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Optical/IP

Riverstone Misses SEC Deadlines

Riverstone Networks Inc. (OTC: RSTN.PK) yesterday talked up its positive assessment in a new Ethernet systems report (see HR Report Praises Riverstone).

But behind the scenes, the vendor filed a form with the Securities and Exchange Commission (SEC) stating that, as previously warned, it has missed filing its results for the first quarter of fiscal 2005, ended May 29. The filing also stated that there might be further delays to the company's own internal August 9 target for providing more financial information.

The 10-Q form for the first fiscal quarter of 2005 was due yesterday. As Riverstone warned in June, it did not make that deadline and said it would not be available until after the full year 2004 audited financials are complete (see Riverstone to File in August). In yesterday's filing with the SEC Riverstone warned that, while it would file its quarterly results "as soon as practicable," it doesn't expect to submit the required Form 10-Q "on or before the fifth day following the required filing date as prescribed in Rule 12b-25."

The company also hinted at further delays to the refiling process. In the filing, the company stated that it might not hit its own target of the week of August 9 "for filing its financial statements and accompanying independent accountants report for the fiscal year ended March 1, 2003 as well as the quarterly results on Form 10-Q for the first three quarters of fiscal 2004." Riverstone had expected to "file audited financial statements for the full fiscal year ended February 28, 2004 by the end of August," but now states that "there can be no assurance" that it will hit the dates previously stated in a June press release (see Riverstone to File in August).

The delays are the latest in a line of financial speedbumps the vendor has hit. A string of problems that resulted in its delisting from Nasdaq and the announcement of an SEC probe led to the resignation of senior figures last December (see Riverstone Founders Resign).

Since then, the vendor has been pushing its Ethernet credentials and building a broader base of carrier customers as it deals with its legacy issues and concludes the review of its accounting practices. (See Ethernet/MPLS Growth Up for Grabs, China Telecom Picks Riverstone, Comstar Upgrades Ethernet Network, Riverstone to Settle Litigation, Riverstone Enters Edge Fray, Riverstone Establishes Ethernet Alliance, and Riverstone Begins New Chapter.)

— Ray Le Maistre, International Editor, Boardwatch

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paolo.franzoi 12/5/2012 | 1:28:03 AM
re: Riverstone Misses SEC Deadlines
Dateline Seychelles Islands (no extradition from here)......

Nortel today announces it has agreed to purchase Riverstone for a couple of beers. Given that nobody has any clue what either company exactly has the beers seem like a fair exchange. Rationale for the merger...OPEX savings. As a Nortel spokesman said, "One group of Lawyers to face the SEC et al. One group of auditors to uncover the mess. One group of mea culpas. The savings here will be massive. It might even might make the combined firm profitable, if anybody has an idea of what that means."

For those with reading challenges, that is supposed to be funny.

seven
reoptic 12/5/2012 | 1:28:02 AM
re: Riverstone Misses SEC Deadlines telecom industry is whose who of sec house of horrors with riverstone, enterasys, nortel, sonus, lucent, mci, qwest etc.

Can you think of another industry today with as many sec and criminal cases open...
edgesansonet 12/5/2012 | 1:28:00 AM
re: Riverstone Misses SEC Deadlines -- How about merging Lucent, Nortel, Riverstone ?
LOL

"
Nortel today announces it has agreed to purchase Riverstone for a couple of beers. Given that nobody has any clue what either company exactly has the beers seem like a fair exchange. Rationale for the merger...OPEX savings. As a Nortel spokesman said, "One group of Lawyers to face the SEC et al. One group of auditors to uncover the mess. One group of mea culpas. The savings here will be massive. It might even might make the combined firm profitable, if anybody has an idea of what that means."
"


edgeman 12/5/2012 | 1:27:58 AM
re: Riverstone Misses SEC Deadlines Tier 1's are starting to buy their metro Ethernet story. Check out the 3 June 17th Con Ed Telecom postings on Monster

Requirements:
The person applying for this position should have a thorough understanding of IP Networking protocols, OSPF and BGP for routing, 802.1q for vlans and 802.1ws for spanning tree. Will be working primarily with Cisco and Riverstone gear. A good understanding of the fundamentals of network security and familiarity with Firewalls, access lists, authentication and auditing in a network is a must. Familiarity with UNIX, Solaris and Linux primarily, HP-UX and Tru64 is a plus. The person should be a self starter who is able to work with little or no supervision and have hands-on' experience in configuring and troubleshooting Cisco and/or Riverstone routers and switches in a service provider or enterprise environment.

This company might actually make some money one day if they could ever get closure on their finances.
whyiswhy 12/5/2012 | 1:27:56 AM
re: Riverstone Misses SEC Deadlines Reoptic wrote:

"Can you think of another industry today with as many sec and criminal cases open..."

Yea, energy. The scandal is in reality much wider, and extends to the Whitehouse and the "stacked" FERC.

So much for laissez faire capitalism from the Neo-con Republicans: they are quite happy to have the government regulate energy, as long as they can stack the regulatory board with with people who stand to get rich from high priced energy.

And why have we not seen the automobile mileage requirements move? Or reduce speed limits on Interstates to 55?

But we can make sure Cubans can't get soap or toothpaste.

-Why
paolo.franzoi 12/5/2012 | 1:27:54 AM
re: Riverstone Misses SEC Deadlines

Are you on drugs Why?

Why not open up drilling would that not be simpler?

Why not post in a place that somebody cares?

Please vote for John Kerry. It is funny to see a Mult-Millionaire "man of the people". I guess if he cared enough, he might open a homeless shelter with the family money.

seven
pirs 12/5/2012 | 1:27:50 AM
re: Riverstone Misses SEC Deadlines In addition to accounting even engineering is in a total mess at Riverstone. Every week two good engineers quit at Riverstone because they are fed up with engineering management especially Praveen Mandal. This moron has no organizational, people or technical skills. His solution to any problem is "lets have a drink". If Oscar Rodriguez wants to boost engineering morale he should replace him.
rjmcmahon 12/5/2012 | 1:27:46 AM
re: Riverstone Misses SEC Deadlines Why not open up drilling would that not be simpler?

Are you taling about ANWR? A pro ANWR drilling site helps shed light on this.

http://www.anwr.org/backgrnd/b...

"HOW MUCH OIL & GAS IS IN ANWR'S COASTAL PLAIN?

Geologists agree that the Coastal Plain has the nation's best geologic prospects for major new onshore oil discoveries. According to the Department of Interior's 1987 resource evaluation of ANWR's Coastal Plain, there is a 95% chance that a 'super field' with 500 million barrels would be discovered. DOI also estimates that there exists a mean of 3.5 billion barrels, and a 5% chance that a large Prudhoe Bay type discovery would be made."


And to put that in perspective

"The Persian Gulf contains around 674 billion barrels of proven oil reserves, representing approximately two thirds of proven, conventional world oil reserves, and 1,923 Tcf of natural gas reserves (35% of the world total). Also, at the end of 2002, Persian Gulf countries maintained about 22.3 million bbl/d of oil production capacity, or 32% of the world total."

The US consumes 20 million bb/d (and growing).

Also, the oil execs testified to Congress even if ANWR were opened to drilling, they would sell that oil to the global market. It was likely that most of that oild would end up being in Asian markets. Don't know how that would benefit the average American.
sigint 12/5/2012 | 1:27:45 AM
re: Riverstone Misses SEC Deadlines why:
And why have we not seen the automobile mileage requirements move? Or reduce speed limits on Interstates to 55?
__________________________________________________

I have always wondered, are their any start-ups funded in motor technology? Say, in things like hybrids, or combined-cycle motors for long distance transports(trucks and coaches).

VCs seem eager to fund what would be an incremental development in the comms space. Why not research into vehicle retrofits that would help drastically with gas consumption? That should make a lot more sense.

In some previous life (in school, actually) I had worked on some interesting motor control technologies which could prove effective. At that point in time, gas was cheap, and these technologies didn't make sense. But today, they do.
light-headed 12/5/2012 | 1:27:45 AM
re: Riverstone Misses SEC Deadlines If that is true, that is good news. I lost a lot of money because they lied about their sales and their prospects and have no way to be made whole (lawsuits are a joke for the individual investor).

They should be in jail! Not because the downturn punished their sales and the bad econmomy impacted them but becuase they had fraudulent sales and projections. They flat out deceived the investors and profited from it.
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