Deloitte Says It Ceased Work for 2TheMart; SEC Filing Still Due
Irvine, California, July 15 (Bloomberg) -- Deloitte & Touche
LLP said it ended its relationship with 2TheMart.com, an Internet
auction company that's working on its first regulatory filings.
2TheMart, based in Irvine, California, had said on June 4
that Deloitte was finalizing an audit of its financial statements
in preparation for an initial filing of documents with the
Securities and Exchange Commission by June 9. The company, which
was created in January, has yet to make that filing.
``They are not a client of the firm,' said a spokesman for
Deloitte, the fifth-biggest accounting firm. He declined to
provide further details. 2TheMart executives didn't return calls.
On June 10, the company said its auction site, originally
scheduled to debut by June 30, won't be running until the fourth
quarter. The site is being developed by International Business
Machines Corp.'s Global Services unit at a cost of $9.5 million.
2TheMart shares were unchanged at 17 5/8 in late afternoon
trading. That values its 25 million shares at $440.6 million.
The company's shares soared from 2 on Jan. 13 to a high of
50 on Jan. 20, the day after 2TheMart said its site would be
running by the second quarter and would compete with established
auction sites such as eBay Inc. and uBid Inc.
--David Evans in Los Angeles (310) 827-2348 through the New York
newsroom (212) 318-2300
Mr. Burns, I suggest you have Mr. Evans interview Toe been and Cray Gun, he does a hilarious job with these types and he puts it on Bloomberg audio for all to hear..... |
