited the column yesterday to take out the 62%/12%, because it's irrelevant to my thesis, and I finally realized that. And I added a link to a Bloomberg audio in which Saxbe further avoids the questions.

Best wishes, and thanks for your help,
Tom9