Kit, I too wish the company would clarify things with BCSC. I've now heard an explanation of the situation that I think is accurate. The earlier explanation is one I hypothesized based on the fact that I'd seen this kind of news item appearing in historical research I'd done on the company. I thought I had gotten confirmation that it was true, but my recollection of that is fuzzy. It may be just that in conversation with JP I ran that idea by him, he concurred that it sounded reasonable, and I hastily concluded that it was correct.
The correct explanation, apparently, is that, yes, they do deal with the BCSC, but there's been a screw up in communication. They HAD sent all the forms and funds they thought were needed, based on past requirements, but the BCSC changed some submitting procedures and Lenox and their auditors missed that fact. It should be a trivial matter to straighten this out, and KK is aware of it.
The upshot is the same: no major problems, but the management needs to get its act together in terms of its accounting. We knew this already. If they'd get a reputable accounting firm, a decent CFO, and get out of Canada, none of these problems would arise. Once again, I believe KK is getting the message. (Standard appeal: It wouldn't hurt to write a snail mail letter to him to express your frustration. I've written three so far.)
Rgds.
-DT |
