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Sky gets the hammer; Beck issues fierce warning to CEOs
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Written by Xavier Mohr
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Monday, 17 December 2007 |
From an announcement at the SL Capital Exchange:
SL Capital Exchange to replace SkyRanger Hammerer - 12/17/2007
It is with some regret that I report to you that SkyRanger Hammerer has been relieved of his duties as SL CapEx Compliance Officer and is no longer an employee of the SL Capital Exchange or its parent JT Financial.
To be very frank, the MAJORITY of companies now listed are out-of-compliance in some manner or other - either via Errors and Ommissions in the requisite monthly Financial Reports (at MINIMUM an Income Statement AND Balance Sheet) in a GAAP-compliant format submitted no later than 10 days following the last day of each month, or in the mandatory WEEKLY UPDATES CEO's are expected to file.
A replacement Compliance Officer will be named shortly, HOWEVER, CEO's are to be on notice -
FULL SL CAPEX COMPLIANCE IS A MANDATORY REQUIREMENT, PERIOD...
EFFECTIVE IMMEDIATELY any non-compliance will result in Exchange Sanctions as defined in our Policies posted at http://www.slcapex.com/content/listing and, if necessary, a HALT in the trading of shares in non-compliant companies will result until such time as the deficiency has been corrected.
We have been VERY lax in our enforcement over the last few months, and have been lenient with regard to Financial Statements and Weekly Reports, however, after reviewing the submissions this past month...
...NO MAS....
Honestly, how do you as a PUBLIC COMPANY EXECUTIVE expect a potential Investor to make an INFORMED DECISION if the data you provide them is absolute RUBBISH?
Frankly, I don't care if you find producing weekly and/or monthly reports to be difficult or inconvenient - it is a REQUIREMENT and is NECESSARY if we all are to instill confidence in the markets - YOU ARE OBLIGATED.
Further, the formats advocated elsewhere are SORELY DEFICIENT in their presentation and WILL NOT be ACCEPTED HERE from this day forward - NO EXCEPTIONS.
Sorry for the TOUGH LOVE folks but this months reports are atrocious!
I've voted with my $Lindens in some of the worst instances - I'm sure others have too... if you have found your Company trading at low multiples recently it's probably because people can't make sense of your Financials. The Investing Public is getting WISER and MORE CAUTIOUS... THANK GOD FOR THAT!
Going forward, we *are* working on a SIMPLER FORMAT with ONLINE FILING, but, until that happens (hopefully in January) we WILL ENFORCE current policy.
Off my soapbox for now,
Bo Beck
SLCX CEO
Stay tuned to SLReports.net for more information.
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