I agree with this statement from Timo - Why don't we hear news from KPMG? Well, its been around a month since the original allegations came out and if true KPMG should have caught that one for sure - The fact that they are silent bothers me alot more than nothing more out of MGMT, I don't expect to see anything else out of them until the other independent review is completed as directed by the BOD.
On the flip side, KPMG hasn't dropped them yet either and Deloitte was rather quick about divorcing themselves from CCME once the shit hit the fan there. I honestly don't know what to think about KPMG's position/take here because I would expect them to have either defended their signoff on 2010 10-K or dumped CBEH by now.
I know you have been doing alot of DD here and still think it may be a short selling scareoff. That was my original take but now I am opinionless. I do know I lost a nice chunk of change.
My biggest disappointment is that KPMG took them on as a client and then signed off rather quickly on what would be Sherb's books for the most part and then this all hits.
If an investor can't trust the Big 4 I dunno what to think about that. I do know for a fact it does not bode well for the space in general.
I'll be watching closely on the sidelines ready to take my position back should there come a legitimate reason to invest. It's all going to hinge on what the next "independent" review reveals. Gee, I thought hiring KPMG was meant to solidfy the market perception thru more competent "independent" review.
I don't know what to make of this Mike but I'd be real careful, and be glad you weren't me averaging down on a falling knife because I trusted KPMG. I figured this, why would CBEH have hired KPMG if they had nefarious transactions on the books? Surely, CBEH would expect KPMG to catch it if this were the case... Right???
This stock is more of an enigma than an investment IMO..
malc
