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RE: Been keeping my head in the sand, but now it's time to reach out for help!

Posted by Sondek on January 12, 2017 at 10:11:28:
Abe,

Yeah, a year ago Toshi got caught cooking their books. They'd shown a profit in the PC division for 7 years running whereas in truth it lost money. They used accounting slight of hand to generate the profits. They came within a whisker of execs facing criminal charges in Japan, but prosecutors felt the case would be too difficult to prove. All senior management resigned. In 2013 I think it was, they bought the nuclear reactor business from Westinghouse for several billions. Virtually every one of their reactor jobs across the globe are now either way behind schedule or way over-budget, or both (thus the desperation for cash). Furthermore, as a fallout of the accounting scandal, it's been determined that their nuke bidness is not worth anywhere near the asset value they've been carrying it on their books (Westinghouse purchase) so they are being forced to mark to market and are in process of writing off billions and billions. Stock price dropped in half over night on the exchanges - that was around Xmas time. Then, if that weren't bad enough ... new evidence of additional/further accounting cheating came to light right after the new year and there is renewed talk of criminal charges in Japan and they have been threatened with de-listing from the Tokyo exchange (further 10% drop in share price). As for Dell, they probably are doing better, but then without audited financials its impossible to know. Dell/EMC are my companies larget client in North America and I know a lot of people in both companies and word is that they are much stronger now. What we can say for sure is that they are doing well enough for their investors to loan them the money to buy EMC. There were many that thought Toshi should've been barred from doing biz in the US after they gave the Ruskies our submarine technology back in the '80's. Sad what's become of them.

BTW, I've spent the last 35 years in the business end of the info tech business with one of those used-to-be hardware companies who are likewise struggling to reinvent themselves (not IBM). With an entire career where IBM was the enemy, I now find myself in sympathy with them as they are facing what my company has faced, and it aint easy or pretty.

Best,

Mike