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KB- agree about debt. Sure many companies carry it. But they typically are mature and in an on-going business.
We are lucky to be in a refresh cycle at home and a new market in Europe, but then what...?
I don't doubt that the numbers I posted are NOT 100% correct, but they are within the zip code. And that maybe THE issue--as in, nobody knows how deep or how bad the debt is, so stay away. The dynamic is shaping up- sales PRs don't drive SP gains like they used to. Why do you think that is?
IT harps on a valid point re: insiders. They are just like other investors- they want a gain on their investment. In this case, they are uniquely qualified to assess and drive that gain. So look to them for leadership as to when the debt is going to be deminished to the point where it does NOT impair/threaten the future.
Rj- it is true that significant insider sales presage a positive move by the SP, not always, but most of the time. Take a look an ETF i especially like KNOW. All based on tracking insider sales. Again, nothing is infallible, look at PSEC, large insider sales, SP 30% under value.
But at this little company, say 200K buy McGann...almost guarantees a huge move up in the SP as it likely predicts a significant positive.
I would jump deeper if that were to occur and I know many real longs would too. But McGann will never buy shares as long as he controls the "can opener". He can pop the top for shares for himself with a nice $15M refi.
dsully- you referring to IT? He'll carp about anything if the SP doesn't go North.
I agree that sales WERE always going on and were never in doubt. Referring to Bolduc's plan- key gov. approvals. Remember STAC, it preceded ECAC but it was a vital win that has now come home to roost. That IS the sales process, that and your packaged bid. I would bet the house on Doc Jones to win every fair sales process ( ie- no national bias involved).
Today showed that deep level of talent inside worldwide marketing and sales at ISC.
Will it matter to the SP by the time Plat has dumped 300K? Maybe, but not as much as it should nor as much as it has. The market has no idea if ISC is going to make it to EVEN. And since we refuse to talk about it, it follows the SP like a dark cloud.
My calc, and it certainly NOT 100% accurate, but it is in the zip code: we need 202M at 50% mrgn to break out of debt in one year and 252M in sales over 2 yrs to break out of debt.
I will bet that some potential buyers think we need 300M and some might say 100M, but that is the issue-- nobody knows and nobody wants to talk about it. Until such time as it is addressed, its a purple-green 100/300M wart.
dsully- you really think THAT was a breath of fresh air by Pat ? How so? I think it missed by a mile.
We have disappeared off screens everywhere at the most opportune time to use what lawyers call puffery.
We missed our window and nobody cares...oh well, tomorrow is another day.
Pat- Dr. Jones is a dynamo. I have always said that ISC is lucky to have him. Matter of fact, if he was CEO I don't think he would be sitting on his thumbs like McGann is.
Further, now the structure of the company is changing and NOT for the better IMO. Parallel to a SP " decay with out a care" by McGann. Why allow that to happen...?
Its absurd to buy into the HOPE of a TSA IDIQ and them go COLD CLAM on the bottom of the ocean once you get said IDIQ. For what reason?
McGann is NO saint, let me just phrase in that manner. While we are NOT sheep, we act like it all to often.
I have no idea where you are coming from, but it certainly is NOT the same place I am at nor where I want to be.
Pat- what are you talking about? Everyone knew sales were in progress. Why? Because we were cert'd by STAC-ECAC. THAT was part of the strategic intent that Bolduc charted for us.
My points today, right now are, the company is succeeding and building- shipping product yet it has retracted its communications. Does that make a shred of sense to you...?
Further, our competition knows exactly where the 150-E is, but do you or I? NOPE. Does that make sense to you...?
The market knows fully well how deep the debt is at ISC, but it does NOT have any idea about how we are going to extract ourself from that debt since we won't communicate with the market. Does that make sense to you...?
Finally, the corp. structure is ripe for abuse, the CEO is the COB and has no one to tell him what to do...do you like this corp. structure?
It is fine with me IF you approve and don't care. I do care and I do NOT like the way this company has squandered momentum at the perfect time to capitalize on it.
What good is gaining the largest ETD in TSA history if you are going to go silent about it?
For years we heard about things just ahead, up around the bend, they be a comin--well there here and now NOBODY WANTS TO TAKE ADVANTAGE OF THAT???
Again, you are a level headed shareholder that said he sold out and maybe now is back in. Which is great for you. But the problem is the same for both of us-- silent mgt. , responsible to NO one but themselves?!?!?!? Its soooo wrong.
I don't want to sell the company for 150M, but in figuring the SP close + unknown potentials(I'd like to know them) against the debt, THAT was today's #. That's all.
What I do want is a strategy that is STILL going to get ISC sold for >$500M. That still works for me. But frankly I have NOT heard how we are going to get there.
In terms of drug detection-- a swabb con-ops isn't going to work. Matter of fact, swabbing is toast. Point in fact, yesterday they called in the dogs in DC to find bombs. Ironically, ISC is the non-contact ETD leader and all of our competitors know more than we shareholders do. THAT I find galling to the worst degree and it falls 100% on this mgt. team. Wouldn't you want to excite the ownership base so THEY at least could speak about the company?
Its pathetic mgt., if it is actually "mgt."
Lets see, 150M buyout- 11% = 134M minus say 65M in principal and another 12M in interest leaves 56.5M / 75M shares --- guess what- that's close to today's close, say .75/Sh.
So do you take that today or hope for what could be, whatever it is...
THAT vision (Bolduc's) drove investment into ISC. Since he is gone where is the new revised vision, except for: we'll fill Bolduc's IDIQ and pitch ECAC tenders where available.
This mgt.'s plan was part of what the old mgt. didn't have to even say, as it goes 100% without saying: if we sell you a product, we'll then produce that product.
Where is the re-brand?
Where is the product evolution?
Where is the debt reduction plan?
Where is the market communication plan?
But we did get a greedy CIC ASAP, didn't we. Oh and the spiffy website.
Where is mgt. support of the SP?
They want to be the BOD and MGT? I don't see that being in our best interest. So far they've taken the Golden IDIQ and hid it inside a barn. Dam pathetic. You don't work to win an IDIQ like that and then go silent. Are ISC shareholders totally numb?
NO, I agree with Bolduc's vision and still see it occurring, I just don't have confirmation of that from this mgt. ( the DON'T SAY aspect).
Bolduc was totally spot on to lay out a strategic vision...you could NOT invest into a burning trainwreck that IMSC was without some path out and upward. And to Glenn's credit- he hit most of his points. No one could fault him for the delays, as we all know that the gov. has their ways that lead to delays MOST of the time.
This mgt.'s greed in putting out a CIC plan with an 11% payout is the only HINT that Bolduc's vision is still in play. But they have failed to communicate any vision except: we'll produce B-220s to fill Bolduc's IDIQ and we'll tender all over Europe to fill Bolduc's STAC/ ECAC approval path and we won't talk to you. How does that align mgt. and investors while attracting NEW investment into ISC ?
In terms of spending targeted media dollars to promote the company- NO, not in favor of it at this time.
In terms of communicating to the market at the lowest cost level possible, IE web updates, REAL presentations, investor shows: YES, we need that. And alot of that.
You read what I posted mostly wrong.
STRONG NO.
To my mind, McGann has hidden behind: Do-Don't Say.
Hell yes, he better DO, that's why we pay him. But DON'T SAY, does NOT help anyone including McGann.
Worse, he played shareholders with talk of a re-brand.
This company does NOT move forward by being quiet. Does anybody NOT understand that?
Remember, McGann is incented with options to bring new investment into this company. I guess that just fell into his lap. But they price on the day at least $15M comes into the company and are set at 1% of outstanding, with the BOD to make the final # declarations.
I like incented mgt. But I also want them to earn it and I want them aligned with shareholder interests. I feel there is NO alignment between mgt. and shareholders. At least Bolduc layed out his strategic vision: gov. approvals, increased sales, uplist and take out after the cap reaches $500M. Sadly, that was my presentation to everyone I encouraged to invest into IMSC.
Now, all I can say is: they want more options, they intend to set aside some 74M shares just for DMRJ and they awarded themselves about 11% in CIC payouts before shareholders are paid in the event of a buyout.
Look, this BOD is McGann and BL. That's it. With two nominees to be added upon shareholder approval. The BOD needs independance from mgt. or else mgt. answers to who? Certainly they've avoided shareholder approvals. I didn't vote 11% pay outs for change in control. Did you? Do you approve of that--darn, we don't get to vote on that. Maybe that's another lawsuit.
You know its sad when shareholders know less about the company than the company's competition does. Huge failing there. And does NOTHING to help this company move forward.
I've said many times, one little mistake and this company has NO where to turn. ISC avoided that in the latest TSA failings as reported by the Red Team. But what if that delays roll out of the B-220? That's NOT even an ISC mistake, just a TSA one.
I sent a message. I urge you all to think this over very carefully as your future investments are at stake.
The BOD? Its McGann period.
Brady- really, why? Why increase the share count? Why not ask for more performance on debt reduction?
Mgt. is setting aside, or claiming to set aside, some 73M shares for DMRJ---I think that shareholders have to step in and make some feelings clear- we don't want DMRJ around that long. Its pretty simple, give them shares and they will take twice as many.
Which brings us to the law suit-- they violated laws regarding how they awarded shares, or at least that is the legal claim.
While I want mgt. to make this company VERY successful, I don't feel they have been straight with investors. They kicked out the guy that built a dying company into a world wide contender, then some of that faction are obviously being rubbed out, further, a broken debt ridden company and they decide to GIVE THEMSELVES CIC payouts? Why not ask us, the owners...
I think too many outrageous things have been foisted on ISC shareholders. And YES, I feel angry about they way they said WE'RE RE-BRANDING THE COMPANY and then gussied up the website and called THAT a re-brand ( at least to date).
I think its time to send a message, a message that says; DO SOMETHING TO BRING VALUE TO THIS COMPANY. AND THEN DO IT AGAIN. THEN, WE CAN DISCUSS GIVING YOU MORE SHARES.
If this is DOING and NOT SAYING, lets go back to just SAYING. I'll take that anyday over what has transpired. You don't succeed and then retreat into a curled up ball and call that DOING.
SCOTUS S.S. used 150s in S. Am. Yeah, everybody that uses a 150 finds the utility incredible and none have dismissed it on the particular grounds that TSA (TSL actually) did.
S/M handhelds are NOT cert'd and frankly, stank to high heaven.
Combine these thoughts with the fact that SWABBS should be ruled as BC ( before Christ) and removed from any line. But not until isc has filled out those size 162M IDIQ pants. LOL.
Public to TSA: Don't waste our precious tax dollars.
Public to TSA: Don't let terrorists kill us.
Public to TSA: Don't take our liberties
Public to TSA: Don't waste our time, don't waste anything, but keep us safe for much less cost and don't take our liberties and please explain EXACTLY what you are doing in public hearings.
The TSA is like a paper airplane you built as a kid, it floats, drops and soars all the while being as quiet as the wind. And then some yahoo steps on it.
I do agree that TSA has put a huge crushing on ISC and Ex-CEO Bolduc but some of that was due to competitive chatter in the market place. But aggressive-innovative-efficient science trumps the multi-nationals sitting on their thumbs. Smith's recently said: we listen to our customers. I would like to add: yeah you do, when they yell with a world record IDIQ to one of your competitors.
But but U have an I ( 2 of them ) and he has an I--my detective handbook tells me you both have an I or two! LOL.
IT- NO, ISC has NOT beenmanipulated by DMRJ-- ISC signed up for the deal(s) in place. they had to, no other choice was available to them. But that was THEN...
In terms of insiders buying, well they are just like you or me, they want to make money on their investments. When they do begin to buy, THAT moment will be the sign that good things are at hand.
But until that time, they can speak to the debt-Rex in the room and work to remediate it as quickly as possible. If they do not, every new investor will feel duped and angry for not understanding the ugly situation they bought into.
I think they will address this, but success lies in the details. Its funny, people deeply in debt are often ashamed and try to cover up the debt when the answer is in addressing it and erasing it.
In my opinion, ISC competitors have looked at our debt very closely. They know that TSA spending the entire IDIQ in 2 years will NOT remove the entire debt so ECAC sales are vital by all parties. Further, as time goes on, both S/M will have certd ETDs so the sales wins will get harder. Our only hope is change the concept of operations via a new handheld, continuous ETD that is of the highest resolution of any ETD on earth. Since non-contact is ours for the taking, this is a huge opportunity. Truthfully, swabbing is a danger to everyone.
Sure, thats reasonable, but that's also the future, the same future that a potential investor is loath to predict/trust. But at 150M outstanding, debt gone, the SP is much higher and that becomes the gamblers BET, can the company actually do that in a very irregular sector loaded with danger.
So look at what the market is saying to us these past 6 months: Danger, DO NOT BUY.
And look what are mgt. is saying in response to the the MARKET's reluctance: WE'LL REBRAND THE COMPANY BUT WE ARE NOT TAKING THAT SAME BET YOU SHOULD TAKE.
McGann cannot even write the plan on paper, he ad libs. So the plan exists within the SA transcript of the last conf. call. Its a shabby approach to building enthusiasm for investment into ISC as it provides invisable confidence.
We dodged a huge RedTeam bullet, this time. My sense, all systems are frozen or freezing as we speak. Not sure if we made it infront of the freeze or we are caught mid-freeze. But consider the ramifications...
McGann seemed to point to: S ETDs are DeadManWalking.
Zey- you are right about the future perception of the SP, however, the share count projection to >150M shares from the 76M today says what to a prospective investor? One answer, the share I buy today for 72 cents is actually worth 36 cents. Further, until the share count projection can be locked, no one can guarantee exactly WHAT the share count will be.
I think is best illuminated via insiders severe reluctance to buy a share in the company they can help make whole.
I think a giant sign waiting to be turned on is: INSIDERS ARE BUYING IMSC ON THE OPEN MARKET.
As I have often warned, ONE LITTLE THING GOES WRONG AND ISC IS IN TROUBLE. We avoided that one little thing when the Red Team reported. And its a larger positive than it currently appears as S ETDs are now in the cross hairs. IMO, McGann already knew this when he spoke on the last CC of TSA expanding the purchasing plan to fill out the entire IDIQ-- Smiths ETDs are going to the junk pile as soon as the last Morpho ETD smashes into said pile.
In my view, the entire concept of swabbing is based on catching a graduate from Bomb-building 101, the current bomb builders are so far past that they have actually obsoleted all current ETDs using swabs. Which will be very good for ISC the second we have sold the 2XXXth ETD to TSA.
Joe- patriotism and self preservation are not as an emotional arguement as you might imagine, how the arguement is posed might be the emotive component and you are right, its a bona fide layer of appeal. However, its hard to pose and mount an effective arguement for ISC when its own insiders don't buy shares, have to be sued into having a shareholder meeting because they gave away options, possibly against existing SEC rules.
You also have to consider the base layer of any retail investor emotion: I don't want to lose my hard earned income on a bad investment.I am NOT saying that IMSC is that "bad" investment, but when debt is larger than cap and shares outstanding grows when no one is looking and there is no end in sight, at least not one openly targeted by THIS mgt. team, well, your emotional component would have to be so over the top that... you get the idea.
I do like: Join the fight against terror, invest in the terror fighting stock of ISC. ( self - preservation can be so provacative). Here's where I do agree with you-- a low cost positioning of the company as a terror fighter ( more support than actual trigger puller) coupled with a plan to gain solvency would make sense.
However, hiding the ugly boils of debt serves NO good purpose and will actually backfire on the company. You can see proof of that with every impressive sales PR just in this qtr-- it does NOTHING for the SP and won't until the investment world sees the surface of the ocean as the seabed looks like hell.
Joe- we've been there and done that...you are missing Act one, pure play ETD maker gains rare TSA approvals, ECAC approvals, STAC approvals, Russian-Chinese approvals...much of the world knows all about this company, if they were looking at security driven stocks.
However, Act 2 has been the dreaded realization that this company has run up debt and share count like crazy and has NOT put forth a credible plan to reduce debt and stop interest payment stock converts at 8 cents a share on some of the debt which leads to ongoing dilution. It has 12M in interest owed that accrues interest on said interest!!!!!
Act 3- the company is saved when its debt free, can uplist and has the leading edge, the largest market share and a stellar reputation. The last thing it needs is new shareholders that didn't do their DD and didn't know how broad and deep the debt is structured...they will quickly become disenchanted EX - shareholders. Many companies operate in debt but few operate in outsized debt AND ongoing stealth share dilution.
I love company promotion now because it sets up share purchases at a date TBA ( debt reduction plan or some such event that erases the gapping debt). As of right now, our debt is larger than our cap...and our sales/ yr trailing is about 1/10 of our cap---who does that company look enticing to...?
mcGann gave Morpho the $/unit when he said ISC WAS NOT THE LOW BIDDER. Trust me, Morpho heard that.
Its real simple, I see ISC landed a $162M IDIQ with TSA, I see their share price is $.70 cents. I see they had 64 M, then 68 M , then 72M , then 7XM shares outstanding but NO secondaries-- I scratch my head, sure, I am not a bright investor ( I offer my investment in ISC as proof! LOL) but I know when something smells real bad and this companies cap structure is it.
Then I do some simple math: 65M in debt at 15% = just the interest / year is $9.75M...they have never had a year where ETD sales put up that number...
So then, even a wild eyed investor would look at the ETD TAM in USA and ROW, the problem is it pops up and goes away so often that its hard to put your finger on the potential for ISC to escape debt. Then you assess the IDIQ and say, OK, margin on that has to be 50% or say 80M over its two years--ah, light at the end of the tunnel until you realize the company needs 50M over those 2 years to just run. So it looks IFFY even at 70 cents vs. the debt.
So even a total simple investor takes a huge amount of comfort in INSIDER sales. INSIDERS KNOW ( check out the ETF symbol KNOW) and INSIDERS WANT TO MAKE MONEY JUST LIKE WE DO...yet they are staying away from the one investment they actually work to make successful.
Trust me, I have heard this, argued this, batted it back and forth like it was a slow moving volleyball...its a tough sell.
But pitch me, give me a great compelling investment thesis into a 65M debt ridden company...I'm all ears as I could use a new investment thesis for ISC...
You think a swabb is going to deliver easy drug detection? Most detection will be field work, not in a constrained indoor channeled area. Think police cars on the interstate, school lockers ( 33% of the teen- nation will go to jail), border lines in the outback, coast guard cutters and of course public events with long lines etc.
Obviously, ISC has the swabb above all swabbs, but swabbing is DOA. Non-contact offers so much more portability, speed, ease of use, agitation of hidden subs-- the list goes on and on. The good news, ISC NON-CONTACT will replace ISC SWABB...once we have a non-contact approved, the story gets us up to take out territory.
If you get to talk to a back room swabber at a freight forwarder, ask him how he likes his job and then ask, do you ever just fake like you swabbed something-- its a dam pathetic tool doing an extremely vital tool. BUT it can be effective, but the number of contingencies is now working against swabbing as a GREAT DETECTION MODALITY.
Joe- Bolduc show cased the company at numerous investor opps over the years. The problem is, potential investors have worked thru the crazy filings and KNOW the debt situation.
However, debt=New Investor Repellent aside, the company needs to find NEW NEW investors and one way to do that is to address the debt, place some targets on debt reduction and keep the potential new investors apprised of debt reduction moves.
Additionally, keep the great sales flow working in spite of mc gann talking like we didn't need to be so agitated over sales. AND follow on products, note plural, its gonna take a break thru on non-contact by the TSA to work NEW non-contact products into the world wide scheme of ETD. Funny thing, I really believe that the only company that can obsolete ISC is ISC. ( yes, its a new investment thesis that can be a working-promotable one inside of 6 months).
200 units = 2 months of production, if 40k unit at 45% gr mrgn = about enough to pay the INTEREST ON THE INTEREST ( if not converted). But if they can run at 100+ units per month, then we can chip away at the interest on the interest, the regular interest and the principal.
Nowak- you are correct--it is a randomness of selection at two levels, but the crucial level is where swabbing is defunct, its like a swabb surface has to bump into a " trace ". The old bomb builders were sloppy and they left behind many traceable clues, the new builders are NOT working at the same sloppy level. Key segue-- a heated vortex is a next gen. leap above a swab. Warm air livens up the trace, circular cones of air suction attract the trace into the collection nozzle. So IF you know where to target the vortex, you will find the trace faster and more reliably than any swabb every could.
I have to think that McGann, more than Bunker, more than Armini has seen the extended vortex product as far above the know limits of hideablity for trace. So the shoot out between a swabb and a vortex will by like Mike Tyson vs Pee Wee Herman. Mike's the vortex.
Pulpman- of course the product ASP matters, the higher the ASP the faster debt is removed, the faster the SP can rise. I don't think the company sold a 220 for the msrp of a 150...further, we sorta know where S/M bid in the current line ETDs ( around 36K), so my simple math says M bid 32-34K and ISC bid 36-42K in certain quantities. And there will be NO announcement as to what that price is, but we can piece it together. Make no doubt, its important to your investment.
ROI-- eough, NO, we stay silent and we are smart...however, later this summer this event can be pointed to, say when TSA upgrades the ETD layer with hand held, non-contact, random scans with the 150-E, and once again pushes the standard to world's highest ETD resolution at the world's lowest cost of ownership.
This all plays our way, if we are smart and part of the TEAM, the good part of the TEAM.
IT- ISC avoided being associated with "holes in the fence". One mistake avoided. And actually, favorable timing for ISC. Now, TSA's replacing Morpho ETDs looks proactive, immediate and a significant upgrade. Perhaps it also opens the second wave of replacements THAT much sooner. All Smith's ETDs could be a nice follow on for another 1430 units.
Lucky? Maybe. Inside tip...? Doubtful. But ISC is in a near perfect position at this time. This part of the story really merits a telling...later this summer perhaps.
There can be no doubt, TSA WILL BE PLACING A MAJOR CAPABILITIES UPGRADE ON THE LINE VERY SHORTLY, IF NOT ALREADY.
Note to Ted- good post, level headed thinking. I agree with you.
Note to Buffalo- I am tried to grasp your position- you do own shares- correct? You own them because of Bolduc or aside from Bolduc? I did not follow your slam on him-- yes, he spoke to shareholders, yes- he claimed TSA would approve ISC products one day, yes- he gained vital and necessary gov. approvals around the world, yes- he created a top notch sales and marketing dept., yes- he brought in a key ETD scientitist to help advance the company's products and apparently YES, he convinced you - me and the rest of this board to own shares...and the SP hit 5 year highs...what is wrong with that?
Buffalo- have no idea what you mean, but I thought YOU were a shareholder. Are you or not?
Note to Nowack-- I know what I know. And it is NOT what you know.
How can you say: an effective manner? Removing the BOD? PR-ing about half while sales have jumped? Rebranding the company--er, building a website? Reaching out to the street? Finding a new lender at a reasonable loan rate? Disclosing strategic intent? Keeping investors informed as to VERY material product developments? Running a CC off the cuff? Crumbling like a stale cookie when asked a "tough" investor question?
Oh I get it, filling the IDIQ-ECAC tenders that Bolduc either captured or lined up to capture!
Please tell me how you define effective because NOBODY seems to be buying THIS story like the old story...and this story is soooo much easier to sell.
Why would that be funny? Funny as in the share price? Funny as in the Board room? Plenty of things have happened, but none are funny. Heck yes, big changes everywhere. You'd have to be asleep to not take notice.
Zey- you manage your shares, I'll manage mine, OK. I never said McGann rolled up the debt. Sure he was part of the roll up, but we all rolled up the debt. We kept the company alive by buying into the story, which came to pass.
What I am saying, since he was given ( took) the helm, things have reversed SP-wise. And for NO good reason. Good luck selling a 69 cent share with 69M in debt. What McGann does with first TSA rev. is telling. Period.
Its a disguised ONESIE that can grow into a $5M-sie. You are right, a very inept PR, but hey, its something.
Ted- you could say that ( they are the builders of the company) however, RETAIL made a market for Plat to sell into which made the company a loan client of Plat.'s which kept this company alive and kicking.
I dislike the new disposition- retail is not needed so we really don't need to talk to you ( PR count down). Matter of fact, I don't even need a script to talk to you--ah BOB you want to handle that "tough" shareholder question-- blah blah it ain't just DMRJ blah de blah blah
Worse, the depressed SP traps much of many's positions meaning ; MGT KNOWS-THINKS-BELIEVES-GUESSES that we will NOT dump underwater shares and we have little options available to us. Quite possibly true.
However, they fail to realize that word of mouth by retail holders to friends-family acquaints. was what supported the share price for years. A CEO that recognizes this acts much different than this CEO.
Tell you what, if McGann does not do something to change the markets view of ISC, then shareholders of ISC have to make changes. This will occur in many different ways. So we now join the CEO MGT. IQ TEST ALREADY IN PROGRESS.
Consider:
A. little to no sales, SP ave over $1.25
B. TSA IDIQ for $162,000,000, SP drops to 3 year low.
Mgt. is doing a great job of sleeping while the value perception of the company goes down the drain. Its like the company is being run by a street urchin or a rock star...
MC brings in min. $15M in new financing, he is entitled to 1% of current issued shares optionable at the closing price when it occurs. So the little, "pay me what you can" had a nice kicker that even today is shaping behaviors.
Then came "I want Bolduc's CIC %"...of course, never on the table at the time.
But truthfully, if MC doesn't think he can make a huge profit by buying 66 cent shares, then who really wants to be an investor today? Maybe a TSA Shipment flipper, but that is it.
MC knows as long as they have set aside 73M shares to pay out PLAT, the share count goes up as well as his 1% and the share price goes down giving him a lower option buy price.
His only competition is Dr. Jones, who has the same deal. They will do a joint deal or MC will force DJ out. Its Rome all over again.
IT- you will hear the sound of the bottom shortly before MC and BL buy shares. It is likely to be today's close minus 33%. But that is good for today only, it wants to go to the low 40s so we'll see. A lot depends on what McGann does with the TSA rev. If he locks himself in his office to count it, well then, down we go. If he pays down some of the $12 in interest due, then he is calling for a lower bottom, minus the 33%.
Seriously folks, you buy a share while the company has set aside 74M to pay out Plat., jeez, that's 50% dilutive potential. So the "doctor" has an CEO-SCHOOL IQ test in front of him. What he does will foretell all. IMO.
Its BUZZ ReJo, not Buff...not calling for him to leave the company, just the CEO chair. He can devote all his time to science, which IMO, would serve the company nicely.
McGann becomes CEO and he just turns his back on the company and the SP!?!?!?! Who the heck likes THAT kind of CEO? Is he too busy to promote the company? Who lands a $162M IDIQ and gets its share price abused while the CEO improvs every CC? Look, its obvious that ISC is McGannInc. but why have a poor leader run this into the ground further...?
I think its fair to say, shareholders are more than greatly disappointed with his tenure.
- he deposed a COB who saved the company.
- he downsized THAT COB's CIC payout and then took a larger share while spreading around shares to possibly gain the votes to depose said COB
- now, as if by magic, the rest of the BOD is leaving...their CIC payouts dissolve to worthless over time, after leaving.
- he did all of this while still doing his "day job" so it takes a certain amount of guile and stealth and of course, a killer instinct.
- he then presented an idea he felt would win over investors- rebrand of the company. Nice. But absent.
- he dislikes speaking to investors as they ask tough questions...and now, he will re-create the BOD...its like Julius Ceasar's victory in Gaul merits him 38 stab wounds in the back. Et tu...
We would have to be INSANE to vote YES. HUGE DAM NO!
First came STAC, then ECAC...all laborious steps that allow you to present to a country and then to an airport. All steps that took a huge amount of time, skill and energy.
Look, they were building B-220s for a long time before ECAC...you cannot possibly be pleased with MCGANN THE CEO--- he may be the worst CEO I have ever heard on a CC. He doesn't even have a script so he forgets plenty, won't speak about other material events IE- vital progress in developing follow on products and when an investor asks a reasonable question, he responds like a 7-11 clerk asked about brain surgery. When pressed about lack of communication, he presents his "strategy" ( used in the loosest of meaning) as positive change?!?!?!?!?
Great scientist, fabulous inventor, nasty political in-fighter and maybe the worst CEO on the street. Who gains a $162M IDIQ and watchs while the share price goes into the pit--MC GANN. Bolduc was right, he might actually be a rock star on sabbatical from a band...or looking for a band.
Ki- I see your bet as this: Plat. wants more value/share and they will slow down the dumpathon. However, this company has been branded as a serial stealth diluter so many are adverse to jumping into the stock.
What will be a funny/telling moment: Mgt. buys shares because the "value" is too compelling to ignore. ( it really will be the time to buy because it will mean they found a buyer on their relative terms). They have that fat 11% off the top as sort of hi-low kicker to insure a better payday. But wait a minute- did shareholders vote on THAT? Is 11% CIC payout for a pennyless company greedy and or illegal?