It's not just the lack of current info... it's the lack of anything that allows you to make an estimate of the scope of the problem. I get that there is a discrepancy between their filings and their bank account... but, is the issue that they grossly inflated the numbers in the last quarterly relative to what was true, of was the issue that the officers were embezzling... and, whatever the case... what was the SCOPE and SCALE of the problem ?
Right now... I don't know whether their filings are entirely fictional... or if the problem is limited to, say, 10% or 50% of assets ?
I've seen other companies have this sort of problem... including some NYSE listed issues... but, in those instances, when the executives were gone, and the board members were dismissed, their replacements got about the business of FIXING IT and restoring the ability of the markets to trust them...
FWIW, back in the day, I bought (super cheap) shares of a NYSE listed company (BCR) that had had flagrant issues with fraud in the management... because that was back in the day when it was a fairly safe bet that they were a real enough company, and that they would be forced to clean house and FIX IT... and would probably weather the storm...
Nowadays... ??? No way you can even tell who the players are. What I see looks like all the "good guys" just walked out... leaving the company solidly in control of the people who were the source of the problem... so, you can't trust that the changes that are reportedly being made are more meaningful than window dressing... Have the departures of officers and board members actually changed anything ? Or, is it just a rotation of personnel who are still working for the people who are the source of the problem ?
Is the business ongoing ? Or, was there never really a business ?
Who can tell ?
.JPG)
.JPG)
