Phat, I think you misunderstood what I said. I was referring to the Plaintiffs and never expected there would or could be anything the Company stood to gain other than a dismissal. I didn't hear anyone else imply this either unless they mistook this for the IR case.
As for financials being delayed...geez...there are so many loops within loops that I'm not sure I have a good answer for you.
Well, we can rule out cash as the reason for delaying filing as the YA Global agreement required escrowing a year's worth of cash to ensure financials were made...and specifically included the FYE 2013.
In this next thought I don't know all the guidelines surrounding required disclosures in the 10K or 10Q for that matter...The delayed filing is for FYE 2013. Anything that happened on or after January 1st, 2014 doesn't have to be included...but I question my understanding here because the Company has disclosed material information in prior filings that did not occur during the period of the filing in which it appeared. Now, was that an error on the part of the Company or is there some stipulation in SEC code/regs that actually does require them to list certain details? I know they can't mess with the numbers as far as revenue, liabilities, etc.
So if they ARE required to disclose anything that may have occurred since the end of the FY then there is probably a lot to include but I really can't excuse them since you would think they are working on these as they happen so they can quickly and easily be incorporated into the filing form rather than waiting until the last minute.
Maybe Anna didn't send everything to the attorneys that they needed. There was a lot in the way of note holders we've never heard of when we got to see the DD from the bottom of Exhibit 101 of the YA Global deal. There were line items dated that should have been reported previously but weren't and don't know why. Either they forgot, ignored them or they had a legitimate out that didn't require disclosing it. More questions unanswered to me.
When I try to explain this each time I think about it I can't help but coming back to the multitude of new developments that came in March, YA, Andrews, INDs, Dominion, IR case, etc. So setting aside blame or excusing them, I keep coming back to the subject of the CFO and their requirement to hire one.
So I start with a basic question...were they able to find one and did that person accept the job offer? It sounds silly but that obviously has to take place first.
I was initially concerned about the passing of the deadline for announcing the election, appointment or hiring of an executive officer but read on the SEC's site where such an announcement, when due during a time when regular financial filings are due, then the company can elect to report it in their financial filings and are not required to file an 8-K. Now there is a 4 business day stipulation attached to that provision and based on the date the CFO was required to be hired, taking into account Friday's business holiday, that puts us at Thursday or possibly Friday this week.
So if the Company knew they needed more time it would be logical for them to want to get the CFO hired prior to having to release the financials. With the April 15th late filing deadline passing and the April 17th/18th CFO hiring deadline shortly thereafter, I can see them deciding to give the guy/gal a chance to look at the financials for at least a few days before they had to announce his/her hiring which would probably be when the filings were made.
This, of course, assumes they have hired a CFO.
It's NEVER a positive to have delayed filings, but "of course" most folks realize this, as it allows a lack of accountability and transparency that shareholders deserve which financials are supposed to provide. This leads to uncertainty and investors become concerned.
But in the grand scheme of things, it doesn't really change anything other than the current status which can be changed right back when the filings become current. (And no I'm not going to get into YA global here...that's been covered elsewhere).
And of course, there can always be a wild card with this Company we had no idea about. So it's anyone's guess but I guess guessing passes the time.
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