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Wave has a tough road to hoe, especially if you saw CNBC in the early am hours this morning.
Discussing the Target breach with the CEO today and asking Silverlight co-founder about these breaches and one would be led to believe there is no solution on the horizon. There is an acceptable loss that seems to be the mantra-the loss is the cost of doing business. Dosen't seem to be a solution available where everybody is on the same page.
The slog for the longs is far from over........
Barge you can slap any sort of paint or description you want on how the company has been viewed. The facts are that those who followed the numbers reported and used that as the basis for their investing have been smiled on time and time again.
Any other way is to rewrite the history.
What the message boards have done in essence is to hold the carrot on the string for all those that have swallowed the bait hook, line, and sinker.
My hope is that with the new management in place they can right the ship and actually make a profit that can benefit the shareholders.
The cost to the shareholders to get to this point is something that I can say I was glad to sit out.
The history of this company makes is such they there will not be a time where it will be too late to get in. The performance over the years has ensured that.
If I see something different I will acknowledge it at that time. No shame in that given the history of this company and my hard earned cash at stake.
Prudence would have served some shareholders far better than any guidance on any of the last 28 conference calls.
Jermart...Unless directly asked we cannot be sure. What we do know is that the number is awfully close to what was owed. Even the apologists have to see it's a stretch to say it was for something other than that. The number is too close. Disingenuous.
Speaking of that, how disingenuous of any long to pile on Solms saying he was giving away the PP at a discount. Why now? Why is this any different than the last few?
Telestar, would it be unfair to say that sks bullied the shareholders as well?
Selling more shares to fund the company while driving the shareprice down, reverse splitting the shares twice, and the misleading of shareholders with language at every CC with nary any of it couched is akin to kicking the shareholders when they are down in my book. Down right taking advantage of the same folks who kept the company afloat.
The language from Solms-very direct and clear language that repudiated much all of this made that very crystal to me.
I feel about as hopeful for this company as I have since 2007.
I agree very much that these type of posts are boring and tedious.
I also agree very much that there are many folks who have propped this guy up for years who want to see this sort of talk disappear asap. I know I would.
Talks about the old mistakes are boiing, and it also is the reason they are where they are today.
These old mistakes also could be the very ones that prevent this company from ever moving any further than they are right now today.
I just don't think the wavoids realize how much damage was inflicted by the old regime.
I cannot wait to see a quarter that actually shows the company moving away from the long shadow the past has cast.
Awfully tough on him? Facts are that the axe was brought down by his own hand. When the words don't match up to the result after so many years something has gotta give. As investors at some point the result has to turn into something tangible for the individual investor, and that better be more bragging rights on an investment message board.
In hindsight the movement in this space was far more dificult than anyone had imagined and the shareholders and company probably would have been better off had it been presented as such.
The shareholder in this company truly have no better idea of their standing at this point than they did 6,7 years ago if you look at the exponential growth of their footprint in the marketplace today compared to the earlier timeframe
Player I do too. I think it will be apparent very shortly. I think the days of the shareholder twisting in the wind are done.
I think there will be results very apparent that will not be able to be interpreted by those on either side of fence in a manner that has allowed them to view this company in a manner inconsitent with each other.
The biggest question for me now is how much damage to the company that cannot be undone is there. How big is the financial anchor they have now-raising of funds, no new/recurring sales in quantity, the damage of selling receivables..etc.
For me I only see a fork in the road going forward. One side is the elusive sales. The other side is the gutting of the company.
I don't see any other outcome here. I think the days of seemingly existing to raise money to list along are finished.
Blue, I think these next few months are going to be very interesting, dare I say exciting, times for investors and spectators in this whole saga. I couldn't agree with you more.
If he does make a clean sweep from within, what does that say for all the apologist and those who bought in soley on the sprague myth? I think right off the bat, depending on what stays and who goes it renders about 40% of the DD that has been posted as static and nothing more than pure conjecture.
I think it also goes a long way towards validating what got a lot of people tossed and blocked from boards. It may have spiraled out to something else but it was at the core of what made many look at this investment very differently than the pom pom wavers.
WXP and Scrambles are snake oil.
Any of the good longs checked on that site where they were reporting how many users and from where they were from on scrambles that was being posted not too long ago? Be interesting to see those numbers now or 6 weeks from now....
Is that thing even IE compatible yet?
Never made a comment about wether the 400M was beneficial or not. Dosen't change the fact that that money has been booked as a loss.
Since you bring it up, how is this money lost any more valuable now? Because of the size of it?
This loss has been there forever so any company who made the offer could have acquired something you deem so valuable many times over the years.
Here is some more speculation that you will probably think is wrong as well.
We can all agree that there has been severe mismanagement by those running this company over the years that is public record and not speculation. To the point there have been suits that have been settled.
Do you think it's possible that given the past history there hasn't been a buyout of this company because of the possible liability that may come with that?
Here we have another example of misteps in the 8K released last month that restated pretty much was was said in the 10K from March.
" Our management identified a material weakness in our internal control over financial reporting as of December 31, 2012. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified by management as of December 31, 2012 related to our failure to maintain sufficient professional accounting resources to effectively execute our internal controls and procedures over significant, complex accounting matters. See "Item 9A—Management's annual report on internal control over financial reporting" included in the December 31, 2012 Form 10-K filed on March 18, 2013 for further information. In addition, based on an evaluation of our disclosure controls and procedures as of June 30, 2013, and due to the material weakness in our internal control over financial reporting described above, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were not effective.
We have begun to implement remedial measures designed to address this material weakness. If our remedial measures are insufficient to address this material weakness, or if additional material weaknesses or significant deficiencies in our internal control are discovered or occur in the future, our consolidated financial statements may contain material misstatements and we could be required to restate our financial results. "
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001047469%2D13%2D002979%2Etxt&FilePath=%5C2013%5C03%5C18%5C&CoName=WAVE+SYSTEMS+CORP&FormType=10%2DK&RcvdDate=3%2F18%2F2013&pdf=
The accounting firm they retain also agreed with the assessment from the SEC.
It's these deficencies in attention to detail which has probably cost this company business and the buyout scenario which so many have posted about over the years.
A very long laundry list for sure.
Wavoids seem to want applaud him for where he got the company. The reality is he guided the company into a position where it had the abillity to recruit some folks with deep pockets for years to make a profit by flipping wave stock to the believers.
I think that the lack of traction into an engaging market, couple with the shrinking support of DELL made those folks who had been so reliable in the past harder to come by.
IMO the RS was the catalyst that set all this in motion. In spite of all of the above, it was the RS that shook many of the hard core longs and once that happens, the entities that ponied up the cash more than likely backed away from the table, and with a share price that has shown zero movement for months, the abillity to raise the kind of cash they need was being compromised-never mind the fact that any sort of dillution going forward without any result on the revenue end was going to continue to have an adverse effect on the abillity to keep funding the company in a meaningful matter. In the last release that stated the over 400M of losses they had since inception they also said they were operating on a deficit of 8.3M in 2013 as of June 31st.
I have the feeling that Solms is a no nonsense guy looking at his pedigree and in the short amount of time and his interaction with customers and employees was very instrumental in forcing this very complicit board into some sort of action- an action that is going to be costly to the company in the short term given the provision of what the decision will trigger monetarily.
I am quite certain going forward what you are going to see is wether or not this company is a viable entity going forward. I don't think you will see many more carrots being dangled. I think what you will see is actual results coming, or the lack there of. I think you will see something tangible either way.
I think this is the first time in many years you have posters that have had a very different opinion on this company, for very good reason I might add, feeling hopeful.
Thanks TKC....
Just drives me crazy to see at this point how those numbers stack up to the revenue coming in...after all this time that number shouldn't be greater than any one source of revenue
Revenue for the first 6 months of 2013 was 10,247,910
Dell accounts for 45% of that revenue per the release last month
4,611,559.50
Wave raised 4,170,000 from share sales this year unless I missed one
for a total of 8,781,559.50
1,466,350.50 was the sum of all the other revenue the company brought in going forward.
Of which a portion of that cash I would guess may have been some deferred revenue possibly and some dreaded consulting cash would be a good guess.
I think the stagnant cash flow over the past few years brought on this change. I know a lot of people throw the word visionary around, but that dosen't pay the bills and others weren't buying the visionary at face.
It's obvious to me this wasn't planned. I think the company has reached a crossroads of sorts.
I believe that when the shares were split, which caused a great harm to the existing shareholders , it was yet again looked up as more low hanging fruit by the company from which to fund the company as it has done for so many years. I think the lack of revenue traction since the split has made the job of selling these shares, and getting the placements subscribed to much harder. In the sales positions Solms was in, and given his experience that he was able to bring from his previous stops, it's possible he was able to present something to the board on this company going forward they had not seen from sks.
Let's face some reality. The financial position from which this company has operated from has severely compromised their abillity in the marketplace. I think it has give many companies pause, and the company hasn't done anything to shore that up.
Alea, if the plan is another RS to regain compliance, than any talk about substantial sales is nothing but pure folly.
If that's the case then what percentage of revenue do you see DELL contributing going forward? I know I have read many people who seem to feel the dillution will be minimal because of expense being pared back. I will prefer to see what the Q2 numbers say before I give any credence to any lip service. That is real world DD, not the type of DD that gets wavoids in financial straits.
JD his poor track record is what put the long shareholders where they find themselves today, which is .07 off where the downside wasn't much further except it's nearly 25% down. The history of this company that the longs love to ignore show one message they should heed and that is caution.
It struck me funny that a guy like Bushnell would say at the SHM that this company has the highest BETA he has ever seen, yet I don't and haven't seen him put his money where his words are. Talk is cheap. That type of talk is very provacative.
Cybercrime isn't going away.
You can have the most expensive, elegant car on the market, but what happens to that vehicle in the hands of an inexperienced driver? The longs are reaping the rotten fruit of inexperienced leadership. The numbers crush vision each and everytime.
Returnsatlast.........the only true measure that an investor has as an indicator in this company has been in the quarterly numbers. The DD has been suspect as it has pertained to the health of your investment. The words coming from the very CEO have been suspect. The hard truth is the dot dillusion and cheerleading cannot manipulate the results. The banning of posters and the attempts to push the past into the shadows cannot massage reality.
All the crap thrown out by the wavoids cannot change the reality that DELL accounted for 80% of the revenue in 2010 and in Q1 of 2013 it was down to 42% and that was prior to the press release this week which looks like the revenue will be thinner going forward. As an investor this is the news that should be shaping the opinion of the shareholder and not some knee jerk bloviating about how the stock price is being manipulated, or the uncertainty of if and when a reverse split is coming keeping the price capped.
What is capping and cratering the price is the shrinking prospects of this company making sustainable money in this space.
The irony of all this is that dots, tea leaves and words that fell from the mouths of those in Lee, and from the keyboards of those that guarded the boards are going to be undone by the things that those of us given the boot from those boards have been speaking on for years now. How ironic.
Why anybody, any long would purchase another share going forward until they actually had real sales traction is beyond me, unless fear of this going under if they don't buy to prop it is the motivator. If that is your reasoning, then that is a pretty poor testament to this company.
At this point I think having those 1600 or so shares I held getting quartered-I wish I would have checked this account when I dumped all my other shares so long ago now-I can find some solace in the fact that I think I am only out 7500 in this investment after all those years. Small potatoes when you consider the losses others have suffered.
Jake's dad, let's look at some facts. DELL account for 80% of revenue in 2010, 62% in 2011 and 55% in 2012. The revenue for the company as a whole rose quite nicely from 2010 to 2011 in spite of the percentage differential but I believe that was due to some deferred contract earnings from 2010.
If you look at the revenue shortfall between 2011 and 2012, the large majority of that was DELL. We had the reworking of payments to Wave from DELL and DELL acquiring Credant in 2012 which probably had a huge bearing on this figure. Now we see this new DELL announcement which dosen't seem to bode well for Wave. Look at the revenue track.
Now we see the DELL revenue declined another 13% in Q1 2013 5.8M in revenue compared to 7M Q1 in 2012. The 13% decline accounts for nearly 75% of the difference YOY comparing quarters. In 2010 DELL averaged nearly 5.21M per quarter, in 2012 that declined to 3.9M, If the revenues are flat for the year and compare to 2012 and the 42% holds that means about 3M per quarter from DELL, if the 1stQ revenue is the new normal and the 42% holds DELL only adds 2.4M per quarter-and thats if this announcement dosen't change a thing.
I believe this DELL announcement will send the percentage even lower and it looks like they haven't been able to replace some of the other ancillary revenues coming in.
I would probably guess you would be looking at a drop in the neighborhood of around 20% from 2012 from DELL which probably means revenues for the year in the neighborhood of 18,750,000 to just under 20,000,000 for the year providing they can bring in some new business to prop up the losses in revenue not exclusively DELL.
The logic is and always was to protect the power structure. Guaranteed bonus, investors votes being over ridden by BOD members that rubberstamp whatever the family wants. Enjoy longs, enjoy...........
You guys better watch it, or this job listing will be the first time the plug was pulled when there was nothing materializing...
Royster if I was guessing I think this is what may play out.
Since we can only guesstimate whats happening going forward we have to try and make some educated non-dotty guesses. We cannot assume Samsung has contributed anything and that the DELL revenue has continued dropping. There has been zero traction that we can see in the product that the fee was raised up, and the revenue from the product that they were getting in a steady stream was reduced.
If you look back at the last three years of quarterly revenue, they showed a very significant jump in all quarters from 2010 to 2011 across the board. A disturbing trend started in Q1 of 2012. It shows revenues pulling back to 2010 levels, Q1 1.1M above Q2 210K above Q3 275K above. Q4 shows 1.8M below 2010 total and Q1 2013 was actually 75K below 2010 and 1.2M below 2012 and 1.7M below 2011.
If you look back at the Q2 v Q1 comparison over the last 3 years in 2010 it was +579,527. 2011 was +9,000. 2012 was -323,870.
I think those fairly reflect the DELL royalty decrease. We don't know how agressive they have been in cost cutting, but we also don't have a handle on how much burden has been added by Safend, Scrambls and getting loans on the receivables.
The number I think is going to be somewhere between 300,000 and 1.2 million below Q2 last year IMO which puts it in a range of 5.4M to 6.2M. I think you are looking between 5,600,000 and 5,750,000 for the quarter.
No doubt they have been selling from the ATM IMO. I would not be surprised to see another placement announced within a week or 2 of the ASM.
.28 is awful. Not good, but then it will be spun as higher once the split takes place.
Alea and that's been my biggest bone of contention about the last 18 months. It's not the shorts, or the market makers or the market not engaging. It's the balance sheet.
These companies that Wave engages with don't have comprehension problems, they can read a balance sheet.
While the longs seemingly put this information on rungs far below the DD they gather like peasants gathering reeds in the pond for their wicker baskets, the balance sheet has to be a major stumbling block.
They see the reduced DELL revenue that has been the lifeblood along with the dillution. The see the corporate payday loan if you will. While the longs see and revel in the fact they have no debt per se, I have to believe that any company that is considering doing business takes pause when they look inside the numbers.
And this is the cunundrum. They haven't been able to close the large scale deal, or the small scale deal with regularity.
The question of continuing as a going concern is one thay has to cross the minds of any company looking to bring the products on board. Would you want to turn the securing of you data over to a company that may not be there a year from now.
The long shareholder seems to feel there is value in the product line, and there probably is. If that is the case, then there is value to another company and so acquiring assets is probably an option for somebody.
If you are the company using the product, this probably gives you pause. I wouldn't want to make a large commitment in something that might look shaky, and thats an indictment on the company and not the technology.
It makes me wonder if there isn't a correlation between the lack of follow through from the auto deal and a falling away of smaller type deals that could have added much needed revenue, albeit in smaller chunks.
I think these smaller type deals are probably the ones that get jeopardized, these companies probably have fewer dolars designated towards this type of expediture and therefore less willing to take a risk on this type of company- not the technology.
I don't know how much this changes the tenor over there. Given the timing so close to the ASM with the vote probably being known, the PR that was announced looks like it was aimed squarely at the shareholder who hadn't voted yet in a move to influence those shares. The COO looks like window dressing to me. Y
Sportwave23...Many people that believe that is his strength have been suggesting this for years. Now that it looks like it is going to happen,is it too late? Wave was always touted as having first mover advantage, and when nothing happened the tune change to the market hasn't engaged.
Well, they closed some very nice contracts and then they had zero follow through, despite what was suggested. The balance sheet tells me this, the quarter aftr quarter shrinking of revenues tell me this. What I can't tell is the severity of the DELL restructuring on the bottom line compared to the number of new or reduced customer base.
What if this is being looked at wrongly. What if it was the sales staff that was left on their own, and the evangelising was being done-after all it's not like he wasn't doing trade shows and customer contacts.
New Wave, is it cynical to ask where the scrambls revenue is? Cynical to ask why money was spent on this boondoggle that hasn't returned, but only taken precious resources in the name of cash from the company? Cynical to ask why after so many months it still isn't compatible will IE? Is it cunical to ask where the kids market is SKS said he was going to capture? After 2 years? Cynical to ask what the return was to the company after advertising on the electric car? Has anybody seen this electric car anywhere, any shows or appearances?
The most damning accusation I can lob is that nobody associated with the company steps up and purchases on the open market. You had Gilder once, and years passed and then Sprague bought which certainly looked like a veiled effort prior to a really piss poor quarter report came public.
Any long should take heed of this. Why? The argument they cannot buy is completely bogus. I follow a company, ticker CECE, that had a very good track record of announcing million dollar contracts and they had those within the company buying with regularity.
As it so happened there has been nothing material that would have prevented any purchasing by those inside the company.
What is especially gauling, and should be to any long, is not only do they not buy, they won't do it even with your money.
The expansion of the float was voted on by you the shareholders, which has allowed them to offer shares via the ATM which is set up so they don't have to announce they are dilluting the available share pool which stagnates and puts a ceiling on the price of the shares you hold becuase now there are more shares for sale. The sale of the shares fund the company because the procuct sales alone cannot support it, and the sale of those shares you purchased are paying the salaries of the CEO, family members in employ and board of directors. None of them step up to the plate as a show of strength to the shareholders.
Reality is a bitch once you leave the bubble........
I would certainly hope whoever they hire has more than 3 degrees of seperation between anybody already in the employ of this outfit.
The last thing they need is something that looks below board, another favor being bestowed. If that's they case they might as well just title brother or daddy, hell they are already drawing salary.
If this is above board, this could be the best move the company has made since they secured the financing from Pacific back in the dark ages. I for one would stand up and applaud the company.
The inherent agony of the wave investor is the lack of making any cash in the face of trying to be ahead of the curve.
Here is how wave has fared against the S&P 500 since before 2000
http://tinyurl.com/k2nc9ak
If you go back just 1 year it's 74%
After all isn't this about making money?
I think too many wavoids have lost what the endgame of investing your cash in is, and have replaced that with loyalty to those who are supposedly the custodians of your investment, and a desire to prove those who don't see this investment in the same light as they do as wrong.
Now, one can argue that I just can't see it, I can't wrap my hands around what is going on just around the corner. I do know one thing, what plenty of the longs here have ignored, and that is capital preservation should always be the premium above all else.
There has been zero preservation of your invested capital. There have been smoke and mirror gains based on acquiring more shares at bargain prices because of the performance of the company, not because they were on sale because of profit taking by shareholders.
The last 8 years has shown me that staying out of this stock has been the very prudent thing to do given that there have been other more lucrative vehicles for which to make the money work, not languish. The rises in value for shareholders in this company have been very few and far between from which value for a long term investor can be validated. A run up from .32 to 3.00 does nothing but eliminate a portion of the losses suffered from the longs, and give them cheap gains on the shares the bought that a few years prior they never thought they would have. There has never been a sustained follow through by this equity in over a decade. The one real push wasn't sustained on the Intel news, I believe it was back in 04/05, and we all know why that crapped out.
If this stock can truly grab a foothold, there is plenty of time to get on board, even at prices far greater than what were previous highs. If they truly can grab the market share that makes wavoids sugarplum dream come true, 10,20 and 30 dollars would still be a cheap buy in. Especially given the time value of money those on the sidelines haven't lost.
Think about this Blue, in 2000 how many wavoids talked about reverse splits and boasting about averaging down. Quick guess is none. Now think about a wavoid who may have bought the only shares they ever owned back in 2000. It's quite possible those shares purcased in 2000 will be carved 7 ways come July. Their breakeven will be in the neighborhood of $350 per share.
There are many longs who would look past the horrible stewardship that has led to their shares being Jack the Ripper fodder and blame the same shareholder for missing the buying opportunity of a lifetime. Misguided in every way.
Pertinent issue the longs should be concerned with moreso that some other issue. The .01 purchase option. A long posted correspondence with someone within the company that the lawyers would be looking into it. If this was just a release that needed to be corrected I would imagine all the company had to do was release a corrected statement. I fully believe that this was in the actual PP agreement. There has been nothing to correct this since the PP was done, not since the shareholder brought light to it. This speaks very poorly of attention to detail adn sticks it to shareholders yet again AND if this deal stands has allowed the aquisition and sale of hundred of thounds of share for thousand percent return before the common shareholders get split again.
Any word on an ammended SEC filling about the .01 share options?
I can't believe they would want this hanging around any longer than it has too. I would also believe that it could have been handle very quickly if this was just a typo on the SEC filling.
Now if this mistake was on the actual PP contract......
If this was on the PP contract, how does that make you feel longs?
Per the e-mail response to the investor that brought it to wave's attention- red flag RED FLAG... the lawyers were going to look into it...
I don't think you leave this sit out there any longer than neccesary. A week is longer than neccessary. Clearing this up is more pressing than stickers on an electric car......
And with the failure of that coming to pass, can we expect it to be the Fall of Wave, then the Winter of Wave, then the Spring of Wave etc....?
The point seems to be lost on the wavoids about the attention to detail. Pretty damning something like this had to be brought to their attention by an investor. This proba bly speaks volumes about their inattention to detail and explains the lack of deals going past the inital order phase. Keep the status quo intact wavoid. Now you have more precious resources going towards something other than the core business and you had better hope this typo was only in the SEC release and not the actual agreement.
Alea, how is it the the over invested longs can overturn every rock to find the slightest minutia that usually ends up having nothing to do with wave, yet they continually overlook things that do real damage to their investment?
This and the intent to sell filling are just the latest......
I guess the shorts and the manipulating poster fit the story better.........
Alea beautifully put.
The wavoids seem to shun immediate concerns for future dreams. This has what caused them on the shareholder side to be in the position of fooling themselves into thinking that all or nothing is the desirable outcome for their invested dollars. Nobody truly invests to lose it all, this is just a mechanism for which to justify the loss away.
The immediate concern for wavoids should be where the shareprice is headed and where it will finally land before the RS occurs. The lower it goes the more shares you will see in the ratio. I realize the release listed 1:4 as the greatest, but I believe the language left them wiggle room to go higher if determined.
Given the track record of the leadership, how comfortable do you feel at even 1:6 if the stock settles into the low .30 area that it will be able to stay above a dollar for any amount of time.
Any long who supports this CEO to stay on board has doomed the investment to yield any return going forward IMO. This is a CEO who cannot take the blame wholly for the position this company is in.
This was a CEO that was fine when the company was meandering in this space. Now that the time has come for execution, the company still meanders.
The precarious financial peril this company continues to find itself in has damaged it's chances for survivla more than any delay in the market. The lack of fiscal prudence, and the abillity to forecast the real traction falls on Sprague's shoulderd. He obviously was the one who decide to expand the workforce when the demand wasn't there. They have a cherry position in the TCG we are told so that also gives them a prime position from which to forecast.
The deal they had with DELL at the time should also have given them enough data from which to make fiscally sound decisions. It seems quite clear that there wasn't a second thought given to what position other compaies might view Wave when it came time to decide on using their product.
They seemingly have everything in place but sales. It has to be the financial state of the company or the dealings with the company.
The fact that the shareholders have always been there to fund every whim has probably shaped the view from which the company should have been viewing their fiscal responsilbillity. I mean what a deal, they can raise cash at 0 when it's just shares being sold, hell the fees to do it were paid out of the sale of those very shares.
Anybody after reading those e-mails who can defend any of what has passed is not dealing with the reality in which this company needs to operate going forward.
It's quite obvious the right man for the job isn't running this company now, and hasn't been for the past however many years. Unless you consider being able to sell a overinvested shareholder base on more of the same. Then you have got your guy.
If anything, the board is complicit in everything that has gone poorly not involving the actual uptake of product.
A short list would be allowing the long term rental of olympic equipment for TV Tonic which was shuttered weeks after. The race car adverts for a product that has provided zero revenue and still isn't working with IE as far as I know, the running of WXP out of an apartment, the purchase of the money sucking Safend.
One can argue they had no say so in those decisions. They are supposed to be the oversight, the protector of the shareholders among other things. It's the next questionable thing after the next questionable thing.
And this group pulls down well over 400K in cash, The Bershire Hathaway BOD collectively hasn't made that in over 20 years combined. And unless they put the brakes on the BOD compensation the track has them pulling in a cool better than 500K this year.
Elan you have been around ths stock long enough to figure it out.
The board has been a rubber stamp for everything that has gone on. At the minimum they have been guilt of doing nothing to curb what has been going on.
Are you aware the compensation for this lot of board members topped over 400K last year alone. They also receive stock.
Gilder is the only board member who has ever purchased shares on the open market a few years ago, and thats going back to 1999 when I came around.
They have done nothing to stop the nepotism. For a highly qualified board, non of them could say there might of been a conflict when WXP was being run out of an apartment space and there was a flap with that. None of them has ever stepped in and stopped cash bleeding offices in other parts of the country and other countries when this company could clearly not afford it. And it's quite clear they have no problem using the shareholders as an ATM for the company pet projects. Has Scrambls added to your shareholder value?
There governance of the company will have allowed 2 RS almost 7 years to the date.
The answer to this question is pretty damn clear.
Yes you have a retirement coming, but there was change promised last year thru a investor mouthpiece when the longs became restless. No action for a year until after the RS intention was made public. This retirement feels more like something sacrificial to me in an effort to appease the shareholder base as they watch there support dwindle.
Those RS shares that will be worth something in the neighborhood of 1.60 or so will have been split 7 times since they traded back in the hey day of Vegas and fancy cars.
Has this board been a custodian of the interest of the shareholder base that has supported, and lets be real here, financed this company?
Every long knows the answer to this, but only the longs that are dealing in reality will vote this way.
CNBC having disruptive companies on Fast Money today I believe, or one of the shows on there this afternoon, and they listed 5 different areas these companies operate in. One was computer security. If this isn't wave today, you all that have poured cash into this equity should be raising all kinds of hell
For those looking to DELL still,look away......
DELL is moving earnings report from next Tuesday to Thursday this week and is expected to miss. This cannot bode well for the next quarter as it pertains to wave derived DELL revenues. It cannot bode well for the stock after the RS holding a buck if this continues the downward trend and there isn't another revenue producing deal PR'd with actual meaningful figures attached before the Q2 results are released.
TKC, I would even go so far as to say there are a vocal faction of longs who view any shareholder that looks at the innerworkings and takes the financials above all other factors and then questions items within the fillings released by the company and other activities by the company as having some perverse agenda. As if by trying to hang onto your money and actually creating some value over and above the dollars you invested is perverse......