By: virgule
03 May 2008, 05:35 PM CDT
Rating: post rating 0 Msg. 778 of 950
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brogan: COOPERS & LYBRAND (PHILADELPHIA, PA) WAS A DONE DEAL AS OF FEB. 14, 1997. WHAT DO YOU THINK REALLY HAPPENED HERE?
CERTIFIED LETTER #P 500 298 885 RECEIVED ON FEBRUARY 24, 1997 BY DALECO RESOURCES CORP FROM M. H. EATINGER IS SHOWN BELOW:
M. H. EATINGER
February 18, 1997
Mr. Gary J. Novinskie
President & COO
Daleco Resources Corp.
435 Devon Park, Suite 410
Wayne, Pennsylvania 19087
Mr. Novinskie:
I have just finished reading Daleco Resources Corporation 1996 Annual Report. I must admit, this is the first annual report in the fifteen years that I have been a stockholder in the company, that I can see the light at the end of the tunnel. I have enclosed a copy of a letter that I sent to Louie Erlich dated July 1, 1996 and a copy of page 10 of the September 30, 1992 annual report.
On November 25, 1981 an illegal pooling of interests between Reef Resources Corporation and United Westland Resources Ltd. (now Daleco Resources Corporation) was completed. On January 25, 1984 the two subsidiaries of these companies were illegally merged in Nevada. I have two questions as follows:
1. Is much, if any, of the US $25 million in net operating losses shown on page 12 of the 1996 annual report valid to be used to figure present value?
2. Would Coopers & Lybrand (Philadelphia, Pennsylvania) be willing to sign a letter authenticating the validity of these losses to be applied against future income?
Sincerely,
M. H. Eatinger
cc: Allanna Sullivan
Jack Chapman
AICPA - Sheldon Holzman
Enclosures
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WHY DID ALL OF THE SUDDEN MARK J. DENINO AND COOPERS & LYBRAND OF PHIDELPHIA PA WITHDRAW FROM ASSOCIATION WITH DALECO RESOURCES CORPORATION SOMETIME SHORTLY AFTER FEBRUARY 24, 1997????? (REMEMBER MY CERTIFIED LETTER #P 500 298 885 WAS RECEIVED BY DALECO & NOVINSKIE ON FEB. 24, 1997).
COPIED FROM PAGE 8 & 9 OF DEFR14A (PROXY STATEMENT) FILED WITH THE SEC ON FEBRUARY 14, 1997:
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors has previously selected the accounting firm of
Coopers & Lybrand to be the Company's accountants to audit the books and records
of the Company and its subsidiaries for the 1997 fiscal year. This firm has
audited the books and records of the Company for at least the past 20 years. The
Board of Directors recommends the selection of Coopers & Lybrand, Philadelphia,
Pennsylvania, as the Company's accountants for the fiscal year ending September
30, 1997. Coopers & Lybrand has no material relationship with the Company and is
considered well qualified.
-8-
As of the date of this Proxy Statement, the Company was in negotiation with
Coopers & Lybrand's Philadelphia, Pennsylvania office regarding its assuming the
audit function. The change in offices was necessitated by the Company's
re-domestication to Delaware on October 1, 1996. The Company believes that it
would be best served by continuing its long relationshipwith Coopers & Lybrand.
The Board of Directors recommends a vote "FOR" the proposal to ratify
the selection of Coopers & Lybrand as the Company's independent certified public
accountants.
A representative of Coopers & Lybrand, the Company's accountants for
Fiscal 1996 is expected to be present at the Annual Meeting.
