Word: sheets
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Dates: during 2000-2009
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Even as WorldCom's future kept looking rosier to Grubman (see chart), its balance sheet, its "now," was imploding. At the end of 1999, the company claimed $10.3 billion in current assets and $30.3 billion in current liabilities and long-term debt. By year-end 2001, current assets had shrunk to $9.2 billion, while current and long-term debt had swollen to $39.2 billion. Graham liked companies whose current assets were at least twice their current liabilities. This measure, called the current ratio, tells you the working-capital cushion a company has at its disposal. Graham also believed that long...
...Tycho Schalken, doesn't come at you like a comicbook. You push the contents out of an open-ended cover sleeve. Into your lap plops an eight-and-a-half-foot-long piece of shiny cardstock that has been folded back and forth, accordion-style. Each side of the sheet contains a story by one of the artists, which because of the folding, means the book has no front or back and the end of one turns over to the beginning of the next in a Mobius-loop of comix reading...
...when Bush was unloading those shares for $848,000, Harken was sliding down. The company, which owned everything from drill rigs to gas stations, was losing millions of dollars trading oil on the commodities market. With its balance sheet deteriorating, Harken devised a sale of 80% of a chain of gas stations, Aloha Petroleum in Hawaii, to an entity that included the company's chairman and another director. Harken recorded a gain of $7.9 million to offset other losses and finished the year $3.3 million in the red--bad, but far better than the reality...
...lifetime of torture, I believe I can." A 1996 letter claims he had "solicited [a local woman's] murder from two Iranian nationals ... The contract is already purchased." Similar letters went to "maybe 100" people, Yoder says. He says he often wrote them with a carbon sheet underneath and sent copies to prosecutors. In 1996, Yoder even sued a prosecutor for not charging him; a judge had to remind Yoder that he "has no constitutional right to be prosecuted." He stayed at Chester...
...buried in the back--starting with the footnotes. Read about the company's pension plan; if its projected annual rate of return is more than 7.5%, a shortfall could bite into future earnings, and "you should be concerned," says Lehman Bros. accounting expert Robert Willens. Watch for off-balance-sheet liabilities, a fancy term for financial risks that the company hopes will never come home to roost, and for development costs that are capitalized instead of expensed. These factors don't mean you should shun a stock; they mean you should check its teeth. Firms with aggressive pension assumptions include...