Bye Bye Bye Beazer. . .

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IrvineCommuter_IHB

New member
Sorry for the bad reference to Nsync. . .filing a lawsuit is the last desperate gasp.. .





<a href="http://www.forbes.com/2007/08/22/beazer-usbank-complaint-markets-equity-cx_ra_0822markets39.html?partner=yahootix">www.forbes.com/2007/08/22/beazer-usbank-complaint-markets-equity-cx_ra_0822markets39.html</a>
 
Well, at least your comments should be worth an A share. I feear my comments are worth what you are paying for them.
 
<p>Trivia question:</p>

<p>How many people own one share of Berkshire Hathaway?</p>
 
Janet - I own none right now, but when I care to be long, instead of choosing stocks myself, I just buy as much of the class B stock as I care to be long.
 
<p>It looks really really bad for Beazer.</p>

<p>1) "A shareholder advisory group urged Beazer Homes USA Inc.'s board Tuesday to fire Chief Executive Ian McCarthy because of financial, legal and accounting problems that the homebuilder has faced in recent months."</p>

<p>2) "On Monday, Beazer said it expects to record pretax charges of $230 million in its fiscal fourth quarter."</p>

<p>3) "It also said it cut 650 jobs, or 25 percent of its work force, in October, and is suspending its quarterly dividend to reduce costs."</p>

<p>4) "The homebuilder said it is unable to provide a full, audited report of its results for the quarter ended Sept. 30, but wanted to provide some preliminary data to investors."</p>

<p>5) "Beazer previously disclosed that its former chief accounting officer may have inflated reserves and other accrued liabilities in earlier periods."</p>

<p>6) "It also previously disclosed that it received a subpoena from the United States Attorney's office in the Western District of North Carolina, seeking the production of documents focusing on the company's mortgage origination services. The Securities and Exchange Commission has launched a formal investigation of Beazer to determine whether any person or entity related to the company violated federal securities laws."</p>

<p>7) "For the quarter ended Sept. 30, Beazer said home orders fell 53% from a year earlier, to 973 units. The cancellation rate was an "unusually high" 68%, which the company blamed on tightening in the mortgage markets during August and September."</p>

<p>On the bright side. . . the sun did rise this morning on Beazer's headquarter.</p>

<p><a href="http://biz.yahoo.com/ap/071106/beazer_ceo.html?.v=3">biz.yahoo.com/ap/071106/beazer_ceo.html</a></p>

<p> <a href="http://www.marketwatch.com/news/story/beazer-suspends-dividend-cuts-jobs/story.aspx?guid=%7B0575C8FE%2D9D37%2D4E46%2D93D9%2D4C39F65AF31F%7D&siteid=yhoof">www.marketwatch.com/news/story/beazer-suspends-dividend-cuts-jobs/story.aspx</a></p>

<p>For those who are morally opposed to reading, a video for you (wait that means that this introduction is offending you.)</p>

<p><a href="http://www.cnbc.com/id/15840232?video=589944580&play=1">www.cnbc.com/id/15840232</a></p>
 
Beazer has 60 days max before it files for BK protection. The lenders are going to pull their financing. They are going to do everything they can to find convenant violations as a trigger to do it.



Good times. Wheeee!
 
<p>I wished I owned 1 shared at about $120,000 of Berkshire Hathaway. I would like to go to one of their annual meetings in Omaha and hear Warren talk about his point of view.</p>

<p>Can you buy class B and attend that meeting? Much closer to my price range.</p>
 
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