I'll agree with #2 and #3.
#4 I think is not indicative of fraud in any way. The fact is, the company has to disclose it all in SEC filings not PR. The fact is, PR's are made to be 'spun' to show the best light on the situation for the company and many more companies use them this way. People who only read PR's and not the filings are just asking for trouble, IMO.
#1 I agree and disagree with. Raising working capital at such low evaluations, I agree, is very bad. The cultural aversion to debt is something we have to accept in the space, simple as that (I hate it too).
I disagree with you on the acquisitions. The fact is, these are small companies and the whole reason they came to the US is to have access to the capital markets in order to grow faster than competitors and become the consolidators. You must remember, these are MICRO and SMALL caps, not large companies that already have a large national presence like you see from state-owned companies/etc. Scale matters here and being early to acquire enough size is important in the long run. I will never support an acquisition that is not accretive to EPS, but if you have a problem with a company raising cash at a P/E of 5-6 if its for an accretive-acquisition we will disagree most strongly on if that is a good or bad move. Emphasis on accretive ;).
-Fernando
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