1 Million,
The problem with this post as a rebuttal to all the "crybaby" longs as you put it is that we have already experienced the delay in getting the audits as mentioned by 4Justice.
We had the delay, and per PV (or someone who can hack the blog and pretend they are PV), the audit is done. As I said before, and maybe some of you don't understand, THE ONLY THING YOU GET BACK FROM AN AUDITOR WHEN THEY ARE DONE IS THE AUDIT OPINION. There is nothing to review. You should have already signed off on documentation that you have done SOX Work, and already signed a management rep letter stating that everything is on the up and up and that you have committed no fraud. He has already put his butt on the line when he signed many legal disclaimers and gave them to the auditing firm saying that he knows what's going on at his company, and that they have followed certain regs and rules in composing the FS.
ONCE AGAIN, LET ME SAY IT. YOU DON'T GIVE THE FINANCIAL STATEMENTS TO THE AUDITOR, GET BACK A CLEAN OPINION, AND THEN CHANGE THE FINANCIAL STATEMENTS, REVIEW THEM ONCE AGAIN, AND THEN SUBMIT THEM TO EDGAR.
As part of your management responsibility, you should have already reviewed the financial statements prior to submitting them to the auditor. They should be reviewed ad nauseum before you give them to the auditor to audit. Then, during the audit, the auditor will bring to your attention things they believe should be changed, if egregious, they would give you a bad opinion, and you don't want that. So, basically you argue, put your side of the arguement out there, and either win, or lose the arguement, and adjust the FS accordingly.
The issue here is integrity, as Syracuseo has stated. You can only cry AFS so many times before one of two things happen.
1) No one believes you anymore, and then nothing you say is taken into consideration, especially in new PR's. See the problem? For instance, per the blog PV said that we have lost the lumber depots and the 350 Mio cement deal. So, we already have 2 PR's that really aren't true anymore. Do you see the problem? Hey we just got another 90 Mio cement deal. Really, will we find out in a month that it fell through like the others? Will you put that out in a real PR instead of a blog post?
2) People figure out that you are a fake, and that you have taken them for a ride. Congrats to those who got in early, but too bad for the rest who have bought recently.
Are you starting to see the problem?
I think anyone who read that blog post would have been 95% correct in assuming that the AFS would be posted by late Monday night, and if not Monday, at least on Tuesday.
The saying is not overpromise and underdeliver, but rather underpromise and overdeliver.
If PV wasn't 100% sure he could make good on his blog inferrence, then he should have kept his piehole shut. And I definitely don't want to see another one. Either post the AFS, or say nothing at all.
Credibility is at risk.
