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February 2007

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Is Sanyo Hiding Something?

February 23, 2007 – Comments (0)

Sanyo (Pink Sheets: SANYY) has lost money in four of the last five years. It seems that one profitable year also should have shown a loss. A report in the Nihon Keizai Shimbun (sub required) says Japan's SESC (similar to our SEC) is currently investigating the company's 2004 results, because it believes the company hid massive losses by not reporting changes in the market values of its subsidiaries. Such losses were subsequently reported in future periods, but the delay made Sanyo appear to be profitable, however briefly.  [more]

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U Store It, Someplace Else

February 22, 2007 – Comments (0)

This is bound to prove interesting as more facts come out. U-Store-It Trust (NYSE: YSI), one of the few REITs with a valuation that is interesting, has just tossed its Chairman, another board member, and a president at a subsidiary out on their rear ends. These three folks are the founders of the company that preceded U-Store-It Trust and they all have the same last name: Amsdell.  [more]

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More Dirty Laundry at Mitsubishi UFJ

February 15, 2007 – Comments (0)

Mitsubishi UFJ Financial Group (NYSE: MTU) has given investors another reason to be skeptical of Japanese banks. According to a report in the Kyodo News Japan's Financial Services Agency has just slapped Mitsubishi UFJ with penalties that extend over a number of weeks (depending on region) and prohibit the bank from making new loans, because it was found that Mitsubishi UFJ had been making loans that were in violation of Mitsubishi UFJ's internal rules.  [more]

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