#Commodore Stock
29 messages in this thread
Did any one notice that Commodore stock was not traded on the NYSE today?
Or that the WSJ carried an article with the headline "Commodore may face
liquidation" (page B3)?
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
I noticed the first (stock not traded) when I got home today. Should be
interesting to see what happens in the next couple of days….
Well, on that bright note there's a building I've been meaning to jump out
of for quite some time now!
Cheers!
Paul
my broker said there was 'an order imbalance' in Commodore – in other words,
more sellers than buyers, causing a trading halt until price could be
established. those with weak knees are bailing.
Dan,
Just out of curiousity … you buying, selling, or staying put?
Now the NYSE is deciding if Commodore should remain on the exchange, and
the price is down to 75 cents.
Richard -> AutoPilot on the 2.1/030 A1000
I have noticed with the Journal, that with certain stocks, the only NEWS that
is reported is the bad news, and the good things that happen are ignored. If
you followed chrysler when it almost whent belly up and hit $3 share, they
placed large headlines with the negative news, and the positive news that was
comming out on the company received small type in the middle of the paper.
Commodore stock trading on the NYSE is still halted while "the exchange
reviews its eligibility for continued listing of the issue."
While no stock has traded since the close of the market Friday, the noon
asking price was 1.75 and offer was .75.
WSJ didn't invent something. They came close to quoting Commodore's own
financial report.
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
Yes, I agree that the WSJ did not invent anything and was accurate in their
reporting. I was not trying to imply otherwise.
Gary
Does this mean the end of Commodore, for real, final? Is CBU stock
worthless?
-Jerry Thompson
Jerry,
Here are 2 stories (one liners, actually) that I just picked up in my ENS
folder …
Executive News Svc.($)
List of 2 selected stories
1 RTf 03/29 1419 COMMODORE INTL <CBU.N> SAYS HAS "EVERY INTENTION OF
2 RTf 03/29 1418 COMMODORE INTL <CBU.N> SAYS EXPECTS STOCK TRADING …
!1
Executive News Svc.($)
RTf 03/29 1419 COMMODORE INTL <CBU.N> SAYS HAS "EVERY INTENTION OF
RESTRUCTURING"
REUTER
!2
Executive News Svc.($)
RTf 03/29 1418 COMMODORE INTL <CBU.N> SAYS EXPECTS STOCK TRADING …
COMMODORE INTL <CBU.N> SAYS EXPECTS STOCK TRADING CAN RESUME IN DAY OR TWO
REUTER
It appears that Commodore stock is trading again at $1.
Michael @ Soft-Logik Publishing Corp.
You're right, it appears they've resumed. In the meantime, I just picked this
up from ENS …
RTf 03/29 1440 Commodore <CBU.N> sees trading resumption
PHILADELPHIA, March 29 (Reuter) – Stock trading in Commodore International
Ltd is likely to resume within a day or two and the company intends to
restructure its finances, a company official said.
"We have every intention of restructuring," said Jeff Porter, Commodore's
director of advanced technology.
He said he expected trading in the stock, halted while the New York Stock
Exchange reviews its eligibiilty for continued listing, to resume once exchange
officials have had a chance to talk to Commodore chief financial officer Hock
Tan, who has been unavailable Monday and today.
Steve,
And a late entry retracting earlier statements:
Executive News Svc.
RTf 03/29 1904 Commodore <CBU.N> says trading prospect unknown
PHILADELPHIA, March 29 (Reuter) – Commodore International Ltd <CBU.N> said
it did not know whether or when a previously announced trading halt would be
lifted and said comments earlier in the day by a company official on that and
other issues were unauthorized and inaccurate.
"We do not know whether or when the previously announced trading halt in
Commodore stock on the New York Stock Exchange will be lifted," Commodore said
in a statement. Commodore chief financial officer Hock Tan said in a telephone
interview the company had spoken with exchange officials today, but had no
knowledge of when trading might resume.
Don
Hardly. I mean, it might, but it also might just mean the Medhi is
playing head games with the banks.
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
Well, I guess I can hope that Irving and Mehdi were just manipulating the
stock to drive it lower so they can buy big before it goes up again.
I can't believe I'm actually wishing some fat cats are manipulating stock
prices to line their already overstuffed pockets. The reason I'm doing
freelance work from home now is because of high level corporate
shenanigans that I had no control over. I like working from home a lot,
but the timing wasn't my choice.
-Jerry
>>Well, I guess I can hope that Irving and Mehdi were just manipulating
the stock to drive it lower so they can buy big before it goes up
again.<<
Do you actually believe this? Let me ask you, how do you manipulate a
company's stock. The only way they could do that is to falsify the
financial statements, and that is difficult to do being audited annualy.
I doubt the financial statements are distorted seeing as how the are in
line with previous quarters.
-=Andrew=-
Commodore's last annual report had an auditor's statement which indicated
that the auditor could not verify the numbers.
Whether or not the numbers are falsified, the words are exagerated.
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
That's standard procedure for auditors.
Richard -> AutoPilot on the A1000
I'm 90% sure that this was a non-standard auditor's statement. It was
basically an auditor's statement which said "we haven't audited anything."
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
My wife who is a controller said it's just the auditors way of protecting
themselves in case something were to come up after the audit to change things.
In this case it's probobly the auditors saying, "Don't blame us!".
"I'm 90% sure that this was a non-standard auditor's statement."
Whoa! If that's the case it means the CPA's felt uncomfortable issuing an
opinion. That's grounds for delisting from the stock exchange in and of itself.
Sounds like Commodore's problems could be even more significant than stated
to date.
Jerry
That was the auditor's statement from the financial report that has been
out for months (but was six months late).
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
From the 1993 Anual Report, "Report of Independent Accountants," dated 18
October, 1993, last paragraph:
"Because of the possible material effects of the uncertainty about whether
the Company will continue as a going concern discussed in the preceding
paragraph, we are unable to express, and we do not express, an opinion on
ht econsolidated financial statements as of 30 June 1993 or for the year
then ended."
Coopers and Lybrand were the accountants.
— Dale L. Larson, Intangible Assets Manufacturing
— INTERNET:dale@iam.com
There are many ways to manipulate the price of a stock and it is very easy
to do if you are the management of the company. Companies pull sales,
debts, depreciations, inventory into and out of quarter figures to inflate
or deflate quarterly reports. "Distorting" quarterly reports is a
standard mode of operation in large businesses. There is a large gray
blur between distortion and falsification, which is also pretty easy and
painless.
If you cook the books and someone complains (i.e. sues), then you reach a
settlement and move on. You have to do some really serious illegal
activities to even get so much as a reprimand from the SEC. Take a look
at Michael Millken and his cronies. They illegally bought and sold
billion dollar companies, broke practically every exchange law there is,
and trashed the US economy. This went on for years and they almost got
away with it. Some would say they DID get away with it. Millken is out
of jail already and holding business seminars at UCLA!
If you think I'm saying that the big business mangement practices in
corporate America are crooked, then you're right. We just need more
lawyers to keep an eye on 'em.
-Jerry Thompson
"We just need more lawyers to keep an eye on 'em"
<gag>
–Ben
…via AutoPilot
>"We just need more lawyers to keep an eye on 'em"
><gag>
Gag is right… Who's going to watch the lawers?
Bob Comer — Cruising the nets on Autopilot!
Cheyenne, Wyoming U.S.A.
>>"We just need more lawyers to keep an eye on 'em"
>><gag>
>Gag is right… Who's going to watch the lawers?
My guess would be… more lawyers?
Okay, maybe I should have put a smiley on that one. I hope no one coughed
up a bit of lung or anything on a quick read through of my message. I
don't want to have to have my lawyers counter sue your lawyers.
-Jerry Thompson