spike501
27 Oct 2015
Re: Auditor appoinment JakNife,You're just referring to the criminal case that was thrown out - your original comment was that AA had successfully defended against all legal action, which isn't true as they settled numerous class actions.
gallant02
27 Oct 2015
Re: fao Sasa Thanks Sasa, one has to try and find the funny side at times like this, proves one's insanity!I cling to the fact that "clean" Good Tech sold for $425m while honestly losing $100m pa. I admit it's wishful thinking but I maintain that we still don't know the scale of the problem so can maintain some hope, however small.I find constant listening to the below does help in circumstances such as this - I have selected it for play when people are leaving the crematorium after my funeral [link]
Bistable
27 Oct 2015
Re: Auditor appoinment as always Eagle I read with interest your many valuable posts. However, may I take you up on a point you raised that"If people like Paul Scott and a few others (inc me) could tell from a mile off that something bad was going on, why couldn't the auditors"I have gone back to June when the sp was 62p to find no comments by you apart from the last week during which time the sp has been sliding with lower highs and lows.However looking at recent posts by you I see you mention concerns you had 3 yrs ago at which time you contacted Costis with little result. So am I right you had concerns then and probably sold up and lost interest and hence little mention since until the last weekLike you and many others I am dumfounded that some tin pot American org [according to some] have uncovered all this as you did 3 yrs ago and yet neither auditors, Institutional investors with due diligence, house brokers or the many learned contributors here and on LSE were able to pick this up. This is truly scandalous that so many PI's who rely on the honesty of directors and the professionalism of auditors to deliver accurate trading reports will likely be losing thousands as the result of this fiasco. On this basis the credibility of AIM must be in jeopardy bearing in mind similar fiascos with QPP, RRL, RCG, BLNX. How on earth are we as simple PI's able to discriminate the scams from the true ethical growth companies. It seems we have to conduct our own private investigations on the BOD and in that regard I guess QPP now seems to have a chance.
JakNife
27 Oct 2015
Re: Auditor appoinment eagle51,"If people like Paul Scott and a few others (inc me) could tell from a mile off that something bad was going on, why couldn't the auditors, who had all the means to find out and check whatever they wanted."FWIW, likewise I noted the issues in various places myself and was happily short. But for every short there were many others who believed the explanations. Right up until Monday morning there were posters on ADVFN writing to the FT to complain about their "biased" article from last week. Forum bought heavily only a few weeks ago and apparently after having done extensive due diligence. To repeat: "pig and pork" is extremely difficult to detect, it involves deliberate concealment of the related parties. If you think that you would have been able to detect it then perhaps you should provide a training course for the industry?So once again: I very confidently predict that legal action against Grant Thornton will ultimately prove futile. Feel free to get in touch and congratulate me on my prediction in three/four years' time. In the meantime though, I will leave you to refresh your memory on what *actually* happened at AA.regards,JakNife
JakNife
27 Oct 2015
Re: Auditor appoinment eagle51,I'm not sure where you're coming from. I'm afraid that your attempted correction of my comments re AA is factually incorrect. Here's the Wiki if you want to refresh your memory:[link] in particular:"............ The verdict was subsequently overturned by the Supreme Court of the United States. The damage to its reputation, however, has prevented it from returning as a viable business, though it still nominally exists."warmest regards,JakNife
sasa43
27 Oct 2015
Re: fao Sasa Whilst I generally agree your points, gallant, my reaction to this sort of revelation, though, is that initial salvage hopes all too often prove illusory, especially where determined deception is shown to have been going on for quite a while and that's my fear here.I particularly agree with eagle's disdain over EBITDA usage where it is claimed that better growth progression can be gauged in lieu of the now deemed 'old fashioned' p/e, as it can too readily be abused to hide numerous shortcomings.As limited as the earnings multiple is, perhaps, in gauging eps progression, it does display, nevertheless, that which could be genuinely available for distribution by way of dividends should such be intended by the BoD at any point.Your last sentence made me laugh, I must say, which was a welcome respite from all the current gloom....sasa.
jaja
27 Oct 2015
..EXCELLENT RNS just now IN WRES.... will rerate like AFPO a week after RNS IMHO
jaja
26 Oct 2015
WRES about to move....
Piltick
26 Oct 2015
Sue the auditors!!
freddy
23 Oct 2015
is anybody aware that there is an article on the Financial Times backing the report and making some worrying allegations of its own?
freddy
23 Oct 2015
There is an article just appearing in the Financial Times
freddy
22 Oct 2015
I just read it. It seems quite substantiated actually. Hard to disproof outright
freddy
22 Oct 2015
piltick from what you say it sounds like it's credible or am I reading you wrong?
freddy
22 Oct 2015
yeah but how is this report? have you read it? is there any substance to it? I am on a mobile so can't read it now
