Mindreader this sounds a lot like debating the accounting...

Mindreader
this sounds a lot like debating the accounting practices of Enron and the Dot.com's which is ironic in the context of how PK made his money (in the dot com boom).
Ordinarily I would have no qualms about waiting for the accounts to be audited but there are too many alarm bells for me in this particular instance.
Per the announcement 20/4/02010, HTC stated that it paid TOTAL CONSIDERATION of $2,478,837 , yet in HTC's latest accounts they record $20,858,714 of goodwill for the Annitel purchase.

Total goodwill on the balance sheet of $37,790,876 for a series of businesses that by and large appear to losing a lot of money.

How can a company record goodwill for an acquisition which is greater than the cost of the acqusition?

Why would anyone pay goodwill for a business that is losing a lot of money!!!! Surely this would not satisfy the test in AASB 136 impairment test?

It's also interesting that PK had so much confidence in HTC that he demanded preferential treatment as a creditor (P6, Notice of General Meeting).

The notes of the Notice of General Meeting make representations that HTC will have current assets of $13.4m and current liabilities of $12.3m, in the latest accounts they're $9.5m current assets and $17.4m for current liabilities why have things gone so horribly wrong?!!!

You raise a number of other points, regarding the financing of the loan from Peter Kazacos- how is HTC proposing to repay this loan in the context of the significant negative cashflow that Htc isgenerating? Surely the most likely outcome will be a debt for equity swap which will mean more dilution for Htc shareholders.

Regarding your points about PK's track record, I'll address those at a later date.