big orange, given that they have so many satellite offices throughout the country, as shown by the map on their web site, one would think that a significant amount of their business comes from outside NYC. If this is not the case then I hope they are considering shutting some of these offices down to save on G&A.
Its disappointing that FTE management has not gotten its act together on the 10K yet. It seems likely that there is something negative that the auditors are proposing, that FTE management is not yet agreeing to. My hunch is that it is not about the P&L per se but rather something to do with the number of outstanding shares.
With all this increase in business activity its likely that FTE needed more money last quarter and went back to Lateral, their senior lender, for those funds. In the past, FTE has had to issue a lot of stock in order to get Lateral to lend more money.
Let me ask folks this as a hypothetical. Let's say that -- horror or horrors -- they put out the 10K and it turns out that the number of outstanding shares is not 5.6M but rather is 6.6M because they had to issue 1M shares to Lateral to get more loans last quarter. Once that got announced would that make you want to blow out your position @ $17?
