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Matt: Snackman is down 4.9 million bucks...
from April 2000 on WAVX stock. Not that this makes him a poor advisor, of course. Heck, who among us has not owned a stock all the way from fifty bucks to 88 cents? At 100,000 + shares, even you can do the math!
Friday will bring new lows in this cult-stock, post CC.
eamon: Friday 13th will bring 5-year low...
in WAVX. Actually, longer than that, but I'm too lazy to look it up. Revenues will be less than $100K for Q2, burn will remain the same, and--most importantly--Steven will have to concede his cash flow break-even in 2004 ain't gonna happen. My prediction is Friday morning will bring sub-80 cents. If guidance is the usual vague-Sprague stuff, things could get nasty fairly fast. Possible test of 70 cents.
Of course, ICBW.
Wavoids: WAVX shareholders...
of course. A charming group (some call a cult) who believe it is a good thing the company CEO misleads them from time to time (like every other CC) otherwise they might get discouraged and sell. I'm not kidding. They actually say stuff like this. Of course, probably only seven or eight of them actually wear WAVX license plates around their necks anymore. Joe Trippi is (or at least used to be) a WAVOID. He can't remember if he still owns the stock, though. Incidentally, he has recently published a book you may find interesting. I think it's entitled:
HOW TO SQUANDER A WARCHEST!
Obviously, based on his experiences as Howard Dean's campaign manager following several years consulting with WAVE Systems.
So many Wavoids around here...
[Suppressed Sound Link]
it's almost like...
Unclevername: I miss the Queen...
pouty lips and all! Please bring her back on occasion.
P.S. If Barge were still here, HbG and I would make sure he got a good spanking for that Peggy Noonan remark. (Only I think he might like it a little too much.)
No offense, Howard...
but Snackman would trade 30 Howard Golden scalps for a single HhH. It's personal ya see? You'd have to have been there to have a full appreciation of it.
How did it all get started? The bad blood? Well, back in the days when the cult was getting hammered daily on RB, they decided to set up a private board--monitored by Snackman, of course--which they called WAVXDD. (The DD was supposed to signify Due Diligence, but we infidels prefer Doo Dah.) Anyway, Snackman was every bit as arbitrary and capricious about his censorship there as he is here. I posted some satirical piece--I don't even remember what it was about--and Snackman deleted it. To which I objected, and so on. Anyway, because Snackman doesn't like people disagreeing with him or questioning the divinity of anyone named Sprague, he banned me from the board. Along with, eventually, btk (dig space), and a number of others.
As far as civility goes, Snack tossed that aside long ago and well before I did. He might deny that, since to him it is not particularly insulting to accuse someone of being disingenuous, a liar, a disguised short-seller, and so on. These accusations were routinely made by the cult against virtually anyone who opposed WAVX orthodoxy, and probably most often by the so-called moderator himself.
One day the cult decided it would be a good idea to "out" me, I think because they figured there were enough Southern California Wavoids that they could get together a torches-and-pitchforks party on my front porch. So they did some of their more brilliant "DD", which in this case apparently consisted of googling the words Howard and MSFT together--which yielded your name. Hence, HbG = HhH. Once the brain trust came to this conclusion they violated all Raging Bull rules and disclosed what they believed to be my identity.
You would think that Matt might be disturbed by a board moderator engaging in such behavior, wouldn't you? Apparently not. Snackman does not even bother to deny it. Matt's reaction was that as long as Snackie doesn't do it here it's no harm-no foul.
Since I ended up here, there have been several incursions by well respected IHUB posters into the cult's territory. There was Zeev, there was Burpzilla, there was Greg, there is LarryD. Every single one of them has been met with the same reaction from the Wavoids. Accusations, aspersions, insults, etc., etc., etc. Has Snackman made even the slightest attempt to moderate these assaults? Hell no. He's participated in them. He's instigated them.
So, no, Howard. You can call them "true believers" if you like. I'll stick with CULT.
Howard: Matt thinks yer me...
because the cult-meister told him so. Of course even the cretin Snackman is not dumb enough to actually believe that. He is only insisting on it in an effort to enlist your assistance in determining my identity.
And why do they care? Simple. They believe that if they know who I am, they can figure out a way to get me to shut up. And getting me to shut up is a fairly high priority among the cultists, apparently.
You are wasting your time, Howard. Matt is going to back Snackman until it's no longer in his personal interest to do so. Call a spade a spade. Or in this case a whore.
goinup: And YOU, of course...
along with all the rest of the cult. I know, you pretend not to pay any attention, but the reality is you read everything I post. And why not? I've been the rightest person on this stock since April, 2000! Here's the latest scoop, goinup:
1. The company is issuing these moronic PRs on an almost daily basis in a frantic effort to get a little liftoff before they dump a bunch of shares on the market.
2. When they do sell shares, the bottom falls out.
My guess is Steven promised the garment boys over at SSPX he wouldn't dump any of their stock and, well, we all know who sucks hind teat when it comes to management priorities--the cult! So Feeney will unload WAVX shares before he unloads the SSPX.
Matt: So what's the secret?
If you got reasons, out with 'em. Truth is, yer doin what Snackman wants ya to do. Because yer a cult-monger Matt. Ya make money off the cult and moron cultists like Goin-up. Not that it matters. This cult is doomed, Matt old boy. If yer lucky, you'll only be a footnote.
Yer pal,
The other Howard
WAVX BREAKING NEWS!!! EvilAxis to Distribute...
the vaunted Wave Systems EMBASSY Trust Suite in North Korea, Libya, and Iran--Targeting Enterprises Interested in Trusted Computing in major totalitarian regimes!
21 July 2004, 10:06am ET
Tehran, Iran & LEE, Mass.--(BUSINESS WIRE)--July 21, 2004--Wave Systems Corp. (NASDAQ:WAVX) and EvilAxis SA today announced that EvilAxis will distribute Wave's EMBASSY(R) Trust Suite (ETS) software and infrastructure to enterprises interested in trusted computing solutions for personal computer security.
EvilAxis will distribute Wave's EMBASSY Trust Suite software in North Korea, Libya, and Iran. Wave's ETS software is designed to deliver solutions compliant with the Trusted Computing Group (TCG) specifications for trusted computing. Possibly several billion PCs have been shipped by the computer industry embedded with chips and modules and other assorted technological marvels. The hallmark of EMBASSY Trust Suite solutions is usability - designed to be easy to enable, easy to use and easy to manage by even the most dimwitted of IT administrators and their lackeys.
"Trusted Computing is an emerging area of increasing value to enterprises and totalitarian regimes alike, both valuing data security," said Mohammed Khamakatsi, EvilAxis CEO. "We believe Wave's EMBASSY Trust Suite client and server software can play an important role in such areas as data protection, identity protection, and access control. Also, most knowledgeable Iranians are cognizant of the fact that Wave Systems' founder Peter Sprague is exceedingly well versed in poultry refrigeration, which was obviously in the vanguard of computer security initiatives right at the outset."
"EvilAxis is a Value Added Reseller with impressive experience in distribution and marketing to various organizations. They also distribute and market to other resellers serving enterprises such as financial institutions, governments, the service industry, and poultry wholesalers," said Brunhilde LeShay, Wave vice president, sales, Evil Axis Countries. "They are a specialist in IT security, and we anticipate they will be a wonderful business partner if they can refrain from praying eleven times a day and especially if they can eventually sell something."
The EMBASSY Trust Suite is designed to be compatible with the Microsoft Office(R) environment, and to deliver a variety of PC-related security and productivity tasks, in an intuitive, easy-to-understand format even if you are in the unfortunate majority who fail to "get it" despite several thousand presentations and demos held to date by Wave Systems and their vast network of partners, allied firms, co-sponsors, and friends-of-Steve. One very attractive attribute is the capacity of Embassy Trust Suite to function under variety of Microsoft Operating Systems, including Windows 98, 2000, etc., etc., etc.
Software capabilities include Document Manager Vault for securing files, folders, and secret dossiers. SmartSignature for digital signature capability for secure electronic contracts, and Private Information Manager for secure storage and management of user names, passwords and personal information. Private Information Manager is designed to intelligently retrieve data for use in web pages, logging into web sites, brainlessly filling out forms, and remembering where an individual last placed his remote. It has been used extensively in Iran within the Ministry of Fowl Trade for the identification and management of belligerent roosters and other critical functions.
Also available is Wave's Key Transfer Manager, an enterprise software solution that is designed to help backup and protect the hardware encryption keys used for critical personal computer data in case an individual manages to misplace his laptop. This is especially critical in EvilAxis locations where the loss of such information may carry severe repercussions. (Such as the 1998 incarceration of North Korean Colonel Dyong Dyang Doo for misplacing his Supreme Leader's collection of ABBA CDs.)
More information about EMBASSY Trust Suite products is available through EvilAxis SA at http://www.evilaxis.gr or Wave Systems at www.wave.com/products/ets.html .
Safe Harbor for Forward-Looking Statements
Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, yada, yada, yada. Anyway, only complete idiots read the safe harbor boilerplate, since there actually are no risks and we are definitely going to all be really a lot richer than you other folks some day quite soon. And you can take that to the bank.
Howard: I said I would be incommunicado...
most of the day, didn't I? Now I realize in retrospect that the Monderator from Gaul might not have understood what I meant, but I am certain that you do. And now I must attend to some pressing business. I will be at Mi Piace's at 12:45 today. Ciao!
Snackman: You stood me up!
Here I go and reserve a couple spots for you and HbG at Houston's and neither one of you even bother to show up! Of course, had you shown and HbG not, then that would have been conclusive proof under the Snackman School Of Logic that HhH exists and that HbG is merely a subset of HhH.
Okay, today I'm thinking Mi Piace. Possibly Linguine Al Pescatore (rustic seafood stew with spinach linguine, calamari, shrimp, scallops, clams, New Zealand mussels and whitefish in a red or white sauce).
You may want to stay with the Low Carb Plate.
Ciao!
Snackman: Cults intrigue us?
And cult-masters are, shall we say, something less than admirable gentlemen? No offense. Really Anyway, see ya later. I'll buy lunch, but no ribs for you. You gotta do somethin about those abs. Ciao!
Snackman: I'd be happy to meet you for lunch!
I'll be at Houston's on Arroyo Parkway today at 11:45. My entourage will be at its usual tables. And now it's back to business for me. Incommunicado for the balance of the day!
P.S. You can come too, Howard.
P.P.S. If you don't, of course, it will prove you are me (using Snackman's impeccable logic).
Howard: Let's just admit we're the same person!
Come on. It's been fun toying with the Wavoids, but obviously we're not fooling anyone anymore. You are me and I am you and so it is impossible to present me to Il Duce at a meeting of the three of us unless you pay someone to play the part of HhH. No, the jig's up. We fooled the dimwitted Bingoman, but the rest of the Wavoids are just too sharp!
Howard: You are in jail because...
you have committed several heretical acts that have obviously displeased Snackman. Matt is merely following orders. I suggest you email Snackman and promise him you will adhere to the docility standards required to belong to his cult. Matt will reinstate you when Snackman gives him the word.
P.S. WAVX will not book even ONE million in revenues in 2004.
P.P.S. I'm thinking WAVX will be at 20 cents by this time next year.
Trippi has this for Wavoids...
Faint praise. Damned faint. It's almost as if he doesn't care to be linked to a cult!
eamonn: Matt prevents this, as you know...
being in thrall to the Wavoids (that cult you belong to). I find it amusing that you are able to justify keeping my opinions away from the Kool-Aid Krew while you simultaneously pretend to believe in a free exchange of ideas.
The hypocrisy of the Wavoids in this regard is monumental. You, Weby, 24601, and numerous others have stated that you don't think I should be disallowed from posting on the WAVX board. At least that's what you post in plain view. And yet here I am. I suspect you support Il Duce's ban privately. Because, after all, it is a cult.
The point being...
that Feeney & Sprague were far from the only members of management to dump into the rally. My guess is it was company-wide, a virtual free-for-all of options exercises and concurrent stock sales, all of which was rationalized by the argument that the exercises brought cash to the company. The excuse of AMT pitfalls to forgive the selling is just another rather obvious example of Steven's disingenuous tendencies. Certainly any person with access to spreadsheet software and an elementary understanding of algebra could calculate what proportion of the shares acquired needed to be sold to satisfy the tax requirements.
This belongs on the WAVX site...
from last year's Q2 CC:
(bolds mine)
Stein: Right. Steven, I don't mean to really put you on the spot here, but I was, I couldn't help but notice that with the momentum in the stock and certainly the share price, you exercised options for 150,000 shares at a strike price of $2.01, and also your CFO sold 100,000 shares. What message do you think that sends to shareholders? Because I was disappointed, quite honestly, to see that.
SKS: So, let me explain what my decision process was on that. It was quite simple which is that we have a number of options that are available to us, but we've also had a very short term cash issue.And it became very clear as a number of employees exercised options, that the message ran around Wave, that an employee exercised option, exercising options, was benefiting the corporation. And this is not a message that was propagated by management. This is a message that came up through the troups at Wave. And you can see that there were options that were exercised that range from $1 to $4. So an option exercised at $4 on basically a minimal dilutional basis generated very significant cash for the company. We are in a substantially stronger position today because of employee stock option exercises. The additional $3m that that generated, or $2.5m that generated for the company, I think is going to make a huge difference in the types of options that are available to us. And as a CEO…
Stein: There's no doubt about that…
SKS: I felt that it was appropriate to be able to say to my employees that if they went and exercised options and therefore gave up some of the long term value, because we believe in this thing!, that it's appropriate for me to do some of the same. So I don’t want to be in a position where I can just say, well hey, I'm the only person who didn't. So I think that the message was, here's an opportunity for the employees of the company to exercise some options and help the company achieve being in a much stronger position. And this is a transaction that of course all of us could do without taking any time, in a market that was highly liquid, so I don't think that we had really any effect on the share price. And we are in a phenomenally stronger position today because of an additional $2.6m in cash.
Stein: You missed the point of my question, it wasn't the exercising of the options, which of course helped put some needed money into the coffers of the company, it's the fact that you immediately sold the underlying shares.
SKS: So, I learned this lesson the hard way. I exercised and held options. Used to do that. Never again. I had a 280,000 AMT tax bill in 2000, and I have a mortgage on my house because of that $280,000 AMT tax bill. And, I have friends who pretty much got close to going bankrupt because of AMT. So, I learned my lesson, and I learned it the hard way. And the reality is, you don't want to get into a situation where you've wrote the options exercise check, so not only I have to spend money for the options, but then I've gotta go pay the tax bill on the differential, and this is nuts. So, if I exercised options and didn't immediately sell them, first off my wife would shoot me, and it's been a real challenge for a lot of our employees…
Stein: You could have waited. Obviously the stock is a lot higher now. And it doesn't, to try to entice other people to buy the stock when it's at $3.50 when you sold it at 2 isn't a great incentive. That's my only point. <crosstalk>
SKS: And I appreciate that. My motivation was very much the specific issue of, if we could help generate cash for organization, it was absolutely the right thing to do. And you know I have room to move right now, because we did this and it helped signal to other employees that it was comfortable to do this. And it really helped us in the market. So, there are other times where I can say that people have sold stock, where they made a decision one way or another, and I can agree with you. This time, this cash was incredibly value to you the shareholder, because it gives me choice. [?]
Not to mention the fact...
that you ain't reached the first million of revenues per annum yet, let alone $67 of em. And, too, I think you forgot that there's $25 million worth of financing coming down the pike that at today's prices will add another 18 million shares to the number outstanding.
Weby: You DID have a lobotomy!
And here's the evidence from your message posted today:
***
Tampa
Simple fact!! To make the first dollar a share we have to have about 67 million dollars in revenue. At twenty times earnings that translates in $20 per share.
****
Only problem with that astute analysis Weby, old boy, is that you need to have a 100% gross margin and zero operating expenses for it to be true! YOUR EQUATION CONFUSES EARNINGS WITH REVENUE!
Ya might wanna plug that calculator in and re-run the numbers!
Congratulations, dig space...
We'll see how long any of your messages are left standing before Snackman goes on a delete mission. Matt will let him get away with anything, as long as he doesn't relocate the cult.
P.S. To Spin: Thank you. (Can't respond via private message.)
Trippi's new book: How To Squander A War Chest...
goes on sale next month. I understand there is a section devoted to WAVX. Which is entirely understandable, since the same principles that governed the egregious waste of Howard Dean's resources were in place at WAVE Systems for the past several years. I suspect had Dean been elected the Secretary of the Treasury might have been Gerard Feeney.
dig space: Matt is beholden to the Wavoids...
and will kowtow to Snackman regardless of how many times the man violates TOU. Snackman, I am confident, has already put him on notice that he will migrate the cult elsewhere if either you or I are allowed posting rights on the WAVX board.
P.S. The Janus thing is reminiscent of a certain individual's ICON sighting proving a relationship with INTUIT.
I guess I might ask Steven one question...
and that would be:
How could you--as late as last November--have possibly thought WAVX could reach cash flow breakeven (even accepting your own tortured definition of the term) by the end of 2004?
I'm sorry, but that was possibly the most preposterous utterance yet from Sonny-boy and he has an extremely long list of preposterous utterances.
THE CULT MEETS TODAY!!
At Mrs. Helmsley's place. The one in NYC. I forget what time.
Anyway, if I were unfortunate enough to be a member of the Wavoid cult, especially one with, say, Weby's views (i.e., that something must be going right at WAVE otherwise the management team would be bailing), I would not have any questions for Sprague & Feeney. There is no point in asking Steven anything anymore because his word is utterly worthless. Instead, I would seek out any in the next tier of management--Veil, Allen, Nadig, those folks--and ask them a very simple series of questions, to wit:
1. Did you exercise options last summer?
2. Did you sell stock pursuant to the options exercises?
3. What, if any, percentage of your stock acquisition did you keep?
4. Did you put more than six figures in your pocket as a result of these transactions?
The purpose of these questions is to test the Weby hypothesis that these individuals could do better elsewhere, which I, frankly, seriously doubt. My suspicion is that management at WAVE Systems has figured out that the shareholders do not have to do well in order for themselves to do well. My guess is that these individuals understand who signs their paycheck and that it's the signatory who owns their loyalty.
However, cultists are meek individuals by definition and I am quite sure no one will have the "gall" to look these folks in the eye and ask the questions. It would not be polite. So the cult will continue to be manipulated and the people who do the manipulating will continue to laugh at them. As they so well deserve.
Matt: Terms for my release?
Hey, you're the one who brought it up. I suppose the cult is inundating you with protests over the idea. And Snackman probably threatening you with a move to CAD-CAM or whatever that place is that Go-Kitesurf runs.
I have some thoughts with regard to questions to pose at the SHM next week. On occasion the less brainwashed among the cult actually has a moment of critical awareness, believe it or not. These few might benefit from one or two of my thoughts. Or not. Whatever.
eamonn: hardly....
at this point everything's already been said and pretty much everybody's said it.
Matt: You asked if I wanted out...
and I asked under what conditions. If it means Snackman gets to delete everything I post without regard to the TOU, as he has been allowed to do in the past, then what would be the point?
Depends on the conditions. Care to explain? eom.
Eamonn: Who is this Nigel the Humble...
I notice he's been incarcerated. What horrible things did he say to be put in this hellhole? All I can find are two innocuous messages on a non-stock board.
Unclevername: Good work...
on the transcript. It makes for hilarious reading material, as usual.
P.S. Your website disclaimer is great. (See, it's not impossible for me to say something nice.)
P.P.S. Good morning Cult-Monger Matt. Pretend you don't see this.
P.P.P.S. to Fung Derf: Don't look below this line if you don't wanna see Jack's smiling face. He will be playing the part of HhH in Wavoid Nation.
P.P.P.P.S. That's three and out. Now I can get some work done. (And I must thank Cult-Monger Matt for that.)
P.P.P.P.P.S. Eamonn--no Q2 '04 revenue prognostication? Wuss.
Weets: Still no disclosure from you?
You (or your company) do business with WAVE Systems, don't you? That being the case--and correct me if it is not the case--don't you think some disclosure is called for? Like:
"It's coming--but I been saying that for six years and in the meantime have cashed checks from WAVE Systems in the amount of XX dollars." Or something to that effect.
Just a suggestion. I'm sure the cult appreciates the occasional keg of Kool-Aid you provide.
Weby: Disingenuous post...
"...why would Lark Allen, Len Veil, Brian Berger and others not jump ship if six years of options and efforts were in vain? They could certainly do better elsewhere if they thought this was DOA."
Do you know what their compensation packages are? Do you know if they were among those who exercised options last year? If they did, did they also immediately sell, like Sprague, Sprague, and Feeney?
Fact: There were close to a million shares purchased via options exercises in 2003 that did not fall under the "insider" disclosure rules.
Don't you think a significant number of those went to top managers, including the three individuals you mentioned?
The question that needs to be asked--and the one the Wavoids would prefer not to pose (because they dread the answer)--is this: Did top management dump shares last August along with Sprague, Sprague & Feeney?
You know these folks, Weby. It's up to you to pose the question. Time to stop playing the SAP and step up. Otherwise, you're just another cult member.
EAMON: No more prognostications?
C'mon. So the actual results were only 16% of your projection for Q1, that's not so bad, is it? Heck the CEO missed by more than that a couple years back.
I'm sayin $65K in Q2 '04. And for all of 2004? I'm gonna guess $300K. Might be on the high side.
EAMONN: I prefer the term criticism...
to "bash". Lord knows I think the world of the boys in Lee. They are such a diligent and creative crew.
In any event, I'm curious what your Q2 2004 revenue projection is. The fact that you missed the last quarter by a factor of 500% I trust will net deter you from trying again.
I'm thinking maybe $65K this time around. Perhaps a little wager a la 24601?
What amazes me...
is that in the CC for Q2 '03, in August of that year, in response to a question about the "burn" rate, Steven Sprague claimed it was $1.2 million (and he said per quarter, but let's call that a misspeak). But it wasn't $1.2 million, it was $1.5 million. The financials that were issued that very day said so, quite clearly. So either Steven hadn't read the financials, or he doesn't actually understand such things, or he was doin a little more spinning. Meanwhile the CFO sits there, presumably listening, and says not a single word to correct the gross misimpression his boss was giving. Clearly, he had to have known Steven's number was way off. All he had to do was pipe up with a clarification. Of course, he had just--literally days earlier--dumped 100,000 shares of the company's stock during that little spike, so maybe he was still celebrating his fortune. I don't know. All I know is he was obliged to correct this misstaken information and he sat there mute.
WAVX: On the burn rate...
I realize Wavoids do not consider the SEC filings worth the time to peruse, but they do contain the answers to such questions as: What is the current "burn" rate?
In Q1 the total operating expenses (r&d + sales,g&a) was a touch over $5 million bucks. This is right off the income statement. It represents, therefore, a monthly burn rate of $1.67 million. WAVX's own projection for the year ended 3/31/05 is for a need of $19 million (as per 10Q). Which is $1 million less than $1.67 x 12. So, say there are some reductions that are being factored into the $19 million and let it go at that. That makes for a monthly burn rate of $1.6 million, give or take.
The interesting thing, to me, is the fact that Q2 and Q3 of 2003 featured burn rates of $1.5 million and then, in Q4, the number shot up to $1.9 million per month, before throttling back to $1.6 million in Q1 '04.
Looking at sales and g&a expenses is even more interesting. In Q2 and Q3 of '03 the monthly selling, g+a was running $950,000. Then, in Q4, the number shot up to $1,426,000 per month, a 50% increase quarter-to-quarter. In Q104, the number shrunk back to $1.1 million per month.
Two thoughts occur to me. One, something happened to cause management to take their foot off the accelerator and tap on the brakes. I don't know, exactly, what that might be, but I suspect wiser heads might have prevailed over Super-Pollyanna Steven in the planning process. (Which, obviously, would be a good thing.)
Two, I don't see how you can increase your selling and g & a expenses as fast as this company did in Q403. It just doesn't make sense. Jacking these expenses by 50% quarter-to-quarter is, in my opinion, a screaming red flag. I wonder how they did it.
barge: This sick game will end...
oh, one of these days. I expect it will end within the next year, but you never know. I still think it's possible there is something of value within WAVX's intellectual property that could lead to a buy-out. However, as time passes, I think the defensibility of that IP diminishes. In any event, the central difference between us is that you trust the folks that run the company to act in your best interests. I do not. I am fairly certain that they would sell you down the river in a heart-beat and then laugh all the way to the bank. (Actually, I believe something like that happened last August.) But, hey, maybe I'll be wrong. I concede that's a possibility (albeit a slim one).
Ciao!