Doc - I agree completely. It seems that a lot of people these days are happy to promise more than they deliver. It's very frustrating and of course it's particularly prevalent when the promiser can't be held to their promise. Suspect the auditor thought it would be easy to say they would email you a report and that would satisfy you. They might of even had the intention to send the report, but at the first sign of additional required effort they shelved their plan. Just a guess of course - there might be a conscientious auditor who's been up late the last few nights trying to get the best result for Ethan.
Steve - I kind of admire you retaining a positive view of the situation in light of all the evidence to the contrary, but just to clarify the nature of my so called "gossip":
1. I realise the links are not operational, but the cached headings tell the story. In any case, I first looked at these links when they were active, and I posted a summary of the content of the articles on ETH threads on 26 May 2011. It's still there if you want to have a look.
2. On 3 May 2011, ETH submitted their 5B Quarterly Report to the ASX. This report showed net operational cash flow for the quarter of minus $805k, and cash at end of quarter of $1k.
3. Administrators have been appointed.
You might be waiting for more information about potential restructures and so on, but this is the information that we have to date, and while we might not have all the details we'd like, it looks pretty factual to me.
In regards to managers/directors of ETH who we suspect have been poor managers - we only suspect that, and it's not a crime. I'm not aware of any allegations of illegal activity that would be cause for ASIC to investigate.
ETH Price at posting:
14.5¢ Sentiment: None Disclosure: Held
