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Re: Re scrambls/Safend

By: tkc in ALEA | Recommend this post (0)
Thu, 07 Jun 12 9:56 PM | 65 view(s)
Boardmark this board | The Trust Matrix 		Msg. 08364 of 54959
(This msg. is a reply to 08361 by Cactus Flower)
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The auditors found Safends financials, upon which the deal was structured, to have errors. Wave had claw back provisions in the purchase contract but they were time limited. Wave didn't find the problem in time causing them to lose ~$1M in claw backs.


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The above is a reply to the following message:
Re: Re scrambls
By: Cactus Flower in ALEA
Thu, 07 Jun 12 9:16 PM 		Msg. 08361 of 54959

Hi tkc,

I think you may be right re the influence. Worrying if true. SS needs a brake.

But re Safend, there were two components in the income statement; and only one of these represented an issue beyond the timing of revenue recognition. I discount the significance of the revenue deferral.

The thing that was a bit more surprising was the late appearance of the State of Israel liability in the BS.

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