Comments on: At the Friday night dump… http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/ Michelle Leder's guide to what's hiding in SEC filings Tue, 06 Jan 2009 15:32:49 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Jeff D http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2734 Jeff D Wed, 20 Jun 2007 17:12:17 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2734 I wonder if some hybrid of JetBlue's policy and the current refundable ticket might ease the problem of business travelers who do not show. Perhaps instead of a fully refundable ticket, you only get 50% or 75% of the face value back. This would reduce bumping and probably net more income for the airline as those who missed flights had to rebook them. I wonder if some hybrid of JetBlue’s policy and the current refundable ticket might ease the problem of business travelers who do not show.

Perhaps instead of a fully refundable ticket, you only get 50% or 75% of the face value back. This would reduce bumping and probably net more income for the airline as those who missed flights had to rebook them.

]]> By: footnoted.org http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2708 footnoted.org Wed, 13 Jun 2007 15:25:37 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2708 Well, I'm not exactly selling papers and I don't consider myself to be a conspiracy freak. And I also believe the filing deadlines for Qs have changed since 2005, so it's hard to put that kind of significance on the June 8th date. But perhaps we should just agree to disagree. Well, I’m not exactly selling papers and I don’t consider myself to be a conspiracy freak. And I also believe the filing deadlines for Qs have changed since 2005, so it’s hard to put that kind of significance on the June 8th date. But perhaps we should just agree to disagree.

]]> By: GR http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2707 GR Wed, 13 Jun 2007 14:55:37 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2707 Actually, as I read Sun's disclosure, it looks like they were tipped off in December that the DOJ had filed a complaint under seal, so they did know the DOJ was involved when they filed their Q in Feb. It's possible HP did not have that knowledge, and determined that, prior to the DOJ joining the suit and making more specific allegations, the case by the two private plaintiffs had no merit and was not material to HP. Once the DOJ publicly revealed it joined the action and HP could review the complaint, they apparently made the assessment that it was potentially material and should be disclosed in the financial statements and the legal proceedings section of its next quarterly filing. But you're probably right, they thought they could fool all of the people all of the time by simply waiting to file late on a Friday. Just like they did with their 2nd Quarter 10-Q last year...no, wait, they filed that on June 8th also, which was a Thursday. And in 2005, they filed on June 8th again, a Wednesday. Hmm, maybe they chose their Q2 filing date based on something like a consistent number of days after the close of the quarter, which would give them enough time to collect the information, draft and review before filing? Nah, it's probably just a big conspiracy. Sells more papers. Actually, as I read Sun’s disclosure, it looks like they were tipped off in December that the DOJ had filed a complaint under seal, so they did know the DOJ was involved when they filed their Q in Feb. It’s possible HP did not have that knowledge, and determined that, prior to the DOJ joining the suit and making more specific allegations, the case by the two private plaintiffs had no merit and was not material to HP. Once the DOJ publicly revealed it joined the action and HP could review the complaint, they apparently made the assessment that it was potentially material and should be disclosed in the financial statements and the legal proceedings section of its next quarterly filing.

But you’re probably right, they thought they could fool all of the people all of the time by simply waiting to file late on a Friday. Just like they did with their 2nd Quarter 10-Q last year…no, wait, they filed that on June 8th also, which was a Thursday. And in 2005, they filed on June 8th again, a Wednesday. Hmm, maybe they chose their Q2 filing date based on something like a consistent number of days after the close of the quarter, which would give them enough time to collect the information, draft and review before filing? Nah, it’s probably just a big conspiracy. Sells more papers.

]]> By: footnoted.org http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2705 footnoted.org Wed, 13 Jun 2007 01:52:52 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2705 Um...OK. So they weren't obligated by the letter of the law to disclose it. But then why did Sun disclose the issue in its Q even before the Justice Dept. came a-calling? Um…OK. So they weren’t obligated by the letter of the law to disclose it. But then why did Sun disclose the issue in its Q even before the Justice Dept. came a-calling?

]]> By: GR http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2696 GR Tue, 12 Jun 2007 13:44:40 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2696 David, did you ever consider the fact that by waiting to file until the close of trading on a Friday, the company is ensuring that the news (especially bad news) is widely disseminated by the time trading opens on Monday, and therefore no investor has an informational advantage? I believe it is almost universal practice to avoid issuing a significant press release while trading is ongoing, for this reason. And Michelle, the reason HP did not disclose until June 8th is that there was no obligation to do so until their Form 10-Q was due (as opposed to the director resignation, which is specifically a disclosable event on Form 8-K). Given that the DOJ had already announced it, it wasn't even non-public information. And I really don't think HP believed it could "sneak" the info. by the analyst community; I'm pretty sure those people have access to the internet and other news sources, even on the weekend and early Monday. David, did you ever consider the fact that by waiting to file until the close of trading on a Friday, the company is ensuring that the news (especially bad news) is widely disseminated by the time trading opens on Monday, and therefore no investor has an informational advantage? I believe it is almost universal practice to avoid issuing a significant press release while trading is ongoing, for this reason.

And Michelle, the reason HP did not disclose until June 8th is that there was no obligation to do so until their Form 10-Q was due (as opposed to the director resignation, which is specifically a disclosable event on Form 8-K). Given that the DOJ had already announced it, it wasn’t even non-public information. And I really don’t think HP believed it could “sneak” the info. by the analyst community; I’m pretty sure those people have access to the internet and other news sources, even on the weekend and early Monday.

]]> By: David J Phillips http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2695 David J Phillips Tue, 12 Jun 2007 01:49:13 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2695 Michelle: One might say the security lawyers might be predisposed to bias w. their contrary opinions. Any late Friday filing I have ever come across was always a precursor to bad news for shareholders. To wit: "Cell Therapeutics (CTIC-$4.17) waited until after the close of trading on Friday to announce its filing for a $150 million mixed shelf registration statement.... On Monday, the share price of CTIC dropped 10.1% on the news...." http://10qdetective.blogspot.com/2007/06/best-in-excuses-lies-by-cell.html KEEP UP WITH THE GREAT DISCLOSURES! Warmly, David J Phillips, Publisher www.10qdetective.blogspot.com Michelle:

One might say the security lawyers might be predisposed to bias w. their contrary opinions. Any late Friday filing I have ever come across was always a precursor to bad news for shareholders.

To wit: “Cell Therapeutics (CTIC-$4.17) waited until after the close of trading on Friday to announce its filing for a $150 million mixed shelf registration statement….

On Monday, the share price of CTIC dropped 10.1% on the news….”
http://10qdetective.blogspot.com/2007/06/best-in-excuses-lies-by-cell.html

KEEP UP WITH THE GREAT DISCLOSURES!

Warmly,
David J Phillips, Publisher
http://www.10qdetective.blogspot.com

]]> By: footnoted.org http://www.footnoted.org/buried-treasure/at-the-friday-night-dump-3/comment-page-1/#comment-2693 footnoted.org Mon, 11 Jun 2007 15:52:21 +0000 http://www.footnoted.org/buried-treasure/legal-woes/at-the-friday-night-dump-3/#comment-2693 I'd be interested to know if anyone else has ever wound up missing a plane because the information on the airport's own departure boards was inaccurate. My plane was supposed to take off at 3:08 pm and was listed as delayed until 5:08 on multiple departure screens around the airport. But the plane actually pushed back from the gate at 4:20. Given USAir's penchant for overbooking, this "mistake" seemed like an easy way to get people to miss the flight, since at least five of us were left behind. I’d be interested to know if anyone else has ever wound up missing a plane because the information on the airport’s own departure boards was inaccurate. My plane was supposed to take off at 3:08 pm and was listed as delayed until 5:08 on multiple departure screens around the airport. But the plane actually pushed back from the gate at 4:20. Given USAir’s penchant for overbooking, this “mistake” seemed like an easy way to get people to miss the flight, since at least five of us were left behind.

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