Halliburton Responds to Larry Klayman's Supersillyous Suit(My Title)

Good find. Do you have the source for this?

I'm on a mission to e-mail every single thing I can find that puts Larry in a bad light to Fox News.

Brit's been doing a small segment each night.

In my own little world, I can't help but feel I might somehow have contributed to that.

2,601 posted on 07/15/2002 9:42:27 PM PDT by terilyn

Here's Lesar's entire quote, for the record:

"The vice president was aware of who owed us money, and he helped us collect it," Lesar told Newsweek. "We stand behind the accounting treatment."

2,602 posted on 07/15/2002 9:45:00 PM PDT by Howlin

To: Texasforever

Larry doesn't have a clue about much.

What he doesn't know about this industry could fill a library.

I didn't know it was possible to be less than clueless!

2,603 posted on 07/15/2002 9:45:44 PM PDT by terilyn

He'll try; Larry's oh so very " trying " . :-)

2,604 posted on 07/15/2002 9:48:05 PM PDT by nopardons

To: Texasforever

Well, you seem very authentic, and juries latch on to that far more than someone with four doctorate degrees. You know what they say, those who can, do .....

2,605 posted on 07/15/2002 9:48:57 PM PDT by Iwo Jima

Not to cause any trouble, but the thought occurs to me about cost overrun charges. Would not the auditors require a legal opinion as to the merits of the cost overrun claim in order to allow it to be booked as income

In a cost plus contract which Larry has mentioned it is a moot point. In those contracts there are re-estimates and scheduled intervals for every phase for the entire life of the project. Those estimates ar go no go points. You and the client either agree to the adjusted budget or you do not. period. In "fixed costs" projects. The procedure is very much the same except that the original estimate is based on the quality of the proposal documents given to the bidder. The estimate can have a range of anywhere from plus/minus 5% up to 25%. Let's say the project is awarded at 1 billion +/- 25%. Once again production check estimates are scheduled and contingency funds are released as adjusted budgets. HOWEVER; during the course of the project there are many client changes that impact either engineering, procurement or construction and cause an unbudgeted cost to the company, For these matters Engineering change notices or field change notices are issued and signed off by the in house client reps as approved. These are NOT reconciled until the plant being built is commissioned and they often add up to millions of dollars. Those are legitimate receivables but are not incorporated into the individual project budgets but are booked as revenue to the company. There are some that the home office clients challenge but very few. Those change orders may not be actually paid for 2 years but they are approved and bookable revenue offset by Halliburton's having to pay the project personnel man-hours out of its own pocket.

The other fly in the ointment is that the scale of projects that Halliburton deals with are many times funded by governments that are very reluctant and sometimes unable to keep cash flow high enough to make some payment schedules so the change orders are booked as IOUs to keep the project budgets coherent. It is risky in one way in that Halliburton is actually short-term financing the project but the set those off with an agreement to take an equity position in the plant being built in case of non-payment.

2,606 posted on 07/15/2002 9:58:43 PM PDT by Texasforever

I'm still curious as to whether Larry could prove harm to his clients, or that Cheney caused it. Considering that Cheney was long gone before the clients purchased their stock, only one lost money, and the accounting practices had been clearly disclosed for a couple of years before the clients bought their stock, where's the beef?

2,607 posted on 07/15/2002 10:03:28 PM PDT by Amelia

To: Texasforever

Well I am amazed that the signed off change orders are not quantified for year end audits. They certainly should be. Is this brouhaha all about the quantity of change orders versus the estimate of same? That seems intuitively to be entirely too simple an explanation, if that is the genesis of the explanation.

2,608 posted on 07/15/2002 10:04:27 PM PDT by Torie

By the way, found this on a web search:

2,609 posted on 07/15/2002 10:05:28 PM PDT by Amelia

Name it and I'm there. But I need tips to nail the big guy.

I level out at around 28 and he kicks my ass every time.

2,610 posted on 07/15/2002 10:05:47 PM PDT by nunya bidness

2,611 posted on 07/15/2002 10:05:58 PM PDT by deport

Anyone who bought and sold when the statements were out of accordance with GAAP has a potential claim. If Cheney is vacariouly responsible for the discrepancy that was extant at the time of the subject transactions, then he has a legal problem.

2,612 posted on 07/15/2002 10:06:54 PM PDT by Torie

That's it! ROFLMGAO!

2,613 posted on 07/15/2002 10:08:35 PM PDT by Iwo Jima

2,614 posted on 07/15/2002 10:09:05 PM PDT by Mo1

To: Texasforever

Does Halliburton every take drilling proceeds or contracts as payment?

2,615 posted on 07/15/2002 10:10:07 PM PDT by nunya bidness

Larry, how iz it goin? Did ya get mah check? Did ya?

If not fur that elder Bush mah daughter would have had a nice weddin! And I would not have had to bow out of the race! It's der fault Larry! Can I speak Larry. Can I? Oh, sorry there, wrong Larry.

Anyway, go git dem boyz! Cheney and Bush! Stick it in der ear boy! And I'll send more checks! Ah will! It's so simple! So simple! Cuz a hound dog ain't a rubber duck! KnowwhatImean? See! See! Look at dis cheer chart!

That's it for now Larry. Remember to send me a receipt so ah can deDUCT dis!

Ross,

Somewhere down in de basement wit dat crazy aunt....

2,616 posted on 07/15/2002 10:10:58 PM PDT by isthisnickcool

To: FreedominJesusChrist

Quite the CONTRARY , kiddo; you are NEVER " careful ", when responding to me; neither on a thread, nor in one of your rather hysterical and univited FREEPmails. :-)

That having been said, perhaps you should stop attempting to sound as though you know anything at all about the SEC and the Market. You see, dear, since my husband has been in the Market ( and quite well known and respected ! ) for a very long time, it has been incombent upon me, to understand and know about this subject. Unlike you , who not only has NO " life experience " / working expierience / nor even, I assume , all that much book knowledge of this topic, I know, full well , just how the SEC opperates, how the Markets work / or don't.

Of course, you are allowed to make ill informed, uneducated statements here; however, they fail, on ALL acxcounts, under the light of scrutiny, by those who know about, what you only pretend to be expert on.

2,617 posted on 07/15/2002 10:11:34 PM PDT by nopardons

To: Tennessee_Bob

DUDE! Check this out!

2,618 posted on 07/15/2002 10:12:33 PM PDT by RedBloodedAmerican

To: isthisnickcool

Well done, thou good and faithful Ross impersonator! Encore!!!

2,619 posted on 07/15/2002 10:15:52 PM PDT by SierraWasp

Good for YOU ! Brit used to filch stuff from THE GUILD threads, ALL of the time. I'm certain that he loves your E-mail !

B-R-A-V-A !

2,620 posted on 07/15/2002 10:16:42 PM PDT by nopardons

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