Have You Ever Contemplated Production?


Status, Ownership, and Control 'Moderate': Fitch believes the 'Moderate' assessment is more reflective of the degree of the government's effective control over the company that may have led to the current event. The government's majority shareholding and control have not translated to indications of support. Nevertheless, Fitch expects the government to maintain its majority shareholding. Support Track Record 'Moderate': Fitch believes the country's regulations have been generally supportive of the company's core business, while China Huarong has historically been financially self-sufficient and has not required ongoing financial support from the government. The attribute also considers the importance of the government in maintaining an adequate financial profile for China Huarong. The delay in the publication of its 2020 annual results has not led to any indication of a material deterioration in the company's standalone profile to date. However, Fitch believes there is increasing uncertainty over the company's liquidity, particularly its offshore funding. We may lower this attribute if we observe there is sustained weakening in the company's financial viability. Socio-Political Implications of Default 'Strong': Fitch believes a default of China Huarong could have high political repercussions for the government, considering the company's important policy role in the consolidation, restructuring and liquidation of distressed assets in the banking system. Fitch also believes that state-level asset-management companies (AMC), while possible, may not be easily substituted without material consequences for the AMC sector. The current attribute assessment is underpinned by our expectations China Huarong will maintain its policy role, while any dilution in the role may lead to a reassessment of the factor. Financial Implications of Default 'Strong': Fitch lowered our assessment of this attribute, considering the company's offshore financing issues. China Huarong's ability to fund its policy role in distressed asset management is largely tied to its ability to raise capital at a reasonable cost. The company's ability to refinance in the offshore market may be somewhat weakened in the shorter term after it announced the delay of its financial results, evident from the sharp volatility in its bond prices. The 'Strong' assessment reflects Fitch's view that a default of China Huarong will probably have wide and material implications for the financing of similar policy-driven GREs, as the company plays an important policy role among financial institutions under the Ministry of Finance, and poses potential systemic risks to the financing of other similar GREs. However, Fitch may reassess this factor for an even lower attribute strength if government support is absent, resulting in a potential worsening of China Huarong's liquidity. Huarong International's Parental Linkage: Fitch believes Huarong International remains an important subsidiary of China Huarong. A deviation in Huarong International's role as an important offshore financing vehicle, while unlikely, will result in a widening in the notching of the ratings of the outstanding notes. Fitch also downgraded Huarong International's senior unsecured perpetual securities and the legally subordinated perpetual securities by an extra notch compared with the IDRs and the senior unsecured notes to reflect their coupon-deferral features amid a potential drop in support for these instruments.


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Ted Cruz, Josh Hawley, Cindy Hyde-Smith, John Kennedy, Roger Marshall and Tommy Tuberville voted against certifying Arizona’s electoral votes. Five of those senators, plus Florida’s Rick Scott and Wyoming’s Cynthia Lummis, voted against certifying electoral votes from Pennsylvania.

Powell is a one-time attorney for former President Donald Trump who became infamous for spreading false claims about election fraud and filing failed lawsuits attempting to overturn election results in several swing states that President Joe Biden won, including Arizona. Logan said he was unaware that a copy of his memo was on Powell’s website. He said he gave the document to an acquaintance he’d been working with to research election integrity issues, and that person gave it to an attorney on Powell’s legal team. 

Among the various claims in the document is a debunked allegation that the “core software” used by Dominion originated with and is the intellectual property of Smartmatic, alleging the latter company was founded in Venezuela and has ties to Hugo Chavez, the country’s socialist dictator who died in 2013. It claims Smartmatic has been linked to election rigging in Venezuela, India and the Philippines.

The paper alleges ties between Dominion and China, and repeats a discredited claim that the private equity firm that owns Dominion sold it to a Chinese-controlled securities company. Claims of ties between Dominion and Chinese investors were largely based on confusion between the similarly named New York and China-based subsidiaries of a Swiss securities company.

“Just because a company has foreign connections doesn’t mean that those connections were used inappropriately; but if that company creates voting equipment those connections most definitely should be looked into,” Logan said in his statement to the Mirror.

The document also cites an unsubstantiated claim that Dominion official Eric Coomer told a conference call of members of the radical left-wing movement Antifa, “Don’t worry about the election, Trump is not going to win. I made f***ing sure of that.” The alleged quote originated from conservative activist Joseph Oltmann, who claimed he heard a man identified have a peek here as “Eric from Dominion” make the statement during the call.

Coomer has said the claims are “wholly fabricated,” that he has no ties to antifa and was not on the call in which he made the alleged comment. He is suing the Trump campaign, Oltmann, Powell, Trump campaign attorney Rudy Giuliani and host of conservative media figures. Coomer went into hiding due to the death threats he received following Oltmann’s allegations.

In addition, Logan’s paper alleges “significant security vulnerabilities” in Dominion machines “that could be exploited by a nation state in ways that would be difficult to detect.”

The alleged links between Dominion and Smartmatic, which have been repeatedly touted by Powell and other Trump supporters as evidence of fraud committed by Dominion in the 2020 election, are false. Both companies deny that Smartmatic has ever provided Dominion with the software it uses, and the two are separate entities with no financial ties. 

Dominion cited the allegations that Smartmatic provided or played a role in the development of its software in a $1.3 billion defamation suit against Powell. The suit states, “Dominion does not use Smartmatic’s software or machines, and there was no Smartmatic technology in any of Dominion’s voting machines in the 2020 election.” 

The allegations about Dominion and Venezuela were part of the “kraken” lawsuits that Powell filed in Arizona and other states. A federal judge dismissed the Arizona version of the lawsuit in December, writing that the plaintiffs were “sorely wanting of relevant or reliable evidence.”

If anything in the document is proven to be inaccurate, Logan said he would attempt to have it removed. But he said he believes that the claims are backed up by the supporting documentation that can be accessed through a Dropbox link on the document.

But that Dropbox link was deleted Thursday afternoon, several hours after the Arizona Mirror asked Logan about the document.

Logan defended his role in the audit and said there are “a lot of election anomalies that need a proper explanation for the American people to have confidence in their elections.”

“I will work with anyone who I feel is genuinely seeking for more transparency and accountability in our elections. The media may think this is some bad idea; but this used to be the way our country operated,” Logan said. “It’s also the most skeptical person who makes the best auditors; not the person who thinks it is impossible to find anything.”

Logan’s authorship of the document is not the only of his activities that have called his objectivity into question.

After the election, Logan used his since-deleted Twitter account to spread conspiracy theories, baseless allegations and false claims of election fraud and vote rigging. He is an expert witness for a man who is suing Antrim County, Mich., alleging that election fraud was intentionally conducted through the county’s tabulation machines, which are from Dominion.

Logan defended himself and his audit plan after the revelations surfaced about his support for the “Stop the Steal” movement that falsely claims the election was rigged against Trump.

The big question should not be, ‘Am I biased,’ but ‘Will this audit be transparent, truthful and accurate?’ The answer to the latter question is a resounding ‘Yes,’” he said in a statement his spokesman issued on Tuesday.

Former Arizona Secretary of State Ken Bennett, who is serving as a spokesman and liaison for Fann regarding the audit, said he doesn’t find Logan’s authorship of the document concerning. He said his understanding is that a different company will actually be auditing the Dominion machines. And regardless of who does that work, Bennett said they’ll have to show how they reached their conclusions.

“I don’t worry about what his opinions are.


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