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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
ECX 1.815-6.7%3:59 PM EST
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To: Michael Anthony who wrote (1663)2/10/1998 3:05:00 PM
From: dainy  Read Replies (1) of 2841
 
Has anyone out there seen Eco's numbers for fiscal 1997? They were supposed to be out by February 9th, but so far nothing. Is there something that we shouldn't see or is it that the new accounting firm (I believe one of the big firms) is not accepting some of Eco's loose accounting practices. Most likely they want to cover up the release of the numbers with an announcement of the DBCO transaction. There is another one that has already been delayed and might be on the rocks. Scenario that seems logical : AmEco is stretched out on its line of credit, topped off is more accurate, it needs money to do the DBCO deal. It can't raise any more debt, or at least until it produces numbers, it may raise equity but that will take a while and will need to be backed up by real results and strong numbers. Eco reports under Canada GAAP, where accounting standards are much more lax, under USGAAP, plan to cut back those earnings significantly. AmEco net worth is hugely overinflated with goodwill, and all lending or equity institutions put those in the waste baskets and look for real assets and earnings. That might be the problem Where is the beef? Show me the money! Looks like the Eco ship has run aground and the tide is going out. No matter how good a captain McGinnis thinks he is, his paddle won't budge that ship. I smell a rat.
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