Wave Systems Corp. (fka WAVXQ)

[aleajactaest]

Hard to know if folks stoked the excitement/misery to front run the stock. But the thing which was more striking to me was some folks' determination not to listen to things that didn't suit the story.

The evidence of a poorly managed company, an unsafe harbour and an intransigent market was there for quite a while. There was a period during the Dell-GM-BASF era when things looked promising. But that was eons ago. It was clear there was something awry before BP when the rate of new major deals was excruciatingly slow and we started to wonder if there was an issue with the length of customisation, amongst other issues.

Surely the board had information about the delays. And yet it took them years and years to act.

At any rate. I hope the lessons are learnt. And going forwards, folks look out for signs that things are going wrong. Not in a kneejerk way but thoughtfully.