Your friends who reviewed the "financial statements" missed the basic point that the numbers were pulled from HH's arse, which is why none of the numbers reconcile, are verified or related to actual facts.
The older statements said they were prepared under GAAP assuming that announced deals in recent PRs had been completed (like building huge power plant in India). In other words, not remotely GAAP.
The older statements were simple pro formas, not actual reporting of financial situation.
The Sept 17, 2012 report was a new level of financial fraud -- claiming actual cash of $179.5 million with no warning that such "cash" was not in possession of company, merely phantom from super secret subsidiary backed up by hoax paperwork like the stuff HH foisted upon us from HSBC. The Company avoid every real effort to verify/prove any of the financial figures, but actively misstated the work product of LL Bradford, who fully warned it did not verify or even review figures provided by Herzog, but merely formatted into financial statement format.
It is no surprise that no money has actually arrived in 10 months since company claimed gargantuan $88 million profits and 7 months since NWI selected BGMO to "invest" $1 b or $1.5 b depending on which story one believed in long equity strategy for 50% carry.
I am very entertained. Hope all are enjoying the summer.
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