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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: Buckeye who wrote (17248)	5/12/1998 11:46:00 PM
From: Little Engine	Read Replies (3) \| Respond to of 27968

<<<<...I believe there were many references to the audit of Myriad.>>> Yes, Buckeye, there were. Precisely my point. We were told constantly by Ira that he would not buy Myriad without an audit, and later, that the audit was done. I thought, hey, that makes sense, not even Ira would be stupid enough to buy this company without an audit. So even I believed that... until Arif Adam's post today.... in which he said.... <<<<In my conversation with our CPA there were some unforseen delays in getting confirmations. We are also completing an Audit of Myriad and Financial recruiting and Consulting. All this will be completed by the beginning of next week and the financials will be out on Monday, the 25th of May. >>>> They are just now getting around to the Myriad audit? It's not going to be done until next week? Scenario: You (Ira) approach a firm that has cheated on its taxes big time, and the principals are desperate to get out from under the burden of the millions they owe the IRS. Needless to say, they are eager to sell. Ira: "Say, you boys already cooked the books to the IRS... think I should do an audit to see if I am getting what you promised me?" Myriad owners: "Heck no, you can trust us! Would we lie? We're making big money, Ira. No audit necessary!" Ira: "You're right! I'll just tell everyone we did one before we bought you out. That should hold off the dogs for a while. How much should we say you made last year.... $3 million? $4 million?" Myriad owners: "Sounds good! Will you let us keep running the place too?" Ira: "Deal!" Damage control coming tomorrow: Ira will either say Arif was mistaken, that this is the "second audit" of Myriad, or he will claim that his brilliant self looked over the books and he was sure there will be no problems.... the old "trust me" line again... I give it 12 hours before we hear one of those explanations. Personally, I like the "second audit" theory... maybe it was calculated on the grassy knoll. FAMH failed to do an audit on something that represents most of their future revenues? For once, something they have done has shocked me.