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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (1950)	8/17/2002 9:21:45 AM
From: Wally Mastroly	Read Replies (1) \| Respond to of 10065

SEC Red-Flags Nine CEO, CFO Oath Filings: Reuters Business Report By Kevin Drawbaugh WASHINGTON (Reuters) - Top officers of nine U.S. companies have failed to meet a government demand to swear by their financial results, according to a Securities and Exchange Commission Web site on Friday. The SEC site cited shortcomings in the filings of top officers from airline parent Alaska Air Group Inc., small oil and gas concern Adams Resources & Energy Inc., and hardware wholesaler TruServ Corp., a cooperative. The other six companies listed on the site as not meeting the SEC's demand included three poster children for America's season of corporate scandal and already bankrupt firms. Under an unprecedented SEC order to restore damaged investor confidence, the chief executives and chief financial officers of 942 big companies were required to certify their latest results statements or explain why they couldn't. As of Friday afternoon, 752 companies had filed with the SEC, the commission said. "We continue to process the certifications and post them on www.sec.gov," said SEC spokesman Michael Robinson, declining further comment. Most of the filings were being listed on the SEC's Web site as acceptable certifications, but nine were placed in an "All Others" category indicating they failed to meet expectations. Another 190 filings were to come in over the next few weeks, and the SEC was still reviewing the filings it has received. Three of the nine firms tagged for shortcomings by the SEC have been making headlines for months: --Mississippi-based long-distance telephone and Internet traffic carrier WorldCom Inc. ., which filed the largest ever U.S. bankruptcy on July 21; --Texas-based energy trader Enron Corp., whose collapse and bankruptcy last year ushered in 10 months of seemingly constant revelations of accounting chicanery; --Pennsylvania-based cable television group Adelphia Communications, whose former leaders were arrested on fraud charges a month after the company filed for bankruptcy. Officers of Texas-based energy trader Dynegy Inc., which is under SEC investigation, were also unable to vouch for past results due to a pending results restatement. Cleveland-based steelmaker LTV Corp., which filed for bankruptcy in 2000, was unable to certify, as well. Bankrupt electronics manufacturer ACT Manufacturing Inc., from Massachusetts, was red-flagged by the SEC. Its officers said they could not certify past results. Adams Resources, based in Texas, was on the SEC's "All others" list. In its filing, Adams said it had received an SEC inquiry on its 2001 annual report and 2002 first-quarter report. It said it was responding to the SEC inquiry. When the inquiry is resolved, company Chief Executive K.S. Adams said he would fully certify the past results. Alaska Air, from Seattle, was classified by the SEC as not certifying as required. It could not be reached for comment. Chicago-based TruServ was also listed as unable to certify. Its chief financial officer was not immediately available