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SEC Filings: Q2 Homestretch

For those of you working on accelerated filers, you’re probably counting down the days hours until Monday’s deadline for the second quarter.
So, if you’ve already filed, make all the other workhorses out there jealous by telling us where you’re going to happy hour the rest of the week.
If you’re working down to the wire, let us know what color your sleeping bag is or where you’ll be ordering take out. Or maybe how many days you’ve been wearing the same shirt. Has anyone put in 40 hours this week yet? You get the idea. All right, now get back to it. Regulators are waiting…

BDO ‘Invites’ Partners to Retire in the UK

BDO-small.jpgBDO in the UK has “‘invited’ 24 partners to take retirement and is in the process of settling the details over the withdrawal of equity”, according to Accountancy Age. And by “invited”, we’re pretty sure BDO means, “pack your shit”.
According to Simon Michaels, the head honcho in the UK, the “withdrawal of equity” would not be an “unmanageable situation to deal with” which is sorta like saying “it’ll hurt for a little while but as soon as my ownership is bigger, I’ll be over it.”
This whole sitch across the pond compelled us to call a BDO rep here in the States to find out what might be going down for the American partners. We were told that there were no plans for dismissal of partners in U.S. and in fact, partners will likely to continue to be added to the firm. This jogged our hazy memory about our speculation that BDO was adding some partners last month in order to spread out some liability.
So it appears that since BDO International Global Coordination isn’t on the hook for the half a billion in liability from the Banco Espirito case, they can’t afford to keep all their partners. BDO in States, on the other hand, needs to spread out the love on the liability. Don’t you love it when everything makes sense?
Reality bites for BDO Stoy Hayward [Accountancy Age]