[Liz]

.........ping.................

[Aggie Mama]

I don't understand your title.

[Lysander]

shares...21 cents Monday.

Thats up 300%--- A day trader can do well with penny stocks!

[marshmallow]

What the dickens is this headline trying to say?

[BamaBlue]

As a former Big 8, 7, 6, 5, 4 accountant (10 years in tax) I find in interesting that Worldcom would blame its outside accountants. Today, in my present job, I was asked to sign a Management Representation Letter, which says in part that no member of executive management knows of or is involved in fraud related to the financial statements under review. This is a standard in todays accounting practices. Yes, it's CYA, but it's a damning statment against Worldcom and all other companies that have committed fraud. It's the inside people not the outside accountants. Anything can be hidden for a certain amount of time.

[HiTech RedNeck]

It's a small WorldCom after all,
It's a small WorldCom after all,
It's a small WorldCom after all,
It's a small small WorldCom

[Young Werther]

I was temping at a dot.com related company and was performing cash reconciliation for their upcoming IPO. The controller position was open and when I expressed an interest I was told that the job required a CPA.

What I found was a total lack of plain old Bookkeeing 101. Example, collect checks from customer, deposit in bank and then "forget" to record it in the General Journal!!! They were factoring their receivables at an 8% rate while they had $250,000 in the bank that they didn't know about. Bank recons. None done for over 18 months!!!

I've seen it all. Poor ol' me. Just a dumb old MBA with lots of "accounting" experience but no CPA so no recognition. Oh I do know and understand GAAP but that ain't worth a damn if you want to cook the books!

[clikker]

Hmmm... I'm confused here. They want to give the bondholders and creditors worthless stock? Is that supposed to be their plan?

Perhaps they should just file a Chapter 7 bankruptcy, and liquidate the whole thing. Have a garage sale -- just sell it all off to whoever wants it. Seems like that might be the quickest and cleanest way to handle this mess...

[Fixit]

Of course, the first step will be to change its name...

And then seek a bailout from

[Grig]

The Clinton-based long-distance and data services company...

Well, that says it all, doesn't it.