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American Capital Avoids Loss With Fishy Math
American Capital Strategies(ACAS Quote) appears to be using aggressive accounting to delay a large writedown in its portfolio of investments.
The most surprising piece of the company's earnings release this week was the firm's valuation of its investment in European Capital, a publicly traded London-based stock that fell 18% in the quarter.
This stock drop should have resulted in at least a $140 million loss for American Capital. Instead, it somehow translated into a $2 million gain. ...
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