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Avid continues …
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[Oliver Peters] “I doubt there is any more flight than caused by the normal competition from Avid, Adobe, Harmonic, Quantel, Chryon, etc.”
https://www.glassdoor.com/Reviews/Avid-Technology-Reviews-E2291.htm
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“think Jack is close to the truth and I’m not even implying that sinister a motive. I do think what they’re doing is calculated.”
I found something quite shocking in the latest filing. They plan to spend 35 Million of their 45 million in cash to continue trying to restate their accounts due to wrongly classifying upgrades. They say that it’s because of the number of upgrades involved.
What are they using, paper ledgers? Whether it’s 10 upgrades or 10 Million (I think they claim 5 Million), the software would crunch right through the numbers. No way any capable accounting department would take that long and have to pay so much. The more I read of their SEC filings the more it smells of a snow job.
This is very disturbing. Their latest SEC filing also introduces some highly complex preferred stock that will be granted only to shareholders who are of record in the next couple of days and based on their percent ownership. That is, it is a very qualified grant to certain target investors. So while the pretext for non filing is going on , they are filing changes in their capital structure to preference certain shareholders. And, at the same time spending down what little cash they have left to “consultants.”
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[Jack Zahran] “I found something quite shocking in the latest filing. They plan to spend 35 Million of their 45 million in cash to continue trying to restate their accounts due to wrongly classifying upgrades. They say that it’s because of the number of upgrades involved. “
I’ve seen that statement interpreted 2 ways. One interpretation is yours. That other is that this is the cost of the projected adjustment, not the cost of doing the re-evaluation.
– Oliver
Oliver Peters Post Production Services, LLC
Orlando, FL
http://www.oliverpeters.com -
They refer to them as cash expenditures directly related to the accounting work. Not cool.
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