ASX 0.26% $85.45 asx limited

200 asx companies insolvent

  1. 831 Posts.
    It is indeed very strange if not tragic that after two years of badgering the ASX, the ASIC and forums like Hotcopper with the evidence that a large percentage of the ASX comprises companies wihtout the assets they report, with suspect accounts, with even more suspect reports and accounts of their liquidity, profitability and cash flows from mainly fictitious activities, that all of a sudden, Lo and Behold they make a statement as found on the AFR this morning.

    I further challenge the fiigure of 49 companies they claim are insolvent (the figure I quoted six months ago and later on HC was 50) because the figure now is 55 as of 30 November 2002.

    The only clue that they were listening was when I was reminded in a private email that I could face writs from various companies which I once more challenged them to do without a single writ to date.

    The small cap mining companies I pursued for the past 2 years about their fraudelent reporting, their failure to report abuotn assets which were either depleted or at least no longer in their possession instead carrying them in their books whilst compliant brokers assisted in manipulating share prices will come back to haunt investors long after they are gone.

    One of the two Telco's I suggested a fortnight ago would follow New Tel into collapse has already gone down the suspension route. Another two will follow.

    Watch the big take over. If Burns Philp is to be thwarted in its attempt to take over the Big Fielder, the dirt will hit the fan. The larger fellow has problems of more than a corporat governance nature and the pressure will be for them to make a hostile affair into a negotiated settlement. If they don't and won't, an outsider third party will come to the fore and tear up Goodman Fielder.

    In the end it won't be good for speculators as most take overs usually are. This is not a bag of gold. There's a can of worms there waiting for the fish to swallow.

    Once more I make the forecast, a large bank will be brought to its knees again because of the accounting ghost and creativity ind ealing with bad loans and losses.



 
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