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Technology Stocks : America On-Line: will it survive ...?
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To: Brent D. Beal who wrote (4582)8/22/1997 1:29:00 PM
From: jack rand   of 13594
 
I'd give odds that the 10K (due for filing around 9/15) will contain surprises. Like maybe the building sale thing among others.

What it definitely will contain is the new reporting required by FASB of the impact of options on earnings. AOL has huge option overhang. It was 30m as of 6/96. Probably nearer 40m now. That's 40% of fully diluted outstanding.

Also: The financials AOL released on 08/07 were unaudited.

When the SEC causes reversal of accounting it's a big black mark for the accountants. Hurts their reputation. AOL's may react by tightening up and maybe also by demanding disclosure of more detail in certain areas.

And, we don't even know if the SEC has finished with AOL. I'd guess that at best, the SEC is keeping close tabs. In fact, they wouldn't even look at Q4 until the official 10Q/K is filed.
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