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   Technology StocksAremisSoft Corporation (AREM)

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To: Sir Auric Goldfinger who wrote (659)9/6/2001 1:43:19 AM
From: get shorty
   of 683
Effn Irwin Jacobs.

I don't know if Rocker Partners,, and others named in Jacobs' suit have any legal recourse, but I'd sure like to see Jacobs held accountable for his attempts to bully and silence the critics.

That said, after CNC and AREM, I don't want him to stop shooting his mouth off altogether. He's becoming quite the contrarian indicator.

Kudos on another stellar call.


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To: Sir Auric Goldfinger who wrote (659)9/6/2001 12:01:06 PM
From: Kevin Podsiadlik
   of 683
And down as low as 55 cents today. Have fun celebrating. Me, I'm just going to unload my AREM quote file and call it a day on this one.


"There is no significant downside left in this stock, not at this price [$16] at least."

Message 16051672


Profitless Prophets Dept.:

"Future generations of investors will look back to 2001 when a small band of AREM longs showed courage, discipline and conviction during the manipulation by Shorts and MMs. It was the turning point in the War which eventually resulted in sweeping changes in investment laws, rules, and practices (Not to mention the financial rewards they reaped)."




Right About That Much Dept.:

"Especially glad that I had the balls to load the boat on Friday at 11.65 and 11.70. Nobody will have the opportunity to buy at those levels again with this stock."


A copy of the AREM "call to action", from during the halt. "Please print and save as a file the following post for later reference." Who am I to refuse?


"Jacobs said that they [the shorts] would be carried out.

I believe he is going to be right. They're toast. You aren't one of them are you? Upside may get real pricey in a few days."


Famous Last Post Dept.:

"There will be no delisting. End of story."


See you at the next one, Sir Auric.

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To: Kevin Podsiadlik who wrote (661)9/6/2001 6:17:42 PM
From: Sir Auric Goldfinger
   of 683
Thanks you for those gems! I never go to YHOO, but I must say, there really are some classics. A fungo bat would not help these guys.

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To: Sir Auric Goldfinger who wrote (662)10/5/2001 9:19:42 AM
From: Arcane Lore
   of 683
From today's online NY Times:

October 5, 2001

2 Former AremisSoft Officials Accused of Fraud by S.E.C.


The two former top executives at AremisSoft, a publicly traded software company, were accused yesterday by the Securities and Exchange Commission of defrauding investors of at least $200 million and possibly much more.

In a 32-page civil complaint filed in Federal District Court in New York, the commission contended that Roys Poyiadjis and Lycourgos K. Kyprianou, the former co-chief executives of AremisSoft, had engaged in one of the largest financial frauds in history. Mr. Poyiadjis and Dr. Kyprianou used false financial statements to inflate the price of AremisSoft's stock, then sold millions of shares of AremisSoft to unwitting investors during late 2000 and early 2001, the commission alleged.

About $89 million of the $120 million in sales that AremisSoft reported last year may never have existed, the complaint said. Mr. Poyiadjis resigned as chief executive of AremisSoft on Monday. Dr. Kyprianou had resigned on July 31.

The full extent of the actions by Mr. Poyiadjis and Dr. Kyprianou is still uncertain, the S.E.C. said, because regulators have not yet been able to obtain complete records of all the shares the men sold.

But the complaint contends that Mr. Poyiadjis made $175 million on his sales. Dr. Kyprianou made an additional tens of millions of dollars, and possibly much more, according to Richard Sauer, assistant director for the commission's enforcement division.

On Tuesday, at the request of federal attorneys in New York, authorities in the Isle of Man froze $175 million in two bank accounts controlled by Mr. Poyiadjis or his family, according to the complaint. That money came from Mr. Poyiadjis' sales of AremisSoft stock, the complaint said. So far, the S.E.C. said it has been unable to locate the proceeds of the sales by Dr. Kyprianou, the complaint said.

The whereabouts of Dr. Kyprianou and Mr. Poyiadjis are also unclear. Dr. Kyprianou is a citizen of Cyprus and lives there, while Mr. Poyiadjis is a British citizen who has a home in New York City, according to the complaint. Mr. Sauer would not say whether authorities know where Mr. Kyprianou and Mr. Poyiadjis are, but he said neither man was in custody.

A lawyer for Mr. Poyiadjis did not return telephone calls for comment. Dr. Kyprianou could not be reached for comment. Paul Bloom, AremisSoft's executive vice president, said the company was continuing to cooperate with the S.E.C. and other authorities.

The S.E.C. said it began to investigate AremisSoft after published articles suggested that the company had overstated the value of a contract it had won in 1999 to overhaul the health insurance system of Bulgaria.
(Free registration required)

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To: Arcane Lore who wrote (663)10/9/2001 7:53:41 AM
From: long-gone
   of 683
Friday October 5, 1:21 am Eastern Time
CORRECTED - CORRECTED-AremisSoft ex-execs' assets frozen by judge-SEC
In Oct 4 Washington story headlined ``AremisSoft, ex-execs assets frozen by judge-SEC,'' please read headline as ``AremisSoft ex-execs' assets frozen by judge-SEC.''

In first paragraph, please read ``.... froze the bank and broker assets of AremisSoft's former top executives....'' instead of ``...froze the bank and broker assets of AremisSoft ...''

In second paragraph, please read ``.... froze the assets of....'' instead of ``...also froze the assets of...''

(Corrects to show assets of company were not frozen. Also adds clarification from company lawyer in paragraph 3 and adds comment from company executive in paragraph 4).

A corrected version follows.

WASHINGTON, Oct 4 (Reuters) - A federal judge froze the bank and broker assets of AremisSoft's former top executives on Thursday, at the request of U.S. regulators who alleged the software maker overstated revenues and inflated the value of its customer contracts and acquisitions.

The Southern District of New York Court froze the assets of AremisSoft's former chairmen and chief executive officers Roys Poyiadjis and Lycourgos Kyprianou after the Securities and Exchange Commission alleged the men engaged in massive insider trading.

AremisSoft's assets were not frozen, the company's lawyer and chief executive officer said.

``The company is cooperating with the Securities and Exchange Commission and the U.S. Attorney's office in its investigation,'' George Ellis, AremisSoft's current CEO, told Reuters.

The New York-based company, which has offices in London, Cyprus and India, misled investors two years ago when it announced a $37.5-million agreement to automate Bulgaria's national health care system, the SEC alleged in its complaint.

The value of that contract was no more than $3.7 million, the regulator said.

The firm's Cyprus-headquartered Emerging Markets group, reported roughly $89 million of the total $120 million AremisSoft made in 2000 sales revenue.

But most of that $89 million were from sales that never took place, the SEC alleged, adding that AremisSoft also falsified its book and records to hide the fact that it was not getting cash.

Poyiadjis and Kyprianou also engaged in ``massive insider trading during the period of reported fraud'', the SEC said, selling millions of shares through offshore facilities.

The two men made around several hundred million dollars from those sales, SEC's Assistant Director for Enforcement Richard Sauer said.

The court order directs the men to pay back the money made from stock sales. The amount has yet to be determined.

The attorney for Poyiadjis declined to comment on Thursday's SEC complaint. Kyprianou does not have legal representation, the SEC said.

The New York-based company was delisted from the Nasdaq in August and now trades on the pink sheets. It last traded at 69 cents.

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To: long-gone who wrote (664)12/12/2001 11:48:03 PM
From: ACAN
   of 683
AREM has now gone up 150% in the last 2 weeks, just in case anybody still cares.


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To: ACAN who wrote (665)12/13/2001 12:07:19 AM
From: JohnD
   of 683
I'm sure there are some people who care. After all, the stock got so badly beaten, it is not worth selling unless you really need a loss this year. I suspect most have other stocks to sell, while we wait to see where this mess ends up, for the next few quarters~
JohnD-still holding AREM, in my IRA ;<)

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To: JohnD who wrote (666)12/13/2001 12:11:38 AM
From: ACAN
   of 683
Hi John; Me, too. Good luck to you. I certainly hope it's new direction pans out for you.


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To: ACAN who wrote (667)12/13/2001 12:33:19 AM
From: JohnD
   of 683
It has a lot of "panning" to do. This stock is (was) the bulk of my IRA. I see no viable option but to hang in there.<g>
Best of luck,

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To: benchpress550 who wrote (615)1/29/2002 8:08:49 PM
From: Sir Auric Goldfinger
   of 683
I know that you like to keep up on your largest holding, so I thought I'd pass this on. You do own a 100 lot of AhRheemYaSoft doncha?!?:

"AremisSoft Fires Auditor PKF After Reports Disavowed (Update2)
2002-01-29 18:22 (New York)

AremisSoft Fires Auditor PKF After Reports Disavowed (Update2)

(Adds AremisSoft seeking new auditor in fifth paragraph.)

Washington, Jan. 29 (Bloomberg) -- AremisSoft Corp. fired its
outside auditor, PKF, a month after the firm disavowed its audit
reports on the business-management software maker's financial
statements because of accounting questions.
Minneapolis-based AremisSoft has said it expects to restate
past results because it can't confirm $90 million of revenue
reported last year by its Emerging Markets Group. PKF, formerly
known as Pannell Kerr Forster, said last month its reports
affirming AremisSoft's 1999 and 2000 financial statements
shouldn't be relied upon by investors.
The auditor's disavowal was one of a series of blows against
the company, beset by investor lawsuits and government
investigations. AremisSoft also announced 150 job cuts last month,
and its shares have fallen to 83 cents, down 3 cents today.
AremisSoft's board, on the recommendation of its audit
committee, ``determined to dismiss'' PKF Jan. 23, the company said
in a filing with the Securities and Exchange Commission.
No replacement was named in the filing. A spokeswoman said
the company is still conducting a search. She declined to comment
further about PKF's dismissal.
Aside from the disavowal, ``to the knowledge of current
management of AremisSoft, there were no disagreements'' with PKF
that would have resulted in an adverse audit report the past two
years, the filing said. The company is requesting PKF to furnish a
letter affirming that statement.
AremisSoft has dismissed PKF at least once before. While
preparing to go public, the company replaced the firm with Ernst &
Young in May 1998. Then AremisSoft hired back PKF in December the
same year, before completing its initial public offering in April
1999, according to SEC filings.
While AremisSoft didn't name a new auditor in today's filing,
the company hired Deloitte & Touche LLP forensic accountants to
assist in its internal investigation of the overseas operations
beginning last August, according to the filing.
The subjects of the probe include operations in Cyprus and a
contract with the Bulgarian national health system, for which PKF
was able to confirm only $1.7 million of $7.1 million in revenue
recognized by AremisSoft.
Officials at London-based PKF couldn't be reached for

--John Rega in Washington (202) 624-1907 or
Editor: Arthur

Story Illustration: To chart the performance of AremisSoft shares
against broader markets: {AREM US <Equity> COMP <GO>}.

Company News:
AREM US <Equity> CN
5091Z US <Equity> CN
5092Z US <Equity> CN

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