Dr. Hugh Akston
Hedge fund manager, long/short equity, value

Questionable Accounting Masks True Risk For Harvest Natural

Harvest Natural Resources (NYSE:HNR) has the most aggressive and misleading financial accounting that we have seen in our 14 years in the financial markets. The financial accounting is so egregious that it is our understanding that a group has filed a report with the SEC for further investigation.

It is our view that the stock's recent run to $5 is completely unwarranted and the intrinsic value of the company is somewhere between $0-3 per share. In this report we will discuss the accounting issues that have significantly distorted the true value of HNR, the imminent liquidity crunch, and the outrageous analyst upgrade by Wunderlich Securities.

Accounting Issues:

How can a company that generates $0 in revenue and negative...

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