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Look it was an inept and ridiculous funding. We had no choice but to settle as we could not continue the potential of a death spiral at these valuations. GE has to go, he has created nothing but pain for shareholders. If they don't have money allocated for the airship then its time shareholders take some legal action. That was promised from the first proceeds of the LTA sale and GE needs to be held accountable. At this stage he needs to clear his desk. IMO
Finally some positive news! We needed LJC settled.
Thanks Happy New Years to all, have a great year, in health and prosperity!
I think the Chairman of WSGI is the best choice. He will bring them to the BOD IMO.
I agree with you regarding this management. IMO our CEO has been severely compromised and engaged in an agenda of collusion with Honig this year. That collusion has resulted in the destruction and willful sell off of assets with purposeful misrepresentation regarding the use of proceeds at the time of the LTA sale. There was no money spent on the Argus plan as promised and now GTC has been siphoned off as well. I do not believe our WSGI chairman is a participant in this chicanery and truly would wish to see the company move forward with GTC build out and stratospheric advancement. It is necessary for shareholders to express their concerns and desire for immediate change in CEO IMO..
Agreed all thanks to one ridiculous CEO that refuses to communicate with shareholders IMO. Perhaps we should begin a petition drive with our Thanks to him that we can deliver the BOD? I honestly think it would have an impact on the BOD if shareholders sincerely want change.
In any event all best wishes for a Merry Christmas!!
I think having an actual working GTC-USA office will be beneficial and successful. I also believe announcements regarding stratospheric airship development will commence. I'm not pleased with overall management but I believe there is a plan that the Chairman envisions that can lead us forward.
I believe Drew has integrity, business experience and ability, knowledge of gov contracts, research opportunities and great communication skill as well as positive networking. I think he has organizational and management know how in the military and business sectors.
IMO
Sadly he was not capable of turning the company around. He has been pretty good representing Honig to shed our assets. He does have a calling just not as CEO. His efforts as CEO are worth .0013 a share today. I do have some real faith in our Chairman however. IMO
Barry IMO Be
Yes and or his own conscience and desire. I agree.
Yes for the last 15 months or so results are severely lacking and so is communication. He simply needs to be replaced. I also don't agree with the method assets were sold and the shadowy pr that did not elaborate about the 10 million shares of DRNE or share structure. I disapprove of him not funding the argus or gtc expansion a wit from proceeds of the LTA sale. I would like to agree with his efforts and probably could many many months ago but certainly not recently. But yes I will lay off, and cheer his replacement hopefully soon.
I don't deny that his efforts helped keep the company alive and that he worked hard and for shareholders during a good portion of his tenure. We just have to acknowledge where the buck stops and the share price and results have left us and it is simply time!
I agree with one point Mad. The only way to make this is a functional company is to go for the strat and with proper devotion and energy. We need the majority of emphasis in that direction. I think Indy would generally agree of its importance as well?
Great post the idea that Indy is the reason for this dysfunction is crazy. This is a tiny company, all management function begins with the CEO. Criticism of Barbara and Jeff as well is misdirected IMO. Failure to move us forward, provide communication etc starts and ends with the CEO. Of course it would be vital if the BOD called him to task as well IMO...
Thanks Insighter I think everyone is rightfully frustrated and pissed off. I disagree that Indy is responsible and think the problems and lack of transparency rest with the CEO. He directs funding and decision making and his performance is abysmal. I think shareholders, employees as well as consultants deserve better. IMO
Well I would disagree with Pagan your missive took the cake for most ridiculous post I've read as well.. Ill-informed is perhaps the better choice of descriptions. If you want to complain remember the CEO is calling the shots... whether you like to accept that or not...
Totally off base as usual... No point in reply... not a shell game. Just poor decisions and negative business planning... If you think GTC , LTA and airship building are only a shell game then you better blame the US military, Red Cross and others for participating wow that is a grand conspiracy... Silly talk... Failure can be simple business decisions and lack or marketing and sales skill, bad financing decisions etc.. He failed for himself as well as his shareholders IMO
LOL Why Rudolf? IMO Any CEO that has delivered this type of damage to shareholders should have the courage to simply admit he failed and resign? This is a 99% shellacking he has created. But if this CEO does not have the guts and good conscience to resign I welcome Rudolf and swift hooves in the rear.
Well would be a nice Christmas present if it happened still in 2014 for shareholders of WSGI IMO. No evidence he funded any Argus development or GTC expansion from the 500k combination of LTA proceeds and and funding at the time of sale. Considering his other objective at the time of the LTA sale and emergence of DRNE was debt reduction and we have had Nothing announced he has struck out on his objectives three for three. When you don't try it is easy to strike out IMO..
Indy is a good person with only the best intentions for the company and shareholders IMO..It does not mean he is always right and in the case of WSGI management I think that has been already proven. I agree with your assessment of our CEO however the buck stops there and his timidity and ineffectiveness are obvious. He placed his faith in one corporate raider that set up DRNE and became our consultant for debt reduction. Funny how we have heard nothing about that as well isn't it? I do think we have a chance and that is still the Argus, with our Chairman and yes Indy involved. The share price is what it is, and the lack of communication from our CEO has now become ridiculous. It is time for him to step down or the BOD to replace him. IMO
Agreed Insighter it starts with change and change of CEO is mandatory to bring anything positive forward. 4 1/2 years is enough of a test to know this CEO does not cut it period!
I doubt this CEO is brazen enough no sell off necessary assets that are required to sustain us? That would be 180 degrees from his shareholder letter last May? I do agree if something like that occurred now it would be highly actionable in several ways. Lets assume he is diligently working on debt reduction and procuring funding for GTC enhancement and the Argus. It is just time he lets his shareholders in on his achievements. IMO
Ha I like that Be! At least a little levity today.
Agreed to date GE has failed us. If he is making progress towards debt reduction, GTC sales enhancement, and Argus/Strat upgrades he is certainly mum. IMO
That I can't be sure about. Can the brutal master make the slave quiet for months on end? LOL
Well I nominate Glenn for the role of Lucky, the shadow fund as Pozzo. Didi and Gogo appear to be us hapless shareholders. IMO
I think to estimate the full cost of LTA you need to add two years of Glenn's salary, Kevin's Felicia's, Dan's,( as all were 100% involved essentially in LTA business strategy) the many trips to Fort Polk, meetings, development costs etc after the LTA acquisition? We only make out if the shares of DRNE after leakage of preferred are worth solid capital a year from now.. Even at current valuation am not sure it was a justifiable sale but lets see what the shares are worth then as it is all conjecture until we know what the outstanding is and valuation when we are allowed to sell some. What we can safely say today is that shareholders in WSGI have lost another 50% of valuation since the sale of LTA.
Are you implying Bank after development, sales of Fort Polk bibs, Ohio sales, NIE exercises, multiple demonstrations, sustainability contracts, we should have sold for the same price we paid for LTA? The price we paid is immaterial IMO the value of the company is all that matters. Right now we have a .004 WSGI for our efforts which is a pittance as was the 350k Glenn managed to spend quickly while putting no proceeds to date into the Argus.
Exactly a far cry from a shoe string budget! Mike Clark's wallet, LJC dilution stipends, GTC net revenues, Shareholders funding, have all kept the company going hardly shoestring budgets and hardly Glenn. And alas the company looks bare again. Unless he gets his new pals from DRNE/DAC to invest here looks likely cupboards will stay bare. IMO Shareholders are unlikely to bail them out at .004 and below.
Please don't give Glenn so much credit. Mike Clark was the main wallet that kept WSGI alive the first two years along with a funding from shareholders. After he wore out that source Glenn signed a ridiculous and horrific funding on the backs of shareholders through La Jolla Cove. After that GTC revenues took over with sporadic capital through LTA and some shareholder input. Glenn found a way to lose 95 % of shareholder valuation and diluted the company to death. That is his legacy and achievement. It is also why there is so little confidence going forward and the stock barely holds .004. If keeping the company alive means destroying investors and their hard earned capital he gets high marks.
The biggest problem is that it is obvious from the Q none of the proceeds from the LTA sale and funding infusion due to the sale went to GTC sales growth in North America or Argus- Strat build out or development. Insighter rightfully pointed that out as well. The shareholders of WSGI essentially got no benefit from these proceeds not even a modicum of hope for the future.
I agree and we must suggest that many of the holders of the two hundred million shares or so that have exited this stock since the LTA sale felt the same likelihood. Doubtful many wanted to sell at .004 for their own pockets.
The only point I got was the CEO seems asleep which I agree with, the rest I can't tell you..
I'm saying he was dumb and inept with the LJC funding. The LTA sale is another matter entirely. His intentions and benefit received are yet to be determined. IMO
Thanks Coasti very helpful information but still need to determine the who behind the 10 to 1 preferred and the who behind the consulting agreements? Recovery necessitates finding the trail of benefit. As far as WSGI, their plan is yet to be determined. I personally don't think DRNE is going south anytime soon.
Surprised such a bright boy as yourself is not more concerned with DRNE they are "fooling" the market I assume?... Just a 10 million dollar asset for WSGI thus far. Perhaps do shareholders that have lost in WSGI some effort and find out who is feathering their nest in DRNE?
Yes Ren has legal expertise pal.
perhaps asking someone such as REN with legal expertise would be preferable?
Doubtful in the LJC case there was evil intent by Glenn. I think he was duped and misrepresented their intentions to many shareholders. This does not excuse his ineptitude just unlikely he had willful intent to deceive anyone about LJC funding.. IMO
I don't think under contract LJC's boxing was legal Coasti.. Does not mean it did not happen. If they did box and I assume so, you can trumpet their behavior all you wish does not make it ethical or even legal. Regardless that issue is not part of this suit going forward. I assume this case is likely to be settled sometime after June of 2015.. anyway more interested in GTC progress and Argus build out going forward as well as DRNE asset valuation.