the auditors in last night's PR, are they the regular independant auditors that will be issuing an opinion on the FS or were they specifically engaged to handle the SEC investigation????
1) You have absolutely no proof that Centerline has turned into a profitable business. There is NO PROOF of Centerline producing positive Net Income for GTEM.
2) ALL of GTEM has only $22mm in assets by their own admission as of 6/30/06...$10mm of which is comprised of intangibles. Assuming that 90% of the $12mm remaining tangible assets are attributable to Centerline you're saying that GTEM somehow added $10mm in assets to the Centerline division in the past 9 months? That's pretty impressive for a company that has admitted to having problems with 'working capital'.
3) For Sanswire, in a liquidation you have the schematics, any proprietary knowledge, and a non-revenue generating blimp and a concept. That is all. So far it is a radio strapped onto a blimp.
4) What you do have is a company that has lost 4 independent directors and two independent accounting firms in the past 3 months. The uncertainty of whether you are actually getting what you might pay for any of these goldmine divisions because of possible accounting shenanigans and a partridge in a pear tree.
5) Again let's not forget the recently confirmed 'working capital' problem. Right on schedule.
Again, GTEM sure looks like a screaming buy all right. I wonder when the first private equity firm is going to come courting?
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