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TOPIC: KPMG out !

KPMG out ! 14 Jul 2016 21:26 #7415

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Let the games begin !

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KPMG out ! 14 Jul 2016 21:38 #7416

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Did Tiago Girao use to work for KPMG or E Young?

As I said many times Tiago has done a great job at CYTX and yet, I think, he may feel KPMG's auditing activities are not up to what Tiago has in mind, particularly in the "going concern" opinion. This opinion may hinder many big money managers' participation in the current stock purchase. I think CYTX should have enough enough liquidity for another year. By that time, with positive scleroderma news leading to "NDA", the stock price maybe much higher to enable the company to raise more cash with less shares. Actually, the exercising of CYTXW would allow the company to raise another $ 10 Million and this money plus increased income from Japan and EU may allow the company to go forward into the 2018 break even point. Just my opinion.
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KPMG out ! 15 Jul 2016 00:13 #7417

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franshei wrote: Did Tiago Girao use to work for KPMG or E Young?.


To my knowledge- Girao was the former engagement manager of KPMG on the Cytori account- i.e. he must have known Cytori inside out before signing there. After he left KPMG he went to Nuvasive- a couple blocks down the road from La Jolla, who paid a lot of money to Osiris for the take-over of their cadaver bone product with some living cells. Osiris created that biologic without going through the FDA.... a socalled 361 which never was a 361... :whistle: but sold for big money.. :grin:

Anyway- as I have written before - I think KPMG was deficient in their professional judgment on Cytori in respect of the Sarbanes-Oxley Act. Their "going concern" subject to however, extremely justified considering the FCOC Cytori had to pay the last 3 years or so- that is absolutely no issue.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

KPMG out ! 15 Jul 2016 06:04 #7418

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Guess Cytori did not like the fact they questioned Cytori's ability to continue as an ongoing concern. Cytori doesn't like shareholders questioning that fact either. As they do with everything they bury there head in the sand , turn a deaf ear and hope that everyone simply forgets what they promise. :bang: :bash: :puke: :evil: :nice:

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KPMG out ! 15 Jul 2016 07:37 #7419

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FAS, You have accounting background, so you know things better than all of us.

In my judgement, KPMP may have their strict corporate policies to enforcing their auditing activities, as such Tiago Girao (and formerly Saad) and the rest of CYTX cannot do certain things within the generally acceptable accounting rules. Remember the last 4th Q before Calhoun and Saad's departure, Calhoun was predicting a much improved 4th Q result and yet it became a big disaster (big surprise for many), because of accounting rules changes.Then, CYTX had a hearing with listing department of NASD and KPMP's opinion on the "going concern" must have been included, the result of the meeting was a failure.

KPMP might have become an administrative issue for Girao, who should know certain new/newer rules within KPMP and they are unfavorable for small biotechs (including MESO and OSIR), which may have enough cash for just 12 months at a time.

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KPMG out ! 15 Jul 2016 08:12 #7420

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franshei wrote: FAS, You have accounting background, so you know things better than all of us.

In my judgement, KPMP may have their strict corporate policies to enforcing their auditing activities, as such Tiago Girao (and formerly Saad) and the rest of CYTX cannot do certain things within the generally acceptable accounting rules. Remember the last 4th Q before Calhoun and Saad's departure, Calhoun was predicting a much improved 4th Q result and yet it became a big disaster (big surprise for many), because of accounting rules changes.Then, CYTX had a hearing with listing department of NASD and KPMP's opinion on the "going concern" must have been included, the result of the meeting was a failure.

KPMP might have become an administrative issue for Girao, who should know certain new/newer rules within KPMP and they are unfavorable for small biotechs (including MESO and OSIR), which may have enough cash for just 12 months at a time.


Franshei-
Whatever the reasoning of the audit committee and the Board- we can speculate, but will unlikely find out what the real reason was. BDO is fine too - the fifth largest globally I believe and represented all across the globe, with HQ in Brussels Belgium. I do not expect "going concern" issues with them, but anticipated those to disappear with KMPG as auditors too at year-end. :whistle:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

KPMG out ! 15 Jul 2016 09:35 #7421

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A simpler explanation. Maybe they were just charging too much and BDO underbid them. Gotta save every last dollar you can if you're Cytori.

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KPMG out ! 15 Jul 2016 10:18 #7422

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WST

This may very well be the best explanation, as CYTX's sales and marketing activities have increasingly gone overseas., at this moment.

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