Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Pat, I will vote "NO" as the only way to express my displeasure w. Meaney's lack of concern for shareholder value.
Meaney's vision is faulty with good intentions. A prime example is hiring his son-in-law into management which is suspect immediately but with the excuse that he has capital markets experience.
How did MKRS fall into disfavor with the US Navy? Hiring Board Member David W. Jolly was a colossal mistake and poor excuse for a lobbyist --this idiot goes on TV shows criticizing Pres. Trump --like that will get us nowhere fast.
Interesting. You're making me think that perhaps we should be relieved that we can get 13 cents! <G> This one was a long term gambling stock for me. I didn't roll "snake-eyes" but it didn't turn out the way I would have liked it to turn out. In hindsight it's not a suprise it ended like this. Shareholder value was not particularly high on their priority list. We've known that and have been critical of that for years. Time for them to cut the check and let me move on.
Good luck, velcro.
Pat
Schedule 14-A "Negotiation of the Transaction" reads like a horror story.
Negotiations appeared to be going right and then turned to manure.
In Sept. 2020, lost funding for AN/SYM-3 and then lost Navy Depot SBIR Ph II grant.
No mention of the "Mikros Mindr" or the pilot projects.
Meaney must be "content" because otherwise it's a nervous breakdown, strait jacket and the rubber room.
In the Schedule 14-A, the name "Meaney" appears only 11 times, but the son-in-law name "Malone" appears 41 times mostly in regard to his wonderful bountiful severance.
EVERYTHING goes to McKean Defense (including patents).
13 cents per share is an absolute disgrace.
Almost ready to accept total loss rather than let contented Meaney off the hook.
BUYOUT Search should continue.
I've always believed that Meaney was content with his stewardship of MKRS. In spite of these new developments, I continue to believe that he is content. I've also believed that he wasn't particularly concerned about shareholders and I continue to believe that. So very little has changed from my vantage point with the exception that my relationship with them is coming to an end. There's little left to do but to wait for the check to arrive after everyone signs on the dotted line. Time to move on.
Pat
its funny you said that when mikros sold to safeguard they sold other stuff to DRS before they let go of the company. And put there patents in on of the subsidiary company's that mikros had. then when they bought the company back they took the subsidiary companys with them ..
Now you got me wondering if Mikros is selling the entire package lock stock and battle to McKean.
Mikros Mobile Broadcasting Co
Data Design and Development
not sure of this one ( Am data and transmission co ) or something like that. Its hard to remember back into the 90's
Now I'm wondering if Paul Casner is indirectly related to Meaney (married in-laws, 2nd or 3rd cousins, etc.)
Board Chairman Casner bypassed Henry Silcock and Chuck Bristow to bring in outsider Mark Malone (Meaney's son-in-law).
We know it was Silcock's idea to buy out the Preferred Shares.
Chuck Bristow has long Navy and Mikros experience.
At the time, it maybe that neither Silcock or Bristow wanted the additional executive responsibility, BUT it's one thing for Casner to approve hiring Meaney's son-in-law AND it's a damn crime to negotiate the Malone severance package.
I assume Malone was an "at-will" executive and should have just been terminated.
In March 2020, Chuck Bristow was promoted to President and Chief Operating Officer. DID HE KNOW IT WAS LIKELY ONLY TEMPORARY? Casner said they couldn't find personnel to fill executive slots.
The M+M Boys negotiated the 13 cent McKean merger and get rewarded.
Meaney stays on with McKean for at least one year. Malone walks away with a generous golden package.
Are we to believe the Mikros Mindr and patents is a big flop or is it more the case that Malone is a big flop (capital market experience my rear-end)?
A good lawyer would have a field day with Casner and the M+M Boys.
MKRS has no debt and we're at the mercy of these conniving executives.
I'm having a difficult time with meaney holding 6 million shares in this company and letting it go for .13 cents. Something just don't seen right, I smell rotten fish here. Remember when they sold the company to safeguard Scientifics. Then bought it back for peanuts.
BUT THEY WHERE STUCK WITH ALL US SHAREHOLDERS WHO HAD STOCK. THIS TIME THEY FIGURED OUT HOW TO SCREW EVERBODY OUT OF THERE SHARES. thats when its known as " MINE ALL MINE "
Take a look at "INITIAL NEGOTIATIONS" going on since early 2019.
Excerpt below:
"On February 12, 2020, Party B delivered a non-binding letter of intent to the Company to purchase the Company for up to an aggregate of $0.21 per share, but that price was payable over a four-year period based on the financial performance of the Company during that time. At this time, our stock was trading at $0.16 per share."
THE BOARD DECIDED PARTY B OFFER WAS UNACCEPTABLE.
MAYBE TRUE, BUT MCKEAN DEFENSE 13 CENT OFFER IS UNACCEPTABLE.
Just terminate the M+M Boys and Board Chairman Paul Casner.
Still can't get over Casner negotiating a severance package with Meaney's son-in-law.
Malone (having experience in capital markets we were told) helped his father-in-law Meaney negotiate the 13 cent deal.
The Preliminary Prospectus in SEC Form 14-A is dark comedy.
WHEN THIS MERGER FAILS, THE FIRST ACTION SHOULD BE IMMEDIATE TERMINATION OF THE M+M BOYS.
Below is a critical excerpt.
In the first Quarter 2019..."At the same time, our Board was exploring transitioning management to the next generation of executives. Although we had developed effective software products and commenced marketing activities, management determined that it would take a substantial investment in capital and human resources to develop a viable commercial business. In evaluating the combination of strong financial performance, the difficulty in executing a succession plan, the amount of capital necessary to build a commercial business, and lack of liquidity in our stock, which did not seem to fairly value the Company, the Board determined to explore whether it could enhance stockholder value through a potential sale of the Company.
After considering alternatives to maximizing stockholder value, including raising additional capital to execute our business plan, and considering its fiduciary duty in connection with any potential sale, the Board unanimously authorized management, with the assistance of legal counsel, to begin to explore the viability of a transaction involving the sale of Mikros as a means of maximizing value to our stockholders."
The Mark Malone termination package included in the merger agreement w. McKean Defense really was not necessary.
If as suspected this merger agreement is just a marketing ploy for a much better offer then a larger company could simply tell Malone to get lost.
Bobchar, yes, Thanksgiving is good everyday.
Velcro is envious of your cynical humor.
Wherever the M+M Boys celebrated Thanksgiving they did not give stockholders any thought --per usual.
Hopefully, MKRS stockholders fare better in 2021, with a much better merger offer.
I trust everyone had a good thanksgiving. especially the two pardoned turkey's at MIKROS so they can continue eating the company fat.
In effect, the stockholders get a vote on Meaney's leadership.
The M+M Boys have worn out their welcome.
MKRD:Good point, if so delicious for insiders the transparent announcement is open to better offers!
Too juicy for the Insiders. This deal is deliberately designed to fail.
Looks like a marketing ploy for a better offer by a larger company.
there are other company's involved with this sale. you need to go onto www.sec.gov and check out mikros with the filing that they made. The way i read this report is Mikros will be merged with a company called GYRO MERGER SUB which is a subsidiary of MERGER SUB INC. These company's are a subsidiary of McKean corp.
what a crock of crap this is turning out to be. Our stock in this company is set to be worthless at .13 cents. in the meantime we are setting on 2 contracts for the ADSSS system of 25-50 mil each. With 4.5 mil offered for the company they make a 96 mil profit in contracts. this is stupid negotiations by any standard. EXCEPT MEANEY'S
boy mkrs covered there Rear end didn"t they. All there deals are solid
In connection with the Merger Agreement, on November 12, 2020, the Company and Mark J. Malone, the Chief Financial Officer and a director of the Company, entered into a Settlement and Release Agreement (the “Malone Agreement”) acknowledging that payment to Mr. Malone required by that certain letter agreement between the Company and Mr. Malone dated July 29, 2020 in the event of a change of control of the Company or the termination of Mr. Malone’s employment other than for cause shall be in complete satisfaction of amounts due and owing under such letter agreement.
Concurrently with the Merger Agreement, each of the Company’s directors and certain executive officers entered into a letter agreement (the “Affiliate Agreement”) with McKean Defense whereby they each agreed to vote or cause to be voted all of the shares each beneficially owns in favor of approval and adoption of the Merger Agreement, the Merger, and the transaction contemplated thereby, among other things.
The foregoing summaries of the Merger Agreement and the Affiliate Agreement and the transactions contemplated thereby do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Merger Agreement and Affiliate Agreement filed as Exhibit 2.1 and Exhibit 99.1 hereto, respectively, and incorporated herein by reference.
The foregoing summary of the Malone Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in their entirety by, the full text of the Bristow Employment Agreement and the Malone Agreement which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the three-month period ended September 30, 2020.
INSIDERS = 8,166,405 shares
STOCKHOLDERS= 27,422,370 which is 3.3 times larger than INSIDERS
There might be a few stockholders who just want out and will take the peanuts offer.
Yet the 13 cent deal is so ridiculously low that it appears to be inexpensive advertising seeking a higher stock price from another "Superior Company Proposal"
There is a "No Shop" clause, BUT if a "Superior Company Proposal" is taken then MKRS owes McKean only a $175,000 termination fee.
McKean Defense has a fish (MKRS) on the line.
The $4 million deal includes MKRS retaining cash of at least $1.5 million.
DUH-- 4 million minus 1.5 million is only $2.5 million.
From the Agreement: "Consummation of the Merger is subject to customary conditions, including.... the Company having Excess Cash (as defined in the Merger Agreement) at the time of closing of at least $1.5 million;"
Board has all agreed on YES because they have a sweetheart deal in Section 2.04 "Company Equity Awards." All their stock options turn to cash.
And son-in-law, Mark Malone, gets his sweetheart deal arranged by Paul Casner and the Board.
Damn them, what about stockholder equity award?
Board is in a wet cardboard box and can't get out.
There was no prior public mention of shopping around for a buyer or merger; so trusting the Board is suspect.
We saw (after the fact) the Paul Casner machination statements when shuffling around Meaney's son-in-law, Mark Malone.
The M+M problem was painfully obvious to stockholders.
The Board should have been shopping around for a new CEO, but no way, it's always necessary to protect Meaney.
Casner and Meaney are locked at the hip.
The blunder of bringing in Meaney's son-in-law was sufficient cause for termination of both of them.
When stockholders vote NO overwhelmingly, then is the time for the Board to can the M+M Boys.
Instead, Meaney and the Board have been looking for some way to get rid of the stockholder burden.
The burden is the M+M Boys.
Short of a hostile takeover of the Board, how will it change?
Meaney would rather cut off his right arm than approach IBM, GD, NOC, RTX, et al.
Correction: I need 25 cents per share just to break even.
over 700,000 shares traded and they could not get more than a penny. what a sad situation.
shareholder value my rear end
Bobchar, good point on the contracts.
MKRS has no debt, but we have the M+M Boys and the BOD who think we were all born yesterday.
Negotiations begin anew after the NO vote.
one other thing if the company can get 4.5 mil in the sale. How does that work with a 25 - 50 mil contract with the navy for the ADSSS and then a follow on contract for another 25 - 50 mil the following year.
ADSSS New Delivery Order R425 541330 $25M - $50M Small Business Set- Aside 2021 Q1 2021 Q2 Contractor Facility Adaptive Diagnostic Electronic Portable Test (ADEPT) Distance Support Sensor Suite; Now AN/SYM-3(V) approved system of record Mikros N63394-16-D-0018 N6339419F0079
L-Dept SIBR Phase III Engineering Services and Procurement of AN/SYM-3V Equipment R425 541330 $25M - $50M Small Business Set- Aside 2022 QTR 3 2023 QTR 2 Contractor Facility Adaptive Diagnostic Electronic Portable Test (ADEPT) Distance Support Sensor Suite; Now AN/SYM-3(V) approved system of record Mikros N63394-16-D-0018 (DO) N6339419F0079
with 600,000 shares moved today so far i would think someone is accumulating voting shares. probably McKean notice its not over 13 cents yet. isn"t that what the PR said the stock would be worth on outstanding shares. what a joke
bobchar
Hopefully Daniel Zeff leads the charge on NO approval and fights for much better terms as Zeff did with his other companies.
You're likely right about some of the Insiders getting jobs or consultation at McKean Defense, then we definitely deserve much higher stock price.
Usually, many employees (and Insiders) stay on to make the transition to the new company.
We can't stand for their attitude, "I got mine, how did you make out?"
ADEPT and the Mikros Mindr (w. valuable patent) are not going to operate by themselves.
That is a joke buyout offer. The M&M boys are simply going to acquire more equity ownership through that deal for $4.6 million, which is far less than 1x annual revenue.
I'd recommend every shareholder vote against it. Insiders do NOT have majority ownership, so it is up to us to decide if that deal gets done or not.
McKean PR http://mckean-defense.com/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation/
Stevens & Lee (small potatoes) represents McKean.
Spouting Rock Capital (even smaller potatoes) represents MKRS.
MKRS PR August 14, 2020, returns to profitability w. glowing words from Meaney https://www.mikrossystems.com/mikros-systems-corporation-reports-second-quarter-financial-results-returns-to-profitability/
Remember a few years back, Meaney was crowing how MKRS was taking business from IBM.
Then the M+M boys got MKRS where it is today.
It makes my blood boil.
For me, it's a straight loss of $1,150, not counting the interest on 15 years of this dead money investment.
Daniel Zeff had said his average purchase price was 15 cents.
Paraphrasing Board Chairman Paul Casner, the Board had shopped around for the best deal. Nonsense.
Casner said the deal requires a stockholders vote.
Between Meaney, his pitiful son-in-law, and the Board who received all those free shares, we plebes don't stand a chance.
I WILL VOTE NO.
I WOULD BE WILLING TO SUPPORT DANIEL ZEFF IF HE WANTS TO LEGALLY CHALLENGE THIS TRAVESTY.
WE DESERVE MUCH MORE THAN 13 CENTS PER SHARE, BECAUSE THE STOCK PRICE IS SOLELY M&M BOYS AND RUBBER STAMP BOARD'S POOR MANAGEMENT.
THE MKRS TECHNOLOGY IS WORTH AT MINIMUM 25 CENTS PER SHARE, MAYBE MORE.
4.6 million in cash and 13 cents a share for all outstanding stock. where's that leave us.
bobchar
McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation
Careers at Mikros Systems
We are not currently hiring. Please check back for updates!
In old news, Meaney's son-in-law has a career at Mikros Systems.
Wondering if Daniel Zeff is slowly buying back into MKRS?
Curious, someone thinks MKRS is worth 10 cents.
I placed a SELL order for 0.093 which was a fraction above the low Bid of 0.091.
Lo and Behold my SELL was bought by someone for 0.099 cents (all but 10 cents).
Maybe tomorrow they will sell short because otherwise there is no money to be made with the M+M Boys for a long time.
On a big volume and price day for the overall markets, no one is interested in the M+M Boys leadership.
GREAT NEWS TODAY "NOTHING"
well schaffner lynch and casner are recooping there money a year at a time with there BOARD OF DIRECTOR wages. may take them a few more years to break even.
Its funny that they can't even hype the company by saying we are all sill here working
There must have been problems with son-in-law, Mark Malone, most of the way?
In the Annual Report, Chairman of the Board, Paul Casner, was paid 40K in 2019 and 26K in 2018 for management consulting services.
Director Schaffnit bought some shares seems on a whim perhaps having money to waste.
Any member of the Board who can tolerate the extremely low price of MKRS shares is not doing their job and is not earning their 20K retainer.
M+M Boys have melted.
All these years, and given more time, Daniel Zeff may buy over 5% and right the ship. Otherwise, we languish with our rubber stamp Board.
If MKRS really had a promising future, they'd just take it private rather than letting others benefit from any increase in equity value. Such small insider ownership tells you all you need to know.
Definition of stockholder:
(1) a place to keep cattle
(2) a warehouse for inventory
(3) serfs beholding to the M+M Boys
Daniel Zeff doing wonders for TSRI.
Holding Long on MKRS is an understatement, but maybe one day Zeff will take over the Board and make the M+M Boys history.
No debt, no Preferred shares.
M&M boys are the major drag.
Technology changes fairly rapidly. Other companies have automated intelligence. Whatever advantage the Mikros Mindr might have, we remain clueless and I am hoping MKRS engineers can improve the Mikros Mindr to make it profitable as a spin-off company.
My other hope dwindles that Daniel Zeff buys to takeover significant control of the Board (that may not happen until Meaney is in Assisted Living or maybe most of us in Assisted Living).
Did the 10Q say we shareholders have to pay .10 cents a share dividend to the company.
bobchar LOL
The US Navy has been and probably will continue to be their only real source of revenue barring unforeseen defense cuts. MKRS is a one trick pony. The Navy has been a reliable customer but I don't imagine their needs are likely to generate any real growth for MKRS in terms of size or share price. Too bad. Someone different might have been able to parlay this company into something that could have been a nice play. They're good at what they do.
All IMHO.
Pat
Looks like the revenue was largely from the US Navy.
YAWN !!!
The return to profitability is very good....and it sounds like they are about to turn the corner on growth....lots of pending projects.
Followers
|
59
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
4327
|
Created
|
08/21/02
|
Type
|
Free
|
Moderators |
--- -
Mikros Systems Corporation was incorporated in the State of Delaware in June 1978. We are an advanced technology company specializing in the research and development of electronic systems technology primarily for military applications. Classified by the U.S. Department of Defense (DoD) as a small business, our capabilities include technology management, electronic systems engineering and integration, radar systems engineering, combat/command, control, communications, computers and intelligence (C4I) systems engineering, and communications engineering.
Founded in Albany, New York, Mikros was formed to leverage the microprocessor advancements coming out of the nearby General Electric Research and Development Center into state-of-the-art digital signal processing applications for the defense industry. We specialized in developing technology and products advancing the state of military RF (radio frequency or wireless) and underwater data communications. Through several U.S. Small Business Innovation Research (SBIR) awards in the early 1990s, we developed and fielded the AN/USQ-120 Multi-Frequency Link-11 Data Terminal Set still in use today by the U.S. Navy.
In the mid 1990s, we began shifting our core business area away from military communication applications to the rapidly expanding commercial wireless communications arena. Our advanced Digital Signal Processing (DSP) technology base and core competencies enabled us to develop unique, proprietary technology, high-speed data broadcasting techniques utilizing the commercial AM and FM radio spectrum. In 1998, we sold our military communications business to an unrelated third party.
Due to expanding cellular and satellite communications technologies, market demand for commercial wireless data broadcasting (one-way communication) applications never fully materialized. Upon expiration of our non-compete restrictions imposed by the 1998 sale of our military communications business, we shifted our focus back to research and development for military electronic systems. In 2002, we began developing SBIR initiated technology products within our areas of expertise, and remain committed to this strategic approach today.
Washington, DC - Washington Operations
80 M Street SE
Washington, DC 20003
Phone: (202) 609-6908
Norfolk, VA
2929 Wilsonia Way, Virginia Beach, VA 23453
Phone: (757) 619-4898
Largo, FL - Production, Logistics, and Support
8076 114th Ave N, Suite 500
Largo, FL - Production, Logistics, and Support
Largo, FL 33777
Phone: (727) 498-8963
Fax: (727) 498-8964
http://www.defense.gov/Contracts/default.aspx
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |