Special auditor Soneet Kapila, president, Kapila & Co., Fort Lauderdale, FL has filed his 57-page, two-month report with U.S. Bankruptcy Judge Arthur B. Briskman who approved the investigation at the request of unsecured creditors.
Robert I. Earl, Planet's $600,000-a-year chairman, denies any wrongdoing and says through his Orlando lawyer, R. Scott Shuker, any investigation by the Securities and Exchange Commission will clear the 11-year-old company as well.
Kapila's report, filed Aug. 12, says Planet's Dec. 31, 2000 year-end filing to the SEC projected it had sufficient cash to carry the company through 2001. But Planet's directors at a February 2001 meeting hinted the company could be out of cash by April 2001, Kapila's investigation found.
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