Aus,
You surprised me. You, the man ran who rode the sndk rollercoster, bet the farm and won????
This Kaufman Brothers are Anal-ist with a capital A. Some people would call them crooks. Mr. Vik Grover is a real "snake".
A few tidbits:
Recommended a STRONG SELL ("Long term/short term sell") on IDTC at their 52 week low of 9.5/sh on January 15, 1999. No "hold" here. IDTC is currently at 19/sh and IMHO on its way to a double.
Recommended ABLE at it high last May?...20/sh range. Stock has dived to 6-7/sh. It was discovered later that ABLE was paying them off. See below.
Asensio & Co.: Able Pays Kaufman Bros., L.P.
NEW YORK, Feb. 26 /PRNewswire/ -- The following is being issued by Asensio &
Company, a member of the National Association of Securities Dealers, CRD number 31742:
Under an agreement dated April 7, 1998, Able Telcom Holding Corp. (Nasdaq: ABTEE - news) engaged Kaufman Bros.,
L.P. as Able's financial advisor. Under this agreement, Able agreed to pay Kaufman Bros. a retainer of $15,000 for the first
three months and an additional $15,000 for every subsequent three month period during the term of the agreement. Under a
separate agreement dated May 14, 1998, Able agreed to pay Kaufman Bros. a total of $190,000.
Vik Grover is employed as a Senior Equity Analyst at Kaufman Bros. Mr. Grover has issued research reports on Able. The
reports recommend the purchase of Able's shares. Kaufman Bros. has never disclosed the above mentioned agreements.
Kaufman Bros. issued a report claiming that Able had fiber assets worth almost as much as the company's entire market
capitalization, which on the date of the report was approximately $180 million. Able's Form 10K shows it had sold its fiber
assets of $26 million, which is $154 million less than Kaufman Bros.' published estimate. Kaufman Bros. claimed Able's fiber
assets were worth approximately 700%, or 7 times, more than their sales price.
Asensio & Company, Inc. is an investment bank and securities dealer registered with the Securities and Exchange Commission
and the National Association of Securities Dealers. Asensio has conducted extensive due diligence, fundamental research and
technical analysis of Able Telcom Holding Corp. Asensio has issued a Strong Sell recommendation on shares of Able's
common stock. Further, due to its excessive market valuation and overwhelming evidence of fraudulent securities activities, we
also recommend that Able shares be sold short. Asensio & Company's reports on Able, are available on its internet home page
at asensio.com.
SOURCE: Asensio & Company, Inc.
Asensio & Co.: Able's Accounting Fraud Fully
Exposed
NEW YORK, Feb. 26 /PRNewswire/ -- The following is being issued by Asensio & Company, a member of the National
Association of Securities Dealers, CRD number 31742:
Able Telcom Holding Corp.'s (Nasdaq: ABTEE - news) Form 10K included a financial statement showing net income of $2.5
million, operating cash flow of $6.9 million and shareholders' equity of $40.2 million. These figures were created using a large
series of extraordinary accounting entries. In fact, adjusted to exclude only some of these obfuscating non-cash, non-operating
entries, Able's actual results were a net loss of $12.8 million, negative operating cash flow of $8.4 million and shareholders'
equity of $15.3 million. These figures do not include any reduction to Able's $29 million in estimated, non-cash, unearned
income currently included in net income or any adjustment to the $31 million in goodwill. They also do not include Able's $10
million incurred and unrealized loss on the MCI/WorldCom, Inc. refinancing, which Able expects to recognize in the first
quarter.
Kaufman Brothers are rated as poor anal-ist by zacks:
ultra.zacks.com
I think you should take this as a contrary indicator - buy signal. Kaufman Bro. recommends buys at the top and sells at the bottom. The proof is in the pudding.
How about this snake and his short posts. I love it! LOL. He seems to know when to short and go long. Hmmmmmm.
I got back in at 6 today. Good luck.
Kevin
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