Flexpower Inc. (FLXP)

[Stratey]

Yes, IT,


It was part of the $57M asset sale. Do you know anyone in their right mind that would pay $57M for a shell of a company that never had any real revenues except related-party transactions, resulting in extraordinary gains, which inflated the P&L?? All realted-party transactions, according to GAAP, must be reported in the notes to financial statements, or should be eliminated in the consolidation of combined financial statements.

I guess this company isn't familiar with GAAP.


Oh, and indemnification is useless in an action due to fraud.