Replies to post #40468 on Phoenix Associates Land Syndicate (fka PBLSQ)

[Renavatio]

"Before in the PR, the income was reported as around $7 mil. AFTER these items. Thus, 2005 will show a loss."

Not true if they had capital loss carry forwards. In 2005, EBITDA = NI because of the loss carries. That's why EBITDA could also be very close to NI in 2006 as well. That's the major perk to buying distressed companies; you also get to buy their write-offs essentially.

Agree that we still need some info, but this is a HUGE first step. "Here's some of our numbers boys and the CPA and SEC attorney say they are correct. More to follow."

[Whirligig]

Yes..... the "other income" is puzzling.

We may find answers tomorrow with more details.

Hopefully we will see a breakdown of profit/loss each division.

Profits from the condos and Best Jets are probably a year away but the pit, Sams Oil and Pro Gas should be grinding out profits today.