Hi Buddy,Yes I do understand your point about good and bad...

Hi Buddy,

Yes I do understand your point about good and bad accountants. I should quickly clarify that I'm not making claims to being an accountant myself, quite frankly I dread being involved with that field because of the mundane aspect but it is an important part of my work.

Without getting too far off the subject, from my experience genuinely bad or incompetent accountants are extremely rare but do stand out a mile when exposed. Usually what I have seen as happening is that a good accountant is labelled as bad by clients simply because they won't bend the rules to give the financial or taxation result that the client desires. The other common event is that the clients, through their own mismanagement get themselves in to difficult financial situations and do not consult an accountant until the situations is beyond recovering. Although there is nothing the accountant can do to reverse the situation, they still cop the blame by the client and their reputation takes a battering.

Your analogy about Chefs is good and valid, however I think people should be very careful if they follow that approach. I'm sure there are investors out there who would use it, but I think a serious investor is one who looks beyond the past to evaluate the current standing and the future potential. A smart, potential investor in ADY in my view will look at how the management team has changed and see the potential of recovering from the past mistakes. I'm sure a diner would reconsider returning to an establishment if they knew there were changes to the cooking team.

I can't comment too much about the past of ADY because the truth is I stayed away from actually holding shares until more recently. I looked at the mess that occured but then looked at what was happening to rectify the company and I am happy with what I see.

As I suggested before I'm very confident in the role that Michael Perry will play to ensure stability in ADY as it recovers. I'm sure there are many things in the past John Anderson could have done better but I don't hold him as the blame and I think he has the skills and the right to redeem ADY's reputation.

I have no doubt you're a good accountant. You have my respect for working in that field.