Well, I give no juice to Brean Murray, so I can't get their research real time.
I get embargoed a week, so I'll get a chance to see what they've said next week, unless it gets picked up in the mainstream press somewhere.
edit: The only potential places I see for Enron-like exposure are 1) there was an off balance sheet financing of the Effingham plant. All in all, not a very big deal, though, about $30mm. Secondly, there might be a potential issue there in the way that franchisees are accounted for, because there might be a way to book phantom income in the purchase of a franchisee. Combine that with the fact that cash flow wasn't very good at all last quarter, and I guess that an analyst could paint a scenario. Still, though, if this was the case, you would think that the analyst would have pointed it out a few weeks ago when the 10-Q was released. Didn't happen. So I think it might be a different issue, I dunno. |
