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Tuesday, May 20, 2008 9:29:05 PM
For saving the expense of registering a few million more shares and getting into a pissing match with Dutchess, 140,000,000 shares will be flying out the door.
What concerns me more is the absence of any mention of an agreement with the IRS. It was plastered all over the 10-K as a subsequent event following the end of the year. The increase in the payroll tax liability and the accompanying interest is inadequate for the situation. Nothing was reclassified that I can see to a current liability indicating a payment due in May or June.
Was this announcement of the IRS agreement fiction as well? I can't believe that the auditors are brain dead. The non-announcement of the previous announcement smells.
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