Hi ak - I think all the longs who have not sold care, since this problems hit our pocketbook. That said, caring is one thing, venting frustration is another. To begin with, I am not an accountant; in fact, I don't read financial stmts that well. But this problem is unlikely to be overnight problem, and thus it is unlikely to be answered overnight.
I think everyone should be p*ssed off with former mgt, who may or may not be criminally responsible. However, I wouldn't want to take it out on the interim mgt and KPMG. Sure, they don't do this out of the goodness of their heart. They are willing to take the messy job b/c they ve something to gain. My guess is that Mr Pappas & crew will get a big chunk of the company for their inconvenience. And yes, KPMG will be able to bill its consultant fees. But realistically, us longs who stick around are hitching a ride from them. There is obviously a chance we will get ripeoff from them too. If anyone has a better alternative, I think most people are interested. OTOH, p*ssing them off now without reason doesn't sound a rational course of action.
If you ve read the PRs, you will also know the original BoD is a goner, which in appearance anyway is an attempt to tell the shareholder they are trying a clean start.
Like you, I'd like to see more details also. I guess I am willing to let them with a bit more space for now to keep the business running. A friend of mine had an misfortune once and ended up in the emergency room of a hospital, his wife complained that the hospital staff wasn't terribly informative. While it may be true some of the staff are not trained in bedside manner, the truth is that soothing her nerve is not as important as saving my friend's life!
Just my take of the situation.
best, Bosco |
