re: ** aoltimewarner profit rises on matrix reload
Sabre:
Good luck because I think you will need it. However, if you look at the VRL company press releases, the reason cited for the loss for the year is the write-offs due to SARS and a reason for the preference dividend cut.
Again, if the company was in so much financial difficulty that they needed to save $25 million by cutting the preference dividends, then:
1. As a financial lender such as a bank, insurance company, or other company it would be hardly prudent to lend VRL the money.
2. They could cut the HUGE salaries and bonuses paid to themselves and take restricted stock or dole out more options as a cash savings action. They haven't and won't.
3. They could have sold more of AEO to the public or placed some non-controlling interest with another media company at a reasonable price. The AEO stake is worth over $370 million even at today's low price (Suprise - another Kirby company selling at a ridiculous low price to book value!!!)
They did none and the reasons are self evident: GREED GREED and more GREED.
By the way did you catch the one by the MD that said he could care less what the US SEC regs were as they didn't do business over there?
Guess what? That kind of attitude cost VRL some big bucks in a California court case and I'm sure that the SEC will be interested to know that he thinks he can flout US securities laws when in fact they do business in the States and their securities are listed on the NASDAQ pink sheets.
VRL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
