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The CPA revocation and subsequent CPA Dance.
Exactly Ranger. How did you benefit????? You used "WE".
A Complete and utter FRAUD. Pretty simple
So Ranger, what did you mean by ".maybe even me sometimes....post negatively because we benefit from the price being pressured downward"
"we benefit" is rather strange, in light of your previous statement.
Just how were you going to "benefit" from the price being pressured downward????
Correct. The key was "looking to buy". Big difference Ranger. And you were looking to BUY too. A couple of posts ago, Right????
So I guess THE LOANRANGER believed too, huh. You liked that price dropping.
"maybe even me sometimes". A Honest statement I guess.
In fact, I believe you posted that the D&D SPNG audit workpapers were one of the two audit jobs reviewed. Maybe not, but Mosky knew about the D&D revocation before Black Friday.
And the FBI has this information.
You still believe Mosky knew nothing about the Auditor revocation, leading up to FY 2009 year end???? And R&H accepted a new engaement in a matter of days.
And right in the middle was Black Friday. Amazing SIR
R&H must have filed for protection under the "Whistleblowers" section of SOX. And Mosky still had the guts to keep using their name in PRs. Very strange R&H allowed this to happen.
But FBI was calling the shots, so I guess they just followed orders.
Again OT, thanks for yesterday's post. Any other 'hot tip" from your source.
Could only mean the DOJ are going after other parties too. Nice trap!!!!!!!!
Rosen - new Chairman of the Board
Still have that kiosk
A reallyyyyyyy Big "IF" there. It appears I qualified it with the R&H statement.
THANKS for proving yourself WRONG
You don't have the SEC conclusion. Thats OK, no one else has it either.
Never stated they were correct. Just stated I believe Mosky only.
And that SEC conclusion was ????????????? Mr Boston.
I disagree
From the viewpoint of a public accounting firm, its impossible for them to be just "sitting there waiting for documents to arrive". They were replaced on Aug 24th by D&T, the SEC investigation started mid Sept and their name has been used numerous times in public documents (Oct 16th 8k and various PRs issued in 2010).
They have lots of pre 9/13/09 SPNG accounting documentation.
If not, they would be long gone. IMO, they are waiting for the Wells documentation. And that being, the SEC version of events and the SPNG lawyer's counter to the charges.
What you (or your source) may be looking at is an ultimatum issued to Mosky, by R&H. Mosky may be looking for a new accounting firm, and word has "leaked out". No chance he finds a new firm.
Even if the audit is completed soon, it doesn't mean the 10k is coming out soon thereafter, if at all. Could be used to just sell the assets or company; or enter into a joint venture partnership.
Thanks OT, I believe you.
One thing doesn't make sense. R&H and the paperwork. They were on the job for 8 weeks until the 9/13/09 SEC letter. It makes no sense they had little or no paperwork for that period.
Maybe your source meant for the period after the Wells Notice. In that, Mosky didn't provide R&H the details of the SEC investigation results, which was the basis of the Wells Notice.
Rielly and the new SEC lawyer came as a team, back in January. Rielly was retained to help the lawyer with the accounting issues of the Wells Notice. And I believe a major part of that was the SPNG/RME accounting and business relationship. His accounting/auditing/consolidation experience was the main factor in his involvment. And his connection with PIKE too.
And your statement regarding Mosky and the audit - "what M&M have been telling people is pure bs", is so true.
Thanks
A factor "buys" a single package, and a Bank "lends" based on a revolving package. Huge difference.
Disagree. What the SEC thinks is a BIG ?????????.
What the Banks and R&H THINK, is much more important to me.
WHY???? Because both are independent third Parties. I'll follow their actions. One has said "NO WAY" and the other has not resigned.
The TRUTH is somewhere in between all three.
Didn't suggest anything of the kind. I believe the sales are REAL.
Never said bankruptcy is NO BIG DEAL. Its a very serious matter.
Read Overboard's stuff on this. Interview was worthless.
I don't like "links" in general. I like opinion.
ASLs are a Big N/A. And that's a proven Fact.
Not quite Bill. The Creditors just want to get paid. Nothing more.
And they will take the path that will allow them to recover the most dollars. Sometimes allowing the company to stay in business is the best choice, for recovering their asset.
It all depends on the facts and circumstances.
I disagree
Maybe, maybe not. The Creditor's Committee has more power than the judge. The judge is just looking for fairness, an accurate assessment of the facts and a common agreement among all the parties.
100% disagree. Its not debt, its liabilities.
So you think the IRS can freeze assets without a court order?
In general, YES.
Why would you be looking to Buy when you think SPNG is heading towards Bankruptcy?? Looks like a Gap between your thought and would be action!!!
Bankruptcy can be a very good thing for any company. Very common for companies to come out of "protection", much stronger.
Yes the Wells is HUGE, but I'm really looking for resignations.
And the term "settled", is very LOLOLOLOL.
I believe Mosky's 10Q version of the accounting facts. And the fact that R&H is still the independent outside CPA Firm.
Easy refund, if trustee beats the SOL. They would go to jail for embezzlement, not tax fraud.
IMHO, but again, I believe the sales are solid.
I'm looking to BUY
The unknown "limited partners" will deal directly with the TRUSTEE.
Good post Biscuit. But IRS is a little slower, but can act much more quickly if evidence is uncovered. The corporate taxes are basicly a "wash", but the personal stuff is HUGE.
The IRS has more power than any government agency in the world. Thats why Mosky filed on Feb 15th. If the IRS guys with "Gold and Silver Badges" show up, Mosky is in Big Trouble.
Tennis match, gotta go.
No Harvard, I think the sales are real. Always believed this.
BUT if the sales are FAKE, Mosky would complete the cycle and file the 1120, based on the fake numbers. In order to continue the Illusion.
Quite common for Ponzi and "kiting" schemes. Dealt with this situation several times (after the fact). The big problem is the IRS SOL.
In regard to the refund, if SPNG goes under in FY 2010, a NOL will be generated in FY 2010 and can be carrybacked to FY 2009 for federal purposes (the states are all a little different) and the 2009 tax will be refunded.
If sales are fake, an amended 2009 return would be filed, to get the taxes back.
SPNG is actually making a profit. But they are headed to Bankruptcy Court. WHY??????????????
NO "Financing Package" to support the "production line", the "finished goods inventory" and the Hellish "AR aging for the Big Boxes". At least a 120 day "cash turnover cycle". Maybe 150.
Mosky needs a partner NOW, or a buy-out offer. His books are wide open for anyone with a "takeover" interest.
The only question, is it cheaper to deal with the Trustee or Mosky?? Understand "market share" and you'll understand the process. Watch the movie "Tucker" (Guy tried to start a new auto company, with great ideas). Great example
EFT transmittal agrees to ORIGNAL copy of Bank Statement.
The "acceptance stamp" method is not used by IRS for original tax returns. On other IRS matters, YES.
All delivery proof is now required to be attached to the return, without it, facts and circumstances rule.