America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: Thomas C. Donald who wrote (4302)	8/7/1997 6:37:00 PM
From: John Kratus	of 13594

The brazenness of this accounting fraud is breathtaking. Now, unless I am reading this incorrectly, AOL's contract with Tele-Save was worth $12M, with $5M in up-front payment last quarter, and $7M to be paid over the next 3 1/4 years. So in order for AOL to pretend that they made a profit last quarter, they imagined that Tele-Save paid them the whole $12M at once. Didn't the SEC come down on AOL for this kind of accounting with the revenue from their subsrcibers? Why is Wall Street rewarding this deception with a sky-high stock price?

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