Did you see me say anything about cooking any books???? The answer is I didn't. You're the only one here accusing them of that...
I'm just repeating what the balance sheets actually say. You know, things like:
The Balance Sheets:
• are not prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”);
• do not reflect normal period-end adjustments, including accruals, which were generally recorded by the Company prior to the
filing of the Chapter 11 cases upon review of major accounts as of the end of each quarterly and annual accounting period;
• do not include explanatory footnotes and other disclosures required under GAAP and are not presented in a GAAP-based SEC
reporting format. Certain classifications utilized in the Balance Sheets differ from prior report classifications; accordingly
amounts may not be comparable;
• do not reflect certain off-balance sheet commitments, including, but not limited to, those relating to real estate and private equity
partnerships, made by the Company;
• are not audited;
• contain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the
Company’s actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements. Accordingly, the financial information herein is subject
to change and any such change may be material;
• include certain items that remain under continuing review by the Company and may be accounted for differently in future Balance
Sheets.
and
Note 2 – Use of Estimates
In preparing the Balance Sheets, the Company makes various estimates that affect reported amounts and disclosures. Broadly, those
estimates are used in determining expected recoverable amounts of certain financial instruments and other assets and establishing
claims amounts and various reserves.
Estimates are based on available information and judgment. Therefore, actual results could differ from estimates and may have a
material effect on the Balance Sheets. As more information becomes available to the Company, including the outcome of various
negotiations and litigations, the Company may revise estimates accordingly.
and
"Adjustments to Investments in Affiliates may be required in future Balance Sheets
(including write-downs and write-offs), as amounts ultimately realized may vary materially from amounts reflected on the Balance
Sheets."
and
"The Balance Sheets do not reflect potential realization or collectability reserves on the Due from Affiliates or an estimate of potential
additional payables to Affiliates. As a result, adjustments (including write-downs and write-offs) to Due from/to Affiliates may be
recorded in future Balance Sheets."
and
"(1) "Due to" balances with Controlled Affiliates are reflected in Liabilities Subject to Compromise on the June 30, 2014 Balance
Sheets." ---- Why bother paying anything to the affiliates if they are ALL (supposedly) in bankruptcy. If they're not all in bankruptcy, then who owns the equity in the non-bankrupt affiliates (hint LBHI).
Tell us how much is left to be paid to the creditors as of today when you get a chance. You know after all the settlements, withdrawn claims, and expunged claims. You don't know, just admit it!
