Re: [ga] Accounting irregularities at Verisign?

[Eric Dierker <eric@hi-tek.com>]

A quick review of any edgar database access reveals that VRSN uses a
questionable method of
filing 8-k reports.  If you compare significant press releases regarding related
party acquisitions and/or
dealings with snapnames-enic and contracts with the DoC/ICANN with normally
required 8-k filings you see
a real dearth of filings.  Yes it is true VRSN seems to use the same advisors as
Enron.

Compare and correlate that with the same private non-profit corporation filings
of ICANN, - failure to file updated statements of officers and directors,
failure to complete and file non-profit status papers and complete failure to
file ownership papers - the Aurbach disclosure refusal and use of a questionable
accounting firm and you see a pattern ala Enron/VRSN.  Combine that with not
proper percentages of charitable donations versus fees collected and you find a
corporation that is dependent upon VRSN for existence.  Now what does that say
about Stu and Louis?  Real problems.

Eric

William X Walsh wrote:

> Wednesday, Wednesday, February 06, 2002, 10:51:56 PM, William X Walsh wrote:
>
> > http://biz.yahoo.com/rf/020206/n063934_2.html
>
> More from morningstar.com:
> http://biz.yahoo.com/ms/020206/13157.html
> -=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-
> E-commerce services company VeriSign VRSN tumbled 9.5% to $23.93 after
> investors reportedly fretted over the company's accounting habits. In
> its recent 10-K filing, VeriSign said it invested in a number of
> ``related parties'' that buy its products and services. Revenue
> generated from each related party accounts for less than 1% of annual
> sales. VeriSign shareholders have to wonder, though, how many
> ``related parties'' exist, said Morningstar's Trigg. ``Whatever the
> exact number, the quality of any of this revenue should be
> questioned,'' he said.
> -=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-
>
> --
> Best regards,
> William X Walsh <william@wxsoft.info>
> --
>
> "There is no better way to exercise the imagination than the study of
> the law. No artist ever interpreted nature as freely as a lawyer
> interprets the truth."
> -- Jean Giradoux
>
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