Sazo, I had to read your post a couple of times. I had to check if possibly your name was slightly different than the sazo that has posted here in the past. But it is the same sazo233.
It is as if you had an awakening! What would account for a 180 degree sudden turn in your opinions on Emax?
There are is one error in your post. However, most of what you said is 99% on target.
"once dividends are paid they should not be on their balance sheet at all "
Of course, as has been documented here for years, the dividends have NOT been paid! Not a single shareholder has received them. THAT is why they are still on their books. What would lead you to say they have been "paid"? They were DECLARED, but not yet paid.
Most of the rest of what you say I generally agree with. I just don't understand what is new suddenly that would change your thinking so much. The 2009 unaudited results showed much of the same issues you point out now as being troubling to you in the 2010 unaudited results. Does this mean that you did not look at the 2009 results before? (I am not criticizing you, just looking to understand what is so new to you)
I will just pick a couple of your points and amplify them.
"Now the reason why audited financials will never come is the OTHER ASSETS section "
You then show the assets from the balance sheet, which are listed at the value of the "investments". What you should point out there is the value she uses for the balance sheet is the value of the initial investment! No, the value of the asset is NOT what you paid for it (years ago), it is WHAT IT IS WORTH TODAY! This is basic accounting 101. But, it would take an objective 3rd party to put rational values on those investments. I doubt the percussionist wants anyone to do that! What this here is "percussionist accounting".
"why do they file a form to rescind it 2 days later (form 15)"
Did you think I was joking when I said on more than one occasion (including before this fiasco), that the management here is like a chicken running around with it's head cut off? This is EXACTLY what I mean by that!
Your post is very helpful, because it shows that the facts can sway even the most bullish long to see the truth that is Emax. Your post will help other investors, I am sure! You have the decency to post your updated thoughts while most others when they see the light and finally understand what Emax is just sell and disappear from posting. Kudos to you for that!
