One Disgruntled Employee is Not Impressed By Plante Moran’s Balloon Drops
We knew it was only a matter of time before the Debbie Downers started coming out of the woodwork to complain about Tuesday's announcement that Detroit's Plante Moran and Chicago's Blackman Kallick will be merging to create a firm to be reckoned with in the Midwest. One such Negative Nelly has a few sage […]
Memo to Audit Firms: If Steven Thomas Sues You, That Means You Really Screwed Up
If you've been reading Going Concern for a while, you have probably heard the name Steven Thomas. If you're unfamiliar, he's a partner at the law firm of Thomas, Alexander & Forrester in Vencie, California and he's done quite all right for himself by suing auditors. Big auditors. He served as lead counsel for the plaintiffs in […]
Ernst & Young Gives Going Concern Warning to Allen Stanford Liquidator
If you’re given the task of running down assets that are left over from a Ponzi scheme, you’d think somone would throw in a little something for the effort. That stolen money is going to find itself after all.
Well! Apparently this is not so, especially as it relates to UK recovery firm Vantis. Vantis has been scouring the Earth for any of the plunder left over from the Allen Stanford hide the $7 billion game.
Six months into it, Vantis can’t get paid for its treasure hunt services and now Ernst & Young has said that the firm’s very life is at stake if they can’t start convincing some people to pay up.
Among the excuses that Vantis is claiming are the fact that most of the assets in the U.S. have been frozen and that the U.S. liquidator Ralph Janvey doesn’t play nice.
But hey! They’re still confident everything will be hunk-dory, “The UK recovery firm said it remained ‘confident’ that it would be able to recover its fees ‘in due course’ but said the timing remained uncertain.”
So more or less you’re day-to-day, right? Welcome to the prestigious Club of Those Ripped off by Allen Stanford.
Vantis faces going concern threat over liquidation of Allen Stanford’s bank [Telegraph]