RE:RE:RE:RE:RE:RE:RE:Glencore 's Re-measurement of Trade ReceivablesContinued thanks to those who are looking and have an understanding of the books;
Few things from your message (yellow excerpts) , Kha..
The only logical answer, imho, is that the re-measurement adjustments have always been wrongly calculated since the beginning.
This is what my logical sense and gut has been amber-alerting me of – BUT – if such was the case, would Largo have attempted to CORRECT the situation ? Would this be dirty water under the bridge now … a mistake made and swallowed without discussion…EVEN with the millions at play? Might Largo have – upon potentially noticing a re-M issue – reviewed and reworked the original entente or understanding – or – is it a why bother since soon we will not have to face this issue… CLEAVE knows something that has not been identified with accounting accuracy or within good accounting practive. Their books and method of remeasurement should be studied by a 3rd party…PERIOD! And shareholders made aware of the purposeful cooking of the books or negligent – sloppy accounting practices
But according to Largo the revenue reported in the 2018 financial statements turns out to be “fake” with “fake”sales amounts and “fake “ re-measurement” numbers
Has Largo positioned on this as you assume? (ie., "according to Largo" ) or is this what we are semi-logically arriving at?
I understand how Glencore would not provide the final price negotiated with the end-customer but shareholders should know about remeasurement because what we thought was a given exchange for a given good at a given moment appears NOT to be – as in – it is as of yet an unknown.
The logic of Largo owing MORE remeasurement money to Glencore when V prices constantly decrease synchs with my understanding of the matter. If , for a given V pricing slide period, Glencore consistently picks up V from Largo, recognizes it at a price that subsequently is identified (by G) at a lower MB spot sale – then – it stands to reason that all of these official sales will bear a lower price than originally recognized at Largo. The re-M , in such a case, would work against Largo at an unfortunate time when V prices are sliding southward…