Sid, "The one thing that stood out was in the cash flow statement--taking in cash from the sale of stock, and calling it part of cash flow from operations, rather than cash flow from financing.
That would only be legitimate, I suppose, if the company's actual business was selling stock to investors. Hmmmm..."
Once again, the previous financials are irrelevant to this story. The errors are numerous, and reflect upon management. Divisions are written off,cannot be secured nor located, then 3 months later Morgan spends the weekend in Jamaica reviewing the refurbishing of their flagship, Pilar del Caribe and commenting on how important it is. Yet, the physical evidence and history are different.
This gets down to Morgan, current financials, and the SEC. Contracts regarding the merger are being filed along with the financials. The SEC ia aware of RMIL via different sources and are following the company.
One can only imagine what they may think about the Pilar statements, the ownership of factories,... |
