Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: Sir Auric Goldfinger who wrote (1677)	3/10/1999 9:07:00 PM
From: TRIIBoy	Read Replies (2) of 19428

Caught my attention when it was reported that they fired their auditors. Then they cancelled their secondary offering, which they desperately need. They have burnt through about $15 million in cash and now have a debt of about $11 million. But the best is what they do: gas cylinder exchange for gas grills. That's right gas cylinders for your grill. There are also some messed up transactions whereby they transferred assets to subsidiaries and then paid their executives extra money for running those subs. Then there is the case of Bison valve, who they lent $635,000, then decided to take over for $1.2 million and had to write off loan. Then there is how they deal with distributors. They buy their equipment and then lease it to them. Thus everytime they get a distributor it cost them money. I am confused on a lot of issues, I think the company has made their dealings as complex as possible as to not understand what is really going on. I could really use some goldfinger help here, but I think this company is in desperate trouble unless it raises cash and they need auditors to do it.

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