| To: RockyBalboa who wrote (629) | 8/6/2001 5:25:22 PM | | From: A.L. Reagan | | | | Irwin L. Jacobs Letter to Shareholders No. 34
Dated: August 03, 2001
Recent AremisSoft events have left me as stunned, if not more stunned, than any other AremisSoft shareholder. Up to this point, my AremisSoft investment has been the most painful personal and business experience of my entire business career.
I do, however, want to confirm that what I believed and understood at the time is what appeared on my Web site. What is as confusing to me, as I am sure is confusing to you, is why AremisSoft filed suit if they knew something was wrong within AremisSoft? Why did AremisSoft buy back shares? I personally inspected what was represented to me to be the Bulgarian contract documents; therefore, once again, I am as confused as anyone as to what the real Bulgarian story is all about. I was told the documents I saw were what the accountants signed off on for the 2000 year end.
I have no current information other than what the Company has put out. I can only report how foolish and betrayed I feel after all the support I have given AremisSoft.
Herb Greenberg’s article that I will have an announcement next Monday is totally misleading. The only thing I told him was I would grant him an interview after next Monday. Since he misinterprets what I say, I have changed my mind about the interview.
Events will unfold as time passes, but under the circumstances I do not believe that further comments from me about AremisSoft are called for.
irwinljacobs.com |
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| To: Sir Auric Goldfinger who wrote (631) | 8/14/2001 4:10:17 PM | | From: RockyBalboa | | | | He better shall visit India... they have nice temperatures over there. A mate from me is just going there...
News:
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Tuesday August 14, 3:53 pm Eastern Time
Aremissoft says key India executives resign
NEW YORK, Aug 14 (Reuters) - AremisSoft Corp. (NasdaqNM:AREM - news), which has been facing questions over various contracts it has in India, said on Tuesday that key members of its India operations had resigned.
AremisSoft, which makes software for the manufacturing, hospitality, healthcare and construction industries, said Alex Eapen, senior vice president of its India software development facilities, and key controllers of the company's India-based corporate accounting group had resigned. AremisSoft also said MC Mathews, president of its Emerging Markets Group, had left the company.
The news follows a number of critical reports in The New York Times, calling into questio???value of certain contracts that AremisSoft said it had won in India. The company's trading has been halted on Nasdaq since July.
``The company ... is concerned that important financial documents relating to its emerging market business could be missing,'' Roys Poyiadjis, chairman and chief executive officer of AremisSoft said in a statement.
``The company is vigorously pursuing the recapture of such information and has retained Deloitte & Touche for its global forensic accounting capabilities to assist management in this effort.''
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Tuesday August 14, 3:25 pm Eastern Time
Press Release
SOURCE: AremisSoft Corporation
AremisSoft Reports Additional Resignations Retains Forensic Accounting Capabilities of Deloitte & Touche
Comments on SEC Investigation and Second Quarter Reporting
NEW YORK--(BUSINESS WIRE)--Aug. 14, 2001--AremisSoft Corporation (NASDAQ:AREM - news), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, announced the resignation of MC Mathews, President of the Emerging Markets Group, as well as the resignations of Alex Eapen, Senior Vice President of India Software Development Facilities, and key controllers of the Company's India-based Corporate accounting group.
Roys Poyiadjis, Chairman and CEO of AremisSoft stated, ``The Company, in its effort to close the second quarter financial statements, provide its independent auditors PKF with additional information and respond to the SEC investigation currently underway, is concerned that important financial documents relating to its emerging market business could be missing. The Company is vigorously pursuing the recapture of such information and has retained Deloitte & Touche for its global forensic accounting capabilities to assist management in this effort. However, the Company does not believe that it will be in position to file a timely report of Form 10-Q for its second quarter, and at the present time cannot estimate when it will be able to file the 10-Q.
``We have begun the process of centralizing operations in Minneapolis, the headquarters of our Fourth Shift operation, which will enable us to work globally on a seamless basis. David Latzke, Chief Financial Officer, will direct the centralization process to establish company-wide systems, procedures and safeguards in our financial and human resource operations.''
Mr. Poyiadjis emphasized, ``We have not seen an impact on our western world business from these developments and our key managers, along with Deloitte & Touche, are conducting on-site examinations of our Emerging Markets Group locations.''
Dr. Paul I. Bloom, President and Chief Operating Officer, said, ``A global management team, empowered by the Board, continues to focus on key growth opportunities to further stimulate the Company's future prospects. We remain committed to our growth strategy which is based on leadership in vertical application software markets, leverage of low-cost research and development and focused growth in select emerging markets.''
About AremisSoft Corporation
AremisSoft develops, markets, implements and supports....[shortened]
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AremisSoft Drops Suit vs. TheStreet.com
By George Mannes
Senior Writer
8/14/01 3:13 PM ET
AremisSoft (AREM:Nasdaq - news - commentary) Tuesday withdrew a lawsuit accusing TheStreet.com Inc. (TSCM:Nasdaq - news - commentary), the publisher of this Web site, of manipulating the software maker's stock price as part of an illegal conspiracy.
thestreet.com |
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| To: Kevin Podsiadlik who wrote (625) | 8/15/2001 8:00:48 PM | | From: LTK007 | | | | Bill Fleckenstein's comments on AREM tonight,via www.grantsinvestor.com <<Up The Creek Without An AremiSoft Option Also in today's news, there is an interesting New York Times story by Floyd Norris called "More Setbacks for Investors of AremisSoft." (Registration required.) People might remember that I took great umbrage at Irwin Jacobs' letter, in which he accused short sellers in both Conseco and in AremiSoft (AREM) of misbehaving and was trying to orchestrate a squeeze. While I was away, AremiSoft's stock was halted. The New York Times article discusses the tricky maneuvers that will be required to exercise options, which expire on Friday, given that the stock is still halted. Congratulations to Herb Greenberg, who was on this story like a dog on a bone.
Requiem For Sleaze One of the things passing for a sound investment strategy has been any old, silly theme as long as enough people would repeat it, i.e., buying stocks because they split, or squeezing the shorts. Much scorn was heaped upon the short sellers and Herb Greenberg for talking about the facts. I did not see any scorn heaped upon what appears to be fraudulent management. So, rather than being scornful of the short sellers, it seems to me Irwin Jacobs owes them an apology. And this also gets back to the point I was making before I left. There's nothing un-American about short selling. What I find outrageous is the ease with which people make accusations against short sellers while, through their silence, seemingly condoning shenanigans like outright fraud and promotion, etc. The good news is that outrage is not dead. Now we are seeing investigations into the sleazy practices that polluted Wall Street during the mania. To quote the last line from the aforementioned Wall Street Journal article: "The system broke down broadly, not just here. People got greedy, that's the bottom line." Yes, everyone got greedy and took leave of their senses. The public included.>> end quote |
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| To: LTK007 who wrote (633) | 8/15/2001 10:01:36 PM | | From: Sir Auric Goldfinger | | | | | Thanks for that, Fleck is a master of words. Where are all the pikers that touted this POS now? Should they not apologize to the shorts who saved them from putting in more money and should they not apologize to the others who they tried to get to come along for the ride? |
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| To: LTK007 who wrote (633) | 8/15/2001 10:37:13 PM | | From: leagel | | | | | Any chance you could repeat the essence re options. I've wondered how astute put buyers will be able to cash out here. They were right yet looks like they can't put the stock or sell the put. |
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| To: leagel who wrote (635) | 8/16/2001 1:30:42 AM | | From: LTK007 | | | | it is too complicated for me and i discarded the newspaper--Auric i think should know(ask auric).
But the key point i do remember,if you had calls you need get in contact with your broker and make sure those options are NOT exercised.
But the put side gets complicated.
But the Options Clearing House said they are going ahead with those options.They are not halted,so to speak.Max |
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| To: Sir Auric Goldfinger who wrote (636) | 8/16/2001 10:30:09 PM | | From: leagel | | | | | I admire anyone who had the foresight to buy puts on this dog. I still don't see how you can exercise. How can you put stock if you can't buy the stock? Anyone long calls in SOL anyway. Put buyers, even though they were right may very well be screwed here. |
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