Otherwise they would have announced it.
In the 10Q they said something along the lines that they reached an agreement in principle around Aug 6. However, its been 4 weeks and no material agreements filings.
Seems CEO decided to gamble and pay off the credit line to help the stock pop into the higher market, but getting credit is proving unsuccessful, due to market environment and their continued losses.
Over-exuberant longs need not reply with useless pumps.
You have to expect that any perspective creditors here will perform more thorough due diligence about the CROOKS' and their sleazoid fiduciary track records everywhere that they have ever been than what the typical dumb-as-dirt chump-long did, after all?
DICTAPHONE/LERNOUT & HAUSPIE/$800 MIL DUERDEN HOSE JOB
Management & Trends
Disaster Of The Day: Lernout & Hauspie
Arik Hesseldahl, 01.19.01, 2:54 PM ET
NEW YORK - If there's ever going to be a future for Lernout & Hauspie when it emerges from bankruptcy protection, it's going to have to stop hemorrhaging talent.
After the sudden resignation earlier this week of CEO John Duerden, who'd been there just six months, the company's chairman, Roel Pieper, left the company today.
A Belgian maker of speech recognition software, the company's name has been synonymous with trouble since accounting problems came to light and when questions about missing cash in its Korean division and inflated revenue claims caught the attention of securities regulators in both the U.S. and Belgium. The mess forced the company to restate two and a half years' worth of earnings, led to bankruptcy and the decimation and ultimate delisting of its stock from the Nasdaq Composite Exchange.
Duerden came to L&H (nasdaq: LHSEQ - news - people) from Dictaphone, which it acquired in March. He replaced CEO Gaston Bastiens in August and had tried to right the company, pledging to make its business practices "transparent."
The company gave no explanation for the departure.
..With problems mounting, John H. Duerden, Reebok's marketing head and co-president, pushed Fireman to name him CEO last spring. When Fireman refused, Duerden quit. Three months later, Muller also left under pressure.
A Reebok spokesperson called Duerden's
resignation a "personal decision." Reebok's announcement came not quite two months after it had been reported that Duerden had sold 100,000 shares of Reebok stock, bringing his holdings to zero. Last fall, Duerden was named o-president, a title shared with Fireman. Duerden had been president until Fireman had re-
claimed the title a few years earlier (Chris Reidy, BOSTON GLOBE,
4/8). According to this morning's WALL STREET JOURNAL, the announcement came as a surprise to analysts and company staff
members. Reebok spokesperson Kate Burnham: "Maybe it wasn't a surprise to Paul Fireman, but it certainly was a surprise to me"
(WALL STREET JOURNAL, 4/10).
For confirmation in advance of this scenario, look for the CROOKS to be dumping tons of cheap/free Insiders option stock soon....
4 picks from all-star insiders
Some insiders know when to buy and sell better than others. Here are four stocks knowledgeable insiders are buying now -- and three where insiders sales may be signals of trouble ahead.
By Michael Brush
With their front-row seats on the action, corporate insiders have a proven edge over the rest of us in knowing when to buy and sell the shares of their own companies.
Thats why portfolios created by mimicking the moves of insiders often trounce other strategies. The Insider Portfolio, a model portfolio created by Vickers Insider Weekly, has rocketed 1,353% since its inception in October 1986 through Sept. 23, 2003. By contrast, the Dow Jones Industrial Average ($INDU) is up just 426% in the same period.
As good as most insiders are, an elite corps stands out for its slugging prowess. Think of these high-powered insiders as the stock markets answer to the St. Louis Cardinals' Albert Pujols and the San Francisco Giants' Barry Bonds, outfielders whose batting averages have topped the charts this season. In the same way their fans like to see Pujols or Bonds come up to bat in a tight spot during a pennant race, these all-star insiders excel at stock picking during this normally rocky fall stretch.
The best of the best
In our effort to scout for the best of today's corporate insiders -- focusing especially on players who have made bets on their own shares recently -- we turned to the keepers of a rich database of insider batting statistics, the experts at Thomson Financial.
Who makes the short list?.....
Flextronics Senior Vice President Thomas Smach is a real clutch hitter. On average, shares of his company have fallen nearly 30% after he's sold shares of the stock. In the last five weeks, he has unloaded more than $1 million worth of his companys shares for $12.50-$15 apiece. Ronald Snyder, another accurate seller, got rid of $267,000 worth around the same time.
That's some interesting information...so I have a few more thoughts/questions.
From page 4...the deferred tax assets are significantly higher than the deferred tax liabilities. Is this where they would record the taxes associated with foreign cash?
If so are they suggesting that those foreign operations have generated net losses since they have greater tax assets vs. liabilities?
Put another way...if they have profits from international operations that have not been transferred to the US then they would have a deferred tax liability. Since they have a net deferred tax assets that indicates that interantional operations are generating losses.
The reason why I think this is important is because I assumed that international operations would drive Crox sales and profit recovery.
Their proven ability to systematically ass-rape their own chump "investors," that's what!
All the stock these guys have dumped at all these failed scam companies and they have barely even seen the insider of a courtroom for it?
Nike would gladly pay $55 a share for that kind of expertise.
Duerden torching Dictaphone the way that he did is probably worth $15/CROOKS share all by itself!!
Go CROOKS Go!!
Profits are for Pu$$ies!!
Their ability to LOSE $30 Million a quarter?
How about the way that they repriced their own options the minute they came out of default? I'm sure THAT really impresses commercial creditors?
You don't suppose that the $750 Mil smoking hole in the ground that the current CROOKS CEO left behind him at Dictaphone has anything to do with this decision-making process, do you?
What "assets" does CROOKS really have to offer up?
Their dead inventory?
Their bogus FraudPatents?
All the open lawsuits from the pre-existing plastic clown shoe companies that the CROOKS tried to bully out of business?
You chump investors can maybe ignore the sleazy fiduciary track records of all the principals here, but commercial lenders cannot.
From the 2Q earnings press release ...
"The Company has signed a term sheet with a well-known lender and intends to secure a new asset-backed revolving credit facility by the end of the third quarter."
What part of this do you not understand?
btw, 3Q ends 9/30, 4 weeks from today.
Longs should be concerned if that date comes and goes with no announcement.
I think you are the one not understanding something.
I provided a reference and pointed to the fact that no timelines have been provided in the SEC filing. So you found another reference, which I have neither seen no disputed.
More interestingly, we'll see if they get it.
Out of the 10Q
"We are currently in discussions to obtain a new borrowing arrangement, which will most likely be an asset-backed revolving line of credit, to provide us with flexibility with respect to ongoing cash needs. We are also exploring alternatives for other sources of capital for ongoing cash needs, should our future operating strategy require it. There can be no assurance that we will be able to secure additional debt or equity financing and, accordingly, our liquidity and ability to timely pay our obligations when due could be adversely affected."
No mention of timelines. 4 week discussions for asset backed is too long (my opinion).
So what Sir BashaLot?
The Insider SlimeBags looted this scam company for $390 Million, any one of them just might step up and hock this place any day now.
Go CROOK Go!!
Profits are for Pu$$ies!!
based on statement of cash flows last quarter and ending balance sheet, the lack of line is not surprising. I suspect that line is more relevant going into the fourth quarter given cash flow trends. I wouldn't read much into this point.
Of course if you are trying to alarm people by your statement, then I think you are confused.