Glen Bradford is a contributing writer to TheStreet whose views on stocks are independent of TheStreet's news coverage.NEW YORK ( TheStreet) -- In the past 48 hours, I've been getting tons of texts, emails and messages along the lines of, "What's up with ENHD ( Energroup Holdings)?" Anyway, I and two others own more than 5% of the outstanding shares at this point, and I was asked by TheStreet.com to follow up because I originally penned an article claiming that it was the cheapest company I knew of. The company's shares have plunged in the last two trading days after it filed a notice with the Securities and Exchange Commission to cancel the registration of its stock. In my opinion, the company is worth $800 million plus. You figure, $1.30 earnings per share in 2010 and a growth rate of over 30%. Meanwhile, the company had once traded at a valuation of $80 million and it has actually dropped to a valuation of around $10 million. Note that the company has $40 million of cash. The disconnect here basically is, "What do the common shareholders actually own when this is all said and done?" If Energroup Holdings (OTC BB: ENHD.OB) is indeed a fraud, it is worth $0. But all the frauds I've seen print and sell shares and disappear. Energroup Holdings so far is playing by the book. If you were the CEO/chairman of said company, imagine dealing with unfriendly American investors who ask you to jump through hoops and meanwhile are selling out of your company. Why not go somewhere else? How about somewhere that actually gives you a reasonable valuation? My informal understanding is that the chairman is looking to list somewhere else -- Shanghai or Hong Kong -- and will probably get a much deserved earnings multiple of 30 times or more. There has been a lot of debate over fraud surrounding the Chinese micro-caps. In fact, there is occasional fraud, but it's not even close to as bad as some of these prices will lead you to believe. A lot of the fraud claims are fraudulent themselves, in my opinion --- that is to say that the claims are designed and distributed to benefit a small subset of investors who actively short companies, spread deceit with such depth that it's hard to verify, cover their shorts when people panic-sell, and in some cases --- actively remove all traces of their deceit. It's pretty much criminal.