Several KKD officers were formerly employed by PriceWaterhouseCoopers LLP, the current auditor. All of the following excerpts are from the 12/16/1999 S-1:
J. PAUL BREITBACH has been employed by Krispy Keme since November 1992 as Executive Vice President, Finance, Administration and Support Operations. From 1973 to November 1992, Mr. Breitbach was a partner at the accounting firm of Price Waterhouse, and from 1983 to 1992 was managing partner of that firm's Winston-Salem, North Carolina office. From 1987 to 1992 he was also group managing partner for all Price Waterhouse offices in North Carolina and South Carolina. Mr. Breitbach is a certified public accountant.
RANDY S. CASSTEVENS has been employed by Krispy Kreme since 1993. Mr. Casstevens has served as Senior Vice President, Finance, since April 1998 and as Secretary since November 1995. Prior to joining Krispy Kreme, Mr. Casstevens was employed by Price Waterhouse from 1987 to 1993. Mr. Casstevens is a certified public accountant.
MICHELLE P. PARMAN has been employed by Krispy Kreme since 1993. Ms. Parman has served as Senior Vice President, Corporate Development since April 1998. Previously, she served as Vice President, Strategic Planning. Before joining Krispy Kreme, Ms. Parman was employed by Price Waterhouse from 1984 to 1993. Ms. Parman is a certified public accountant.
What is the correllation between the auditors and KKD ? Are you suspecting fraud between the two ? Why would a big reputable firm like PWC take a chance in hiding anything for them ? I'm not sure what you're getting at.
I'm not talking about the franchisees planes,look for corporate. Word on the street is they have 2. One that they lease and one they don't. See if you can dig up anything. You clearly know where to go. Seems to me if this is true, the shareholders should know.
I would sell those puts on Monday;
You are going to be in a buyer's market and it should be easy to sell naked puts;
If you sell for 5,000 you should be ok as long as you don't blow the 50,000 on something else.
you may need that to buy back your puts in a matter of weeks or maybe days;
The house of cards is falling;
In the capex rundowns that kkd gave during quarterly cc's (but not given during fy05), they never mentioned a plane which, I would expect, would be a multi-million expenditure. I suspect, therefore, that they are leasing it.
Remember the trip to Washington by Livengood, one of the McAleers, and others the day before the refusal of the auditors to sign off on the financial statement was announced? That was done by private plane, with the plane apparently sitting all day at the airport in DC.
this isn't a kkd owned plane (or at least I don't think it is) but there sure are bunch of McAleers (baker's dozen?) and they sure do like to fly:
(replace * with z)
Regarding kkd, what can you add (that I've missed) or correct (that I've mangled)?