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Non-Tech : RECY Looking Good... A
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To: Earl Falwell who wrote (5866)9/25/1998 4:01:00 PM
From: Bruce Tiemann  Read Replies (2) of 7006
 
I also talked with the company today... I would like to add a couple of things: First, the form 8-K mentions "no reportable differences" in the accounts, etc. By saying that this, the auditing firm is OPENING THEMSELVES TO LAWSUITS if it is later found that there are reportable differences, nevertheless they make this statement in their letter of resignation. They didn't have to say this, but they do. So one can infer that allegations of fraud do not exist in the opinion of the ex-auditors.

Second, some investment firms called the auditors up and asked if there were "any integrity issues whatsoever" regarding the resignation. The answer was that there were none; the auditors just decided that they wanted to leave the sector entirely. I was told that, in fact, this decision was from the central office of the auditing firm. The local branch, the auditors themselves "liked working with Recycling and wanted to continue" but the decision to resign was made by the central office.

This from Alex Lagerborg this morning.
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