Huron Consulting Group Inc. (HURN)

[10nisman]

This whole thing is comical...

The press is calling this a scandal. Scandal? HURN made earn-out payments to selling owners who took a portion of these earn-out payments and paid it back to some of HURN's employees that helped generate the earn-out payments. HURN had no control and no awareness that the previous owner's disbursed these payments to some of its workers and thus didn't record it as such. However, these payments would be construed as one-time adjustments that would have not been included in any on-going valuation model.

Therefore, the one-time non-compensation expense have no cash impact and thus should have no impact on the valuation of HURN.

Purchasing HURN at current levels is a no-brainer, IMHO.

Target price - $30 in the coming 12-15 months.

10nis