Phoenix Associates Land Syndicate (fka PBLSQ)

[MrPastorious]

more thoughts on the book value. On Aug 3rd, 2005 PBLS made an annoncement which showed their stockholder equity of 39 million, of which $26,000,000 was shown as "depletable property" , which is, of course, a non -GAAP measurement, since we all know that property is on the books for acquisition cost less accumulated depreciation. This note followed "We are pleased that this preliminary information provides an indication to our shareholders that Phoenix has a net worth of about $39.7 million, based on what we believe to be conservative estimates of the full value of our mineral rights." "What they believe to be?" Note how they have embellished this non -GAAP form of asset valuation. They have continued the same embellishment in the later news releases that discusses their "value".
At the same time,in the aug 3 release, they showed 2,144,030 shares issued as of Dec 31, 2004.
Please refer to the release and familiarize yourself with all terms and definitions before lashing out at my post. Thank you.