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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
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To: David R who wrote (26292)12/11/1997 8:24:00 PM
From: J Krnjeu  Read Replies (1) of 55532
 
Mr David R.

In the late 80's a bank in Ill. named Lincoln Contiental was declared insolvent. It was just audited 3 months earlier by a big 8 accounting firm and declared in fine financial standing.

Since this was about a billion $ bank, hearings were heard. The accounting firm said that if they released a true picture, they would lose the account because management would move to another auditing firm that would give them a more favorable picture. It also came out that this is more the rule than an exception.

Thank you -- JK
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