Replies to post #50052 on Phoenix Associates Land Syndicate (fka PBLSQ)

[Imirish]

ren

with all due respect... your take on enron and audited was not really fair to 95% or audited financial companys... when a company wants to be crooks it doesn't matter if audited or not.... but if that companys management like bubba and jail time by doing such then that will be their future if the "cook the books"..... by not auditing this company that leaves the door 99% open to suspect numbers.... that is a recipe for disaster in the pps... by auditing the books according to all standards that gives the company street cred so to speak.... and that is what is sorely lacking with this group of who knows whats in management.... they are hiding behind pinks status plain and simple.... why is the answer and I bet we all have a thought there... I do.... the pps is telling everone plain and simple, these numbers are suspect and the claims are suspect.... audit and much of the vail of this suspect will disapate... we sure now know why they were not opening up the T/A in this same manner now don't we... in my opinion...

Imirish...

[sawdin]

IMIRISH has a good reply. I'll just reinforce the notion that transparency is much better than non-transparency! Also, as you well know, honest companies can make honest mistakes on financials. However, dishonest companies are not interested in making 'honest' mistakes, they are interested in cooking the books. If one followed your reasoning to it's logical conclusion, one could say there's no difference between investing in a transparent company and one that is not transparent. You know that is baloney. ;)

[OverDraught]

So true. I have in my possession a copy of the audited FS of United American Bank of Knoxville for FY 1982. It has a "clean" opinion from the auditor, Ernst & Whinney, dated January 25,1983. Two weeks later the bank was closed by the FDIC.

It was the beginning of a series of twenty-nine bank failures caused by the fraud and deceit of the notorious Butcher brothers, Jake and Cecil. As for E&W, a Big Eight firm, it too ceased to exist.

Bottom line: Audited statements are useless if you don't know what is really going on in the company.

OverDraught