While going through Clearwire's S-1, I came across a rather innocuous looking paragraph, which should make investors think twice (particularly considering a paragraph very similar to this one part of a Nortel filing a few years ago). Make of this what you will:

"In connection with their audits for the years ended December 31, 2004 and 2005, our independent public accountants have identified a material weakness in our internal control. A material weakness is a significant deficiency that, by itself or in combination with other control deficiencies, results in more than a remote likelihood that a material misstatement in our annual or interim financial statements will not be prevented or detected. This issue relates to a lack of sufficient review of nonroutine and complex transactions. Our independent public accountants have also identified other significant deficiencies in our internal control. If we do not address and remediate our material weakness and other significant deficiencies, the reliability of our periodic reports on Form 10-Q and annual report on Form 10-K may be compromised."

Live from Starbucks is our weekly podcast. This week, Kevin Restivo and I bring National Post reporter Drew Hasselback (a fellow computer geek) into our world to talk about:
- Research in Motion going into China (Kevin got a late-night call from a very excited RIM co-CEO Jim Balsillie
- Google: another week, another new Google new service or two (Google Trends, which the Guardian's Jack Schofield dismissed as a "great time waster".)
- Terry Matthews takes Mitel Networks public for the second time in 27 years
- the mesh conference in Toronto, which is now sold out.
Note: We're still looking for a cool/slick name and sponsors. If you're interested, e-mail us here: kevinmarkpodcastATgmail.com.