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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
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Thursday, August 21, 2008
Leading Real Estate Company Withdraws From UK Trade Body Over Impartiality Concerns
Comtex
MARBELLA, Spain, August 21, 2008 /PRNewswire via COMTEX/ ----A leading real estate company has withdrawn its membership of the UK's National Association of Estate Agents (NAEA), due to concerns that the body is be being used as a platform for libellous comments against it.
MRI Overseas Property, the largest overseas real estate firm in Europe, announced the move today having been refused the adjournment of an NAEA hearing.
The company says it requested the adjournment in order to collate and present evidence that it claimed would bring into question the "motivation and good faith" of the complainants.
It also wanted sufficient time to collate this evidence in order to instigate legal action against the perpetrators.
Dominic Pickering, the company's chief operating officer, said:
"The NAEA took the wholly unreasonable decision to proceed with this hearing, despite being informed of the very serious matters we have uncovered. They have not been able to provide us with any justification for this approach.
"As such, and given that the NAEA claims to represent the interests of its members, I am simply at a loss to understand how they can consider it appropriate to deprive us of a fair hearing in this way.
"In the circumstances, I have entirely lost faith in the processes and authority of the NAEA, and I have regrettably concluded that we can no longer remain associated with them."
He added: "The NAEA has sadly failed to demonstrate its impartial position, and even after it was provided with information showing its failings, it refused to correct the situation."
Editors' Notes
The MRI Group
MRI Overseas Property is a member of the MRI Group, and has offices in 18 countries. The MRI Group has interests in property construction, sales, resales and rental, and owns a UK property television channel, OPTV (satellite 287). The company was founded in 2000 and has its head office in Marbella, Spain.
National Association of Estate Agents
The National Association of Estate Agents states that its "key roles include providing help and guidance for property professionals across a broad spectrum of disciplines while continually campaigning to make the property market more efficient and user-friendly for the home buying and selling public."
Internet: http://www.themrigroup.com Email: dominic.pickering@mrioverseasproperty.com Tel: +34-952-90-11-66 Internet: http://www.naea.co.uk Email: info@naea.co.uk Tel: +44(0)1926-496800
SOURCE MRI Overseas Property
Copyright (C) 2008 PR Newswire. All rights reserved
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