Believe it or not the exact mechanism by which the books were cooked (ie, developers giving back some of the money received from ABS, thereby inflating revenues and profits) was detailed on none other than HOTCOPPER, I think 1 year - 1.5 years ago.
I was sceptical at first but it made sense eventually - thank god I came across that post otherwise I might still have been holding instead of selling at $1.65 per share.
copy and paste that into your browser. just one of MANY threads discussing the "accounting irregularies"
The most disturbing thing is that the profif inflating mechanism has been known for years yet nothing was done about it by people who were supposed to look after investors.
ABS Price at posting:
54.0¢ Sentiment: None Disclosure: Not Held
