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Biotech / Medical : ACMI - Accumed Inc.
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To: Frank Buck who wrote (1389)2/8/1998 9:47:00 PM
From: CARYTRE  Read Replies (2) of 1894
 
Frank and All,

I have not posted for a while because at the moment there doesn't appear to be anything "good" to say.

I couldn't be more surprised and disappointed about Peter's resignation. While the facts aren't in yet, Dana has provided us with some issues to exclude. I've come up with a theory of my own based on other issues.

By the way I'm still holding, I just can't bring myself to sell. The current price seems to have discounted the bad news.

My belief is that there may be a restatement of sales / earnings for a previous quarter. That will occur as a result of product shipped to Olympus, under the now defunct marketing agreement. It is public record that Accumed is obligated to "reacquire" this inventory from Olympus.

These goods may have been booked as sold, and accounted for as such.
Peter may have been performing aggressive revenue accounting. There may have recently been a confrontation with auditors regarding this issue.

If this imprudent act occurred, there is only one way to straighten it out; subtract sales and add inventory.

If the board is suddenly faced with this fact, seeing possible law suits, and more problems with the NASD, they may have been forced to take this action to appease auditors and the NASD.

I'd welcome any response from Accumed which may either prove or disprove my theory.

Regretfully, C.S.




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