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Monday, June 03, 2002

Adieu Arthur Andersen

by: Tony Pennino

Ziegler Companies of Milwaukee has decided to terminate its relationship with Arthur Andersen. Andersen had served as the independent auditing firm for Ziegler. The release was effective May 31, 2002.

The firm is currently in the finals process of naming a new auditing firm.

"Arthur Andersen has served as Ziegler's auditor for many years, and always displayed a high level of competence and professional ethics. Our shareholders expect that our auditor will devote its undivided attention to our financial statements. Given recent events, it is not clear whether Andersen will be able or willing to perform as our auditor. We had no disagreements with Andersen about accounting issues," stated John Mulherin, president and ceo at Ziegler.

In other Ziegler news, the firm has completed the buyback of 200,000 shares of its own common stock from private investors. Ziegler is looking to purchase another 100,000 shares of its stock. 

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