If the Rao case 1.3 million figure is accurate then that represents just over 10% of the shareholder's equity based on the last set of unaudited financial statements. The market has discounted HQNT roughly 10% since news leaked out about the Rao case. I think that will be as far as it drops for now. In fact, it's up .02 today. For every panicked seller there is a calm and rational buyer. I'm guessing it's bulldog or somebody else who knows what's going on. Nobody would buy that much without knowing the ramifications of the Rao case. I feel alot more confident about HQNT today than I did yesterday.
Nonsense, profit. There is no way the RAO suit, which I believe wasn't even filed when the financials were due, held up anything.
As to the unaudited earnings and "shareholder" equity, it is obvious that both were simply made up numbers that an auditor has refused to certify, particularly the bogus asset value of the "trade credits" and the illiquid stock holdings in other pink sheet trash.
ProfitScout, how can you say this with a straight face? Isn't it obvious that one can't rely on anything put out in the past unaudited financials? jmho ------------------------------ Posted by: ProfitScout In reply to: navydude4 who wrote msg# 1100 Date:3/1/2005 3:47:16 PM Post #of 1111
Is it really that complicated? Even if HQNT did totally lose on that Rao law suit, so what? At the current pps this stock is still highly discounted from its value based on the unaudited earnings previously announced. It's no surprise there are buyers here every day including today. If this Rao case was really what was holding up the audited reports and they can indeed be issued now the buyers may be quickly rewarded.
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