It really bothers me that MF's response is "we'll change the auditors." I know that CPA's, like any other professional, take instructions from those that are paying the bill.

It bothers me that MF has NOT stood up and said "OK - I goofed. I didn't get them the information the auditors needed so they could prepare the financials on time, and I will do everything I can to ensure that it will NOT happen again."

MF - a statement like that, including the commitment to perform on time in the future, will do three things. That kind of statement will help to restore your credibility in the marketplace; it will help restore your credibility among the participants in this forum (ie., your most active shareholders); and it will help restore your own credibility as a man.

I wonder what the market will say without that kind of commitment. My group has a rather large position and we have been 'long' on this stock. However, the credibility of the management is definitely now in question and will influence our decision when we review our portfolio.

How sad that it comes to making a decision based on MF's inability to stand up for himself and his shareholders, rather than making a decision on the merits of the company's work and achievements.