Holy cow, Batman…..what a read on first pass, even without going...

Holy cow, Batman…..what a read on first pass, even without going through all the details!!! Cant believe the value destruction in the last 12-18 months…10M+

the new team really did clear the decks on this and set the tone for the future…no nonsense, proper account to my and disclosure. I’ll even give them a pass on the late filing (only a few hours in the end!)…this looks like it would have been a beast to get through and fix and clearly there’s been a lot of eyes, thought and effort put into it.

generally not surprised with a number of the restatements and errors of the past being fixed, although some did surprise me more than I expected. Have seen a lot of issues I’ve called out on the past years coming up as corrections/restatements, but am still shocked at how poor previous reporting by management was. A lot of past fixes to fix material prior year “errors” - some of which should be Accg 101 stuff and big corrections and hits taken in current year as well (impairment, tax adjustments….good news on Tax is there is still a potential future benefit even if not on the current B/S). if this was a much bigger company, would have C/A written all over it…even then, the question is will or should old management be held accountable? For SPA to really take off, I hope we can put this in the past and now move forward (although we should ask MF to give away his entire holding to LT holders…Bundy more than any would deserve to get a good chunk!!!)

better accounting & reporting, proper segmentation, cleaner and leaner BS, so now it all comes down to strategy and execution from Simon and the new team from this point forward! Be an interesting session tomorrow if I can make it.