IBI Group Inc T.IBG.DB.E

RE:RE:IBG is in very weak financial position

[tesh]

Caillen, with all due respect, I understand debt as well as anybody. But let's defer to the lenders opinion of this company. It is hardly a vote of confidence to require a material reduction in the debt over a very short period of time plus a requirement as to have a recapitilzation plan by Jan 15/14 when the current share price of the company is at an all time low. Further, the company itself states very clearly in their note that there is a fair degree of uncertainty in their projections (i.e. risk).
You very confidently state that revenues are constant at $83 million. You don't know that given their poor track record of accounting for their WIP. Year to date revenue after corrections for overstating their WIP is $210 million or $70 million per quarter not $83 million and that is the rub - the inaccuracy of their WIP estimates (last year and this year) put any assertions on their part or yours at risk. That is part of what is driving market concerns and the low share price.
You have been posting positive comments about this company ever since they started reporting poor results. I have been posting just the opposite - guess who has been correct both with regards to operating results and share price? So while I hope your posts are well meaning I can't help but think that they are influenced by your probable very large unrealized loss.
In any event you are entitled to your opinion - all I ask is that those who are reading these posts please do your own due diligence.