Just something to think about!
BDO did release THIS prelimenary report:
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GIFS' CRIC UNIT ASSETS AT $99.25 MILLION: FINAL REPORT TO INCLUDE DETAILS FOR IMPROVED PERFECTION OF COLLATERALIZATION
Business Wire - April 18, 1997 11:07
FINANCIAL GENESIS-INTL-FINANCIAL GIFS TENNESSEE MEDICINE MINING METALS TRAVEL AIRLINES REAL-ESTATE
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--April 18, 1997--Genesis International Financial Services (GIFS-OTC-BB) announced today that the preliminary due diligence summary prepared by an international office of BDO in conjunction with the sale of its CRIC unit has reported the property valuation underlying the instruments representing the critical assets of CRIC, in accordance with the appraisal made by Banco Union, S.A., an authorized financial institution, factually agree in general terms with certificate stated amount of $100 million less liabilities equivalent to approximately $714,000 creating an approximate net asset collateral value in excess of $99.25 million.
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And now, 7 days later, one business day before the CRIC closing they say.
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BDO withdraws from Genesis engagement
Reuters Story - April 25, 1997 17:19
Copyright 1997 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
NEW YORK, April 25 (Reuter) - BDO Binder S.C., the Mexican
member of the accounting firm BDO International, said Friday it
withdrew from a deal to conduct a due diligence review on
behalf of Genesis International Financial Services.
The review is for assets included in the proposed sale of
Genesis' major operating unit, CRIC, to an international
investment group, BDO Binder said.
In a statement issued from Mexico City, BDO Binder said
that it has also withdrawn its preliminary due diligene reports
about the assets and have advised that neither the company nor
the potential investors should rely on such reports.
In February, Genesis said it had reached an agreemnent in
principle with an international investment group to sell CRIC
for $117 million.
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Well this just stinks. What about all the people who invested last week based on the preliminary due diligence report? Doesn't anyone find it strange that this was released on Friday after the market closed and the CRIC deal is supposed to close on Monday? Is the CD all of the sudden not worth 93,000,000? Does anyone remember that Todd Pauley (sp?) was trying to reach BDO about a week ago. And now it seems Jeff Silverman changed his tune after talking to Todd P. What does Todd know that the rest of us should know?
Many people have come on this thread, talked about how great an investment GIFS was then suddenly changed their mind, bashed GIFS, sold their shares and left. Anyone remember Lee Ring, Carolynn Bogart, etc? And now Todd P., Jeff S., etc. Do these people know something we do not? I really wish I could find something bad about GIFS. That way I could feel good about dumping my shares. Please someone tell me when GIFS has mislead investors. Please tell me what GIFS has done that is illegal or unethical. I'm serious please present something factual.
I agree that BDO pulling out is devistating. I've been down about this all day. I do not know what to do on Monday. But the fact remains that we do not know why BDO pulled out. Sometimes I feel like everyone knows this big dirty secret about GIFS and no one want to tell me. Look if this ship is going to sink then someone please post why it is sinking. Please do not post something like, Well Miller Mountain Gold Mine does not exist. Post how you know this. How can we independantly verify what you have found out.
Todd, Jeff what do you know? How did you find it out? How can we verify the facts?
I do not have a clue as to what is going on. I just wanted to share some of my thoughts. |
