Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Travis_Bickle who wrote (88752)	9/11/2007 8:22:41 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

I have been out of town for the past week and have not read Beazer's recent press releases yet. All of the comments below are based on the initial court filings. If Beazer has changed their argument then you may well be correct. Based on the original documents I would slightly tend to disagree about Beazer's position. They have filed the paperwork for a late filing and are conducting an internal investigation which will have an effect on the results. They are following correct procedure. It is not being stated or implied that they don't have to file the report, and not filing the report would surely trigger some disastrous consequences for the company, like being delisted and having their credit ratings destroyed even more. I am reading their position and comments as strictly being limited to when the report is owed to the bondholders. They clearly don't want to bring more attention to the investigation, and for good reason. Am not trying to defend Beazer's actions. Their management is very poor and got them into a terrible mess. On this ONE issue of when the bondholders are entitled to the report I believe Beazer's bondholders have no case. The contract wording is quite clear and Beazer is clearly in a position where it would not be reasonable to expect a timely filing. The bondholders need to find another reason to accelerate repayment.