Thursday, November 18, 2010

All I want for Christmas

Okay, I don't really need anything for Christmas but when I heard that this was coming up for sale, I thought I'd throw it out there for any benefactors looking to make my year :)

"Looking to buy a new vehicle at a bargain price?

Well, if you're interested in orbiting the Earth or buying the world's most expensive lawn ornament, NASA may just have a deal for you.

The space agency announced late last week it has dropped the sale price of a used space shuttle from $42 million to the bargain-basement price of $28.8 million. With NASA moving to retire the space shuttle fleet this fall, the agency is looking to move a few shuttles and bring in some much-needed cash."

Okay, so $29 million might be a little steep for my readers but how about a replica for $2 million?

"These are incredible 1 to 1 Space Shuttle Orbiter replicas. These replicas are incredible. Made to close exact dimensions of the original Space Shuttle Orbiters. The price does not reflect an interior but a full interior is available. Please call for more information. This replica will not fly. Shipping will be the responsibility of the purchaser and setup or the replica is extra. Please call!!!!"

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My favorite piece of the superstar GM IPO document is on page 30 of their "risk factors"

"At December 31, 2009, because of the inability to sufficiently test the effectiveness of remediated internal controls, we concluded that our internal control over financial reporting was not effective. At September 30, 2010 we concluded that our disclosure controls and procedures were not effective at a reasonable assurance level because of the material weakness in our internal control over financial reporting that continued to exist. Until we have been able to test the operating effectiveness of remediated internal controls and ensure the effectiveness of our disclosure controls and procedures, any material weaknesses may materially adversely affect our ability to report accurately our financial condition and results of operations in the future in a timely and reliable manner."

So, as of 6 weeks ago, they didn't have enough internal controls to determine if the quality of their financials were any good. Good luck with that.

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