While awaiting the completion of the current audit, a possible scenario has been knawing at me. Could there actually be a problem with the stated 1997 earnings? Could Ira have been involved in cooking the books? Arif has stated up to what, 2 or 3 weeks ago, that earnings were better than stated. Now what if he knew this was false, he hires a new firm to audit 1997 financials, and they discover improprieties in the previous figures. Then Arif can express shock and disappointment at the new findings and blame Ira and others for it all, thus further fortifying the dismissal.
Unless Ira is mortally ill, I can't believe he would just resign due to illness. If I get ill, even seriously, I don't quit my job. Why doesn't Ira publicly say anything, unless he is a crook and it is to his best interest to shut up? Why was there such a manic rush to get a nasdaq listing? Ira was definitely in the drivers seat. Precipitous actions such as this should have raised a red flag, because with hindsight, there appeared to be something to hide.
I am glad to see Ira out of the picture. Firamada must regroup ,reorganize and begin again. They must focus on the business, financials, and the outstanding share issue. I just hope Arif is not as crooked as Ira appeared to be, otherwise the show is over.
Just my opinion, of course. Still insanely holding. Fearing the worst and hoping for the best, like any good investor should. ;)
Buddy
PS, SI says I am spelling "financials" wrong. Sorry |
