> > Hmm. Something still doesn't smell right about that
> > explanation. That's only an admittance of misstatement
> > of earnings. Punishable by fines and delisting, not
> > criminal behavior. It also doesn't explain how almost
> > $700 million dollars disappears into a Cayman Island's
> > account.
> No, it's obviously an incomplete picture, so far.
I shudder to think that this may be an episode reminiscent of my
first-hand experiences with the electronics industry. I saw too many episodes
of small company failures that were a direct result of incompetence or outright
At the last one the company was intentionally managed to fail. It was
nothing more than a tax shelter for three wealthy individuals, and as long as
they didn't produce anything they were happy. They would get a product
developed to where it was marketable, then screw the customers, fire the entire
technical staff, blame it all on a "changing market", and then get more
investor capital to do it all over again. They did this at least three times
before the investment community caught to to what they were doing.
In all, I watched at least six small companies fail, and the memories of
how and why make me suspect that the Big Kahunas at Olympus were siphoning off
the monetary assets to ensure a comfortable life after everything had collapsed.
Themed Olympus Photo Exhibition: http://www.tope.nl/