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

CBS Market Watch "Big Charts" Web Site ^ | 7/10/2002 | MarketWatch.com

[Texasforever]

And most of the people on these threads are NOT the bluehairs you refer to

I wish I had blue hair. I wish I had hair. I don't want Trafficants hair though.

[Mo1]

Hmmmm ... I recall reading something .. let me check

[terilyn]

Like bummer dude.

[Howlin]

That particular job apparently is already taken. If you get my drift. :-)

[NeoCaveman]

Oh you mean LarryWalksonWater...... BTW I am not menopausal or even a woman and I know that Larry is a joke.

He wouldn't know an accrual from a cash-balance any day of the week.

[Howlin]

LOL. Believe me, I'll drive down there to watch you iron YOUR hair.

[Amelia]

That's good...thongs are cute and all, but that "wedgy" feeling like gets on my last nerve.

[Amelia]

Ironing my hair might be dangerous, dontcha think?

[Deb]

What's going on here?

[Howlin]

Mo, the saddest thing to me about that Rendall deposition is that Don and Teri have an excellent case that will now go down the tubes because of Larry Klayman.

[Amelia]

I think it's back to calling us all dried up old hags because she can't counter the arguments.

[Howlin]

We're having a meeting of the Ya-Ya Sisterhood, wanna come?

[terilyn]

Going from memory here, from what I posted back about 300 posts, I'll try to answer.

Halliburton is not required to inform the SEC that they changed their accounting procedures. They are required to use acceptable accounting procedures as set forth in the SEC guidelines. Any changes must be reported to their shareholders.

Halliburton closed their acquisition of Dresser on 9/29/98. They filed their Q3 report on 11/16/98, for the quarter ending 9/30/98. Due to their acquisition of Dresser, they found it in the company's, (and therefore the shareholders), best interest to change their method of accounting to more accurately reflect their true expenses and income. Also, to put their accounting practices in line with 10 of the 15 other companies in their same line of business.

Halliburton reported this change in their 1998 annual report. Their 1998 annual financial statement was reflective of this change. The fact that they made this change was printed in a footnote on their financial statement in their annual report which was provided, (as required by law), to all of their shareholders.

This annual report was dated 3/23/99. SEC rules require quarterly reports 45 calendar days after the quarter end and annual reports 90 days after the end of the fiscal year.

There was a fair amount of work that needed to be done and accounted for and adjustments made to reflect the Dresser acquisition. Dresser's fiscal year had ended 10/31 prior to the acquisition, and they had to account for the difference.

The comments that the disclosure was not made until a year after the change is still up for debate. The changes were made to their procedure after the Dresser acquisition, therefore, disclosed six months later. It would have been too late to include the changes in the Q3 report as the quarter closed the day after the acquisition. Therefore, they disclosed it in the first published financial statement after.

The reason it's up for debate is that it affected their entire 1998 financials. Therefore, the claim that they didn't disclose the info for over a year.

[terilyn]

LOL!
Got it

[terilyn]

Dental floss underwear

[Mo1]

Yes they do have a case .. I STILL remember watching that on the local news the night it happened and they were treated like crap by the police .. the DA and the mayor

[terilyn]

We're all driving down to watch Amelia iron her hair, wanna come?

You'll have to wear dental floss underwear though...

[Howlin]

Well, my question is, if Halliburton published this information in 1998/1999, and these dolt plaintiffs bought their stock in 2002, what is THEIR case? Isn't it up to THEM to do the research?

[Howlin]

Oh, yes. We won't be there long though; I've seen more hair on a bunny.

[Amelia]

I'm gonna let Howlin iron my hair. I'm not good at doing my own hair.

She'd better do a good job though...because after she irons mine, I'm ironing hers. ;-)