Avid

[PeteB]

An interesting read.
http://createdigitalmusic.com/2014/02/avid-maker-pro-tools-now-losing-money-faster-delisted-nasdaq/

[Text_Edifice]

Based on all reports it was just a matter of time. From a couple of years ago re Sibelius:

"The golfing buddies on the Avid board have shown themselves time and again to be devoid of vision or proper understanding of the music industry. Their Wall St modus operandi is to buy viable companies, sack the staff, close down the offices and then simply let them trade on reputation with zero overheads until the products die off. Avid are literally making a killing at our expense.

Sibelius is currently we believe turning over $18 million a year. So now, with no overheads of development team and offices, for Avid that becomes clean profit as Sibelius is slowly killed off over the next 3-4 years.

To Avid’s Wall St mentality, that is smart business. Run on empty, make your fortune, then leave the carcass behind to hunt for the next pot of gold. Short term thinking that brings on the Harvard High Fives."

http://www.artsjournal.com/slippeddisc/ ... ights.html

[The Tasmanian]

Another reason to avoid anything AAX - and Pootools 11, and all their new hardware...
why am I not suprized?
Go Reaper!

[Text_Edifice]

followup on the CDM post

http://createdigitalmusic.com/2014/02/a ... -sibelius/

(I smell a legal threat)

[Manning]

Gah, I hate it when my two unrelated lives converge.

Still I'm calling shenanigans.

It sounds to me like Avid have run afoul of the Sarbanes Oxley Act, 2002 which says in essence "thou shalt not engage in jiggery-pokery accounting".

This little gem in their "disclaimer to their press release" says quite a lot: "...the previously disclosed ongoing SEC and Department of Justice inquiries; pending litigation and possibility of further legal proceedings adverse to the Company resulting from the restatement or related matter..."

Translated this means "The SEC and DOJ have accused us of jiggery-pokery. We are now cleaning up our books so we can blame previous management, and hopefully stay out of jail".