To: Ken Todd who wrote (7507 ) 3/24/1998 8:33:00 PM From: Tom W Read Replies (2) | Respond to
Until the GIFS 10K was posted in Jan 97, I doubt anyone could have come up with substantive info other than by physically visiting the Motosports sites, or checking out the road into the mine, etc. This company was so allegedly "diversified" that you would need a team of experts to check out each subsidiary (re-insurance, mining, cattle, MRI medical, etc). Classic example of throwing sufficient S__t against the wall till enough sticks. Once the 10K was posted, an accountant of any competence would quickly have found numerous red flags, as a friend of mine did in very little time. On the other hand, anyone familiar with the securities industry would be alerted by being given info ahead of public release. If this was happening, as Ken Todd has indicated, then that alone was sufficient warning to the "insider connection" that all was not well. Unfortunately, human greed can often overwhelm common sense.
