Seitel Inc (fka SELA)

[seank68]

Much respect to researcher!

i've been puzzled by a question i got over on the raging bull website, "how did they go from $47 a share to almost forced into bankruptcy"

my assumption was bad market conditions, poor management, seitel solutions internet data conversion venture and loss, and perhaps cooking the books.

you have just confirmed my suspicion about questionable accounting. this makes a lot of sense.

if you check out valueact capital/jeffrey ubben. one of his usual moves is to encourage a firm to become more conservative with their accounting. notice the changes in amortization in the 3rd quarter. we now line up with the other in the industry i believe.

i wonder if they still use that accounting method for filmakers that the article talked about?

i also know they have since fired earnst and young and went with another firm.

thanks again
that is a pretty informative report

seank68