Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Thursday, May 14, 2009
Timminco Prepares Investors for Shearing
Timminco (TSE:TIM) has come out with a string of bad news. Some new executives have been brought in. The controlling shareholder had to put in another $15 million. No one is saying that this is enough to fix the problems. Clients are upset with contracts. Asensio has been critical in the past and Globe and Mail has noticed the ineptness of management. Shareholders are meeting and you have to ask yourself will they elect the same board of directors and confirm the same senior managers or do they like getting sheared? We will have to see.