You folks are hard to please. You said the recent acquisition was bungled, so you should be pleased that the fellow who bungled it is leaving.
Ah, but delisting was inevitable in the absence of earnings releases, so delisting conveyed no new information regarding risk.
What's the significance of Feb 21?
I wasn't altogether convinced by the argument for having the new auditor do the whole job, either.
Yes, I believe you've said that previously. I see from their web site that the company was at a couple of conferences in March, but the presentations are no longer available. Did you happen to see them? I suppose it's somewhat positive that they presented anything -- they probably wouldn't attend in order to announce impending bankruptcy.
When I said there's not much difference I was referring to value, not price. Companies that can't report their financial results are ultimately delisted and I don't see much significance in that transition, except as a reminder that reports are overdue.
I agree with you for the most part, but the $800 million you quote is in fact tangible asset value -- subtracting liabilities yields a negative tangible book value.
I can hardly believe you guys are still discussing this thing. Every seen the Monty Python dead parrot skit? Let it go already.
The regulation says that following an NT 10-K the 10-K itself is supposed to be filed within 15 days, but there seems to be little enforcement. I was thinking of the company's earlier statement that a lot of information would be made available by Mar 31.
I found this on the web site of a law firm:
"The failure to file a required SEC report on time constitutes a violation of Section 13(a) of the
Exchange Act and the SEC could institute an administrative proceeding against the late filer,
among other things, seeking revocation of the company’s registration under the Exchange Act.
These proceedings by the SEC are uncommon and are typically aimed at recurring and egregious
I think that given the recent NT 10-K filing everything is now due at the end of this month, but there doesn't seem to be a firm date beyond that at which bad things, e.g. delisting, happen if they haven't filed.
Please correct me if I'm wrong.
Good comment. I believe traders often assume that the Efficient Market Hypothesis applies to the stock price just prior to the latest bad news, i.e. they believe that the price at that time was the right price, so the right price after the bad news must be lower. For them, the latest news is never "priced in".