| Topic Name: |
Why Can't this Be A Useful Forum |
| Message Name: |
Some facts |
| Date Posted: |
01/10/2006 |
| In Reply To: |
The terrorist thing was a joke. Just like BE's financials. Lighten up. |
| Message: |
Agree so lets put forth some facts and see if they are credible.
1) We can't file our financials becasue our accounting system in North America was implemented wrong and will take millions of dollars to fix.
2) We've spent $80M trying to file 04 and still can't get there.
3) Our accounting system is not compliant with government requirements and only through the use of off-line spreadsheets and databases have we been able to hang onto our biggest federal jobs.
4) We have had to negotiate an extension to our filing dates with the SEC, our creditors and the federal government so that we are not de-listed, have our debt called or become debarred from government work. The bell tolls in March.
5) The only asset the firm has is its people and they are turing over at a 35% attrition rate.
6)The leadership in PS is the weakest its ever been and they are the biggest business unit. They've created their own less than effective solutions group/capture team/org structure and have been terminated from every major ERP job (VA, DHS, Interior) they've won except for the one they haven't been allowed to meddle with.
7) The only way out in March is the sale of some or all of the company. Either to another company or a private equity firm. But even that doesn't change 1-6 and Harry and his executive team haven't addressed any of these in a year. Until those are fixed, BE doesn't have a very bright future.
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