Well, there's a sure fire old chestnut to trot out in an attempt to distract people that their financials are woefully delayed.
. . . Board of Directors has authorized the Company, in its sole discretion, to purchase up to 10,000,000 shares of its common stock, approximately 10% of the shares outstanding, . . .
They are surely a bunch of comedians sitting down there on the Bay in Kemah. This is not news. They could have done this at any time. This is hardly a commitment, any more than saying the company has authorized me, in my sole discretion, to buy 10,000 shares of IBM. There was no money commitment made, nor is this a commitment to do anything but to sit on their thumbs.
So what do you figure 10% means, that it's not even 10% of the shares outstanding? That there are more than 100 million shares?
The documents are in the final review stages by management, securities counsel and our independent accountants.
So it appears that there must have been a few problems with the statements after all. I wonder if this is why the Intile deal was scrapped? Must not have made the financials look too good. Since you have to report in detail even anticipated closings, like mergers that are imminent to the reporting period, dropping that one might have been done to dress up the dog. Though the Unlimited Coatings discussion should be there, I would guess. Maybe not though. These guys seem to have their tap shoes on. |
