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Technology Stocks : Vari-L (VARL)
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To: Bosco who wrote (2601)12/21/2000 5:29:30 PM
From: akmike  Read Replies (2) of 2702
 
It appears that for some reason the financial statements resulting from the audit have been deemed by someone to be unworthy of release to the owners of the business. This has something to do with lawyers, no doubt.
It is somewhat perplexing to me how the re-evaluation of the fixed-assets has resulted in a further reduction of the borrowing base. According to the press release of 9/12 management estimated that the fixed assets must be written down to nearly zero; the announcement of the first bank waiver of default on 9/29 disclosed that Vari-l was paying 1.6 mil on principal as a result of a reduction in the borrowing base. It these assets were already written down to nil as of 9/29/00 how could a subsequent bank appraisal require a further 1.1 mil. reduction in the borrowing base?
Pappas promised financial statements in the 4th Q and the press release of 12/15 seems to dodge completely the timing of when we will receive this information.
Does anyone else think it strange that we have not received a status report on the litigation? What about a report on the board's investigation of the accounting irregularities? Were illegal acts committed? What has happened to the SEC investigation? Will the owners of the company ever receive answers to these questions? I wouldn't hold my breath! <gg>

Happy Holidays to all
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