Disclosure Death by a Thousand Cuts.

CSG Systems International (Nasdaq:CSGS) just announced the sale of assets subject to adjustments, which they characterize as normal closing adjustments. The sale in question was originally announced on Oct 7, 2005 as being valued at 249 million in cash. 60 days later they are saying there will be adjustments, which have not previously been reflected in guidance for Q4 2005. They promise to report to us what the changes will be once they figure it out. I view this as stealth disclosure. First the good news is released about a lot of cash coming in. Then a bland announcement that the sale occurred but some adjustments have to be made. Then what the final announcement is made with whatever bad news buried in sunny forecasts and guidance for the future. When you are dealing with sales of a quarter of a billion you should know where you stand. Unless the purchaser smells something and management are expecting a significant claw back. Disclosure in drips and drabs is a death of a thousand cuts that makes me skeptical. If you are concerned please contact their Investor Relations group at ir@csgsys.com. I know I would like more information or should I say clear information about this one.