Sunday, May 17, 2009

Liz Claiborne Taken Aback by Financial Skeptic

Liz Claiborne (LIZ) taken aback by Financial Skeptic. Following my post about Liz Claiborne’s lack of details regarding its credit arrangement I received the below captioned email indicating they were taken aback by my comments. Here is the deal: In the press release they provide dense comments that tell you nothing, in the conference call they say they provided adequate disclosure. So why not put in adequate disclosure into the press release and avoid this Easter egg hunt dynamic where investors need to look here and then look there and then look in their basket and truly wonder if the have it all. I am not saying these guys are criminal but they are not helpful. When you say something in public it should be understood. Liz Claiborne’s press release was not sufficiently understandable and it easily could have been.

Here is the email. I’ll let you go to the IR portion of the web site and make your own conclusions about adequacy. Sounds like the information on the conference call was more substantial than on the press release which is not good.

I saw the blog you wrote after our conference calls. I was alarmed at your note that we did not provide access to, or clarity around, the latest amendment to our bank deal. We did, in fact, discuss at length during our conference call the dynamics of the new deal and how it works, in addition to having filed a full 8-K with the actual amendment in it. Please review those materials. We pride ourselves on the transparency in our reporting, and we wee taken aback by your comment.

William L. McComb, Chief Executive Officer | 212 626 3400
1441 Broadway, 21st Floor | New York, NY 10018
Assistant: Diane Fennelly | 212 626 3442