This weekends Fin Review was a good read (HC even got a mention), get a copy of you haven't flicked through it as yet.
One of the best articles was the three pager done on ABC learning. Whilst in itself it could not possibly contain every piece of the story - for me it showed ominously how a listed company can mislead shareholders for extended periods of time under the guise of some simple financial engineering and an auditor that cares more for their interpretation of accounting standards than real world veiws on performance.
The author did seem sympatheic to Eddy, but regardless the string of facts showed that this company was never really viable. This industry is only truly profitable for the M&D investor and small corporates - who may find significant opportunity in the coming 12 months.
I am also sure that many readers today picked up on absentee directors, negligent CFOs, ignorant boards and flawed models on capital and earnings growth as issues they have seen in their own workplace - is there alot more to come?
Lets hope not, and for holders we can only wish a reasonable outcome that returns some of their invested capital in the short term at least.
As mentioned before, on the upside - if you want to get into a profitable industry on a small to medium scale - the chance of a lifetime is about to arrive.
ABS Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
