you are so right. i re-read the SEC complaint....and it made me feel so good. the criminal case would be against scrushy. but i am not sure why the "criminal charge" was described as number one of the "rocks". your commments.
i have made some postings with subject "criminal indictment" on HRC board. let me know your comments.
PS: i got 3/4th of my holdings mostly at 40 cents and rest at 57 cents. thanks for your tip!
Yes if the SEC complaint is accurate HLSH should be OK. However, it's still a risk and until some of these risks go away for good it is the duty of the new HLSH management to disclose them regardless of the odds of these "rocks" having adverse consequences.
i contacted the turnaround guy responsible for debt financing and asked him about the timeframe for debt refinancing and resolving the default issue....the reply was more like we would need to wait for the investigations to complete. I am guessing from his reply, that lenders would not agree to do any debt refinancing unless the investigations are complete and there is more clarity.
So probably I am guessing until forensic audit there will be no news.
MC, PRGNQ.PK just settled with SEC over fraud charges involving an accounting scandal that led to restatement of three years of results that involved over 500mm of revenue.
June 30, 2003-SEC OKs settlement, In a statement, the SEC said Peregrine had agreed not to violate certain securities laws and to disclose the condition of its internal controls once its reorganization was approved by bankruptcy court.
July 8, 2003-SEC won't seek financial penalties from Peregrine over an accounting scandal that led it to restate 3 years of results.
HLSH, seems to be following the same cooperation in the SEC's investigation and its reform efforts under a new board and with new management, that Peregrine did, and I would not expect the results of the investigation to turn out any different.