PTK,
I am not going to argue the veracity of what you are saying -- I am not an accountant. However I will make a couple of observations:
From what I could gather, the company that provided the opinion of DMX's accounting irregularities was one of their former accounting firms from a few years ago. Would they, as an entity bring forth accounting irregularities on their own? If they would, why did they wait this long to do it? If not, how did they become involved now? Smells very odd to me.
At the end of the day, these so-called irregularities certainly do not point to anything seriously untoward on the part of DMX. In fact, according to what I heard, they have been run through the hoops over the last 8 weeks and very little has been found.
Up to Thursday night -- the night before the hearing -- there was only the one issue that was to be resolved between DMX and the OSC. According to what I was told, on the Thursday night before the hearing, at 6:30 pm, DMX received a phone call from the OSC dropping the 3 other issues in their lap. I suspect that they anticipated DMX would request a stay of the hearing, but they said no. Great way to incur further delays -- coincidence?
I have a hard time, assuming this info is correct, believing this is all due to coincidence.
Looks to me that there is a concerted effort on the part of ?? to do everything they can to put roadblocks in DMX's way.
This is not to absolve the company for all mistakes -- they have made them. But I believe that anyone who thinks this series of events has not been carefully orchestrated is dreaming.
Finally, speaking to the point about DMX's accounting position. I am a lay person when it comes to accounting, but I must say that they way DMX wanted to treat the Oxo issue, when it came to looking at the balance sheet; it would have been much clearer to me just what the real financial situation was.
All of this does not matter because at the end of the day the OSC rules. But if transparency and clarity for the average investor are issues the OSC is concerned about, then the way DMX wanted to report it was, in my lay mind, much more clear.
MB |
