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Does anybody have any idea if Adaptive will have to reimburse NVEI the money that NVEI has advanced them if they fail to produce a viable FPGA? Please don't tell me this outfit actually advanced 5 million or so to Adaptive just to TRY to develop the FPGA with absolutely no accountability.
MIDWEST AND LURKING, I'm beginning to think that the best shareholders can hope for is 1) the tech actually has a chance to be viable even if it's still in the early stages of development and 2} somebody with some resources and tech expertise buyout NVEI and the tech even if it's a .25 a share deal.
Does anybody understand exactly what NVEI paid Adaptive to produce? And does Adaptive have to reimburse NVEI if they don't deliver what they've already been paid to produce? I wouldn't think Adaptive would get that kind of money advanced to them JUST to work on it without being accountable and expected to actually produce.
MIDWEST AND LURKING, when is a good time for me to call you? You do have some good news for me, don't you? LOL
MIDWEST AND LURKING, how can I get your phone number? What's your email? I sure hope you're serious about your group's desire and ability to provide financial support to NVEI.
Cobra, sounds pretty darn good. Thanks for sharing. What would the bottom line be for NVEI if this prediction plays out?
ElderWolf, I still can't figure out why NVEI couldn't just get a simple bank loan in the current low interest rate environment, with many banks anxious to make loans. I wonder if they even tried to go that route. If I get the opportunity, I'll ask Ketch about that. I also have a few questions about the Adaptive deal and MIDWEST AND LURKING'S group's interest in a buy-out. His comments should be most interesting. I'll probably have to wait out the "quiet period" in order to have any kind of chance to get some info.
MIDWEST AND LURKING, NVEI investors should take comfort that your group could "bail" NVEI out if need be. IMO I know it's encouraging to me.
So did your group actually make Ketch a "buy-out" offer? If so, what was the amount that your group offered NVEI? What evidence did you have that it was prudent to purchase NVEI? You must feel the tech has at least a decent chance to be profitable.
Please PM me this info, what is your connection to WalMart and BassPro? Where are you located in Missouri? Maybe some of us "Show Me" investors can get-together for a chat sometime.
How reputable is Walter Chen? Didn't he speak highly of the tech at the last shareholders' meeting? Shouldn't his opinion have some merit? Does anybody recall exactly what he said? It struck me as an encouraging comment about the tech's potential. Wouldn't his reputation be severely tarnished if the tech is a "dud" or "nonexistent" as some have indicated?
excel, if you felt like you were "lied to" in regards to NVEI, do you plan to actively pursue the prosecution of anybody that you consider to have done that?
MIDWEST AND LURKING, why doesn't your group just simply offer to buy-out NVEI?
I just wish they would provide one shred of actual evidence that this tech is legitimate. As a shareholder, is that too much to ask?
I'm still very concerned about all this secrecy. Frankly, it makes me wonder about how much they truly care about shareholders. Surely they understand why many of their shareholders are frustrated and skeptical. Why can't Ketch issue some kind of an general update informing shareholders of the situation at hand?
I sent this to Ketch. To his credit, he promptly responded. Here is my email to Ketch;
"Brad,
Please help me rationalize the bonuses you and Ray were awarded on December 30, 2003. While I am pleased that you and Ray secured some financing, why were you awarded for simply doing your job. A well-paid job I might add.
This "pill would be easier to swallow'"if I could see some actual tech development.
I hope you can understand the frustration that shareholders like myself are experiencing not hearing for months of any progress in the tech we invested in.
One theory is that the bonuses are a "good sign". I'd like to believe that but until I actually see tech progress, I can't "buy" that.
Any help you can give me on this matter would be greatly appreciated."
Ketch's reply;
"the Compensation Committee of the Board of Directors sets our pay and bonuses. They award based on many factors, including competitive wages at other companies, performance against goals, our contracts, etc. I do not sit on the Compensation Committee and have no formal role in the decisionmaking process."
Note: at least he didn't completely hide from the issue.
GrooveMaster, are you saying that the rewarded bonuses to these guys are a signal that good things are ahead for the tech and shareholders? If so, you are some kind of an optimist.
Aren't Ketch And Willenberg on the board? Did they vote themselves this bonus? This doesn't set right with me. I can't imagine that shareholders would vote to approve this. If there were some tangible tech progress that shareholders could actually see, maybe bonuses would be in order. This "bonus-deal", under the circumstances and the resulting dilution, does not seem like something a reputable company would do. Should this be investigated by the SEC?
Maybe the reporter in Portland needs to check into this. Maybe she can interview some board members as to why these two are worthy of these shares considering the poor performance of the company. Do any of you have enough fortitude to admit that you feel they are worthy? If so, why are they?
How about it, pengy, Cobra, deeba, Trexville, etc.?
If a company representative publicly states, "the tech works" and it actually doesn't work. How is that not deception by the representative of the company? And how can the company not be held accountable for that? How can a court not see it that way and act accordingly?
Which one of the NVEI "bigwigs" proclaimed publicly that "the tech works"? After saying that, if it "doesn't work", I'd consider that deception. I don't see how a court could see it any other way.
WHP, has Brad ever told you why they "were not even remotely interested"? That is a "head-scratcher" or maybe it IS indirectly telling us something about the tech.
OK, would anybody now bet 10Gs on Ketch's integrity? Just curious. Personally, there was a point, I would have thought about it. I really felt Ketch was trust-worthy. But with so little "follow-up", I'm not real sure anymore. I'm just being honest. I hope he proves to have Abe Lincoln-like integrity.
Does anybody still trust Ketch enough that they'd bet every material possesion they have on his word?
I just hope Brad Ketch is sincerely trying to do what he says. It's really hard to determine his true intentions with so little information. Is anybody here, other than pengy, deeba, Cobra, and Wheels, still optimistic about NVEI's chances to deliver a successful tech?
Are those "high-powered" NVEI consultants still on board? I haven't heard much about them for a long time.
Is anybody sure what Adaptive was contracted to produce for NVEI for 5.7 million? Won't Adaptive be liable to, at least, reimburse NVEI if they don't deliver? I'd think shareholders will demand it.
Somebody please PM me no3putts latest post. It won't come up on my screen.
Ketch sent me this email recently, "Just wanted you to know that I have called you twice, and get a busy signal. I'm sure that you have some questions, but at this time we are not able to answer specific questions or to comment on the company."
While I appreciate the email, I just can't understand this policy. How are we supposed to get an honest feel for our investment?
With the lack of production and information from NVEI about their tech, it's a wonder the share price isn't sub .10.
pengy, we've been in this thing a long time. I haven't been able to get a response from Ketch recently. Have you? What do you think is really going on with our investment? PM me if you prefer.
WHP, I plan to continue to try to reach Ketch. He could have been involved in company matters this week. Plus, it's Easter week. If I keep leaving voice-mails and he doesn't bother to return my calls in the next two weeks, I'll likely have a similar conclusion as you as to why he's not returning my calls. By the way, isn't that part of his job? Maybe he decided to "cut-back" on the shareholders' relations part of his job because of the "salary cut".
Is Ketch in Iraq? I've been trying to reach him this week. I've left voice-mails and he hasn't returned my calls. Maybe he's on vacation.
I'd guess it would be more like "hope" for the share price to go up rather than "expect".
excel, did you ever hear the stipulations of the payment NVEI made to Adaptive for the FPGA? Must it be a viable product? Will Adaptive have to reimburse NVEI IF the FPGA doesn't "cut it"? I'd think NVEI would have demanded some accountability from Adaptive for that kind of an advanced payment and some kind of penalty for non-production. You don't just go giving that kind of money away HOPING that you will get something in return, DO YOU?
What were the stipulations of the payment NVEI made to Adaptive for the completed FPGA? Must it be a viable product? Will Adaptive have to reimburse NVEI IF the FPGA doesn't "cut it"? I'd think NVEI would have demanded some accountability from Adaptive for that kind of an advanced payment and some kind of penalty for non-production. You don't just go giving that kind of money away HOPING that you will get something in return, DO YOU?
Cobra, if you're not sure about this, I'd really appreciate you asking Ketch and getting back to me. PM if you prefer.
wheels, is Brad Ketch "still your hero" or was he ever?
This is worse than "watching paint dry". At least with the paint drying, you have an good idea of what it will look like. I'm trying to figure out whether it's a good or bad sign that this "quiet period" is taking so long. Are they really putting critical touches on a potentially viable tech or are they still scrambling to come up with something? I'm hoping that this SEC filing will be approved this month and they will FINALLY give loyal shareholders some insight into what we are REALLY invested in. I hope they sincerely care about shareholders. Until now, it hasn't been real obvious to this shareholder. That has me as concerned as anything.
spokeshave, actually Cobra told me something else pertaining to the Adaptive deal that I found very interesting. It was a PM so I'm not sure if Cobra would appreciate me passing it along here. Very possibly, this information has been mentioned and discussed here before. I just don't remember seeing it.
Thanks Cobra, I wasn't aware of that. By the way, when do you expect the SEC filing to be approved? PM if you choose.
Does anybody know if NVEI thought to include a deadline into the contract with Adaptive? Why would that have not made sense? Is Adaptive the only option to deliver the FPGA?
Cobra, please ask Ketch these questions and let us know. I'd really appreciate it. PM me, if you'd prefer.
If I recall, when I asked Ketch about this payment in advance to Adaptive, he told me something like, it was standard procedure in the industry to pay for this type of thing in advance. But to me it's almost like saying,"here's a big wad of money for you, get the product done when you can". I should have asked him if there was any due date in the contract and, if so, would there be a late penalty . To me, this Adaptive deal was, and continues to be, a poor way to operate.
excel, with this "track record", what more does the SEC need in order to investigate? I really don't understand why any shareholder or even EX-shareholder, who's been through years of this, wouldn't want to see NVEI "forced" to "level" with shareholders.
We must insist on accountability and right now, does anybody actually feel that NVEI has been truly accountable to shareholders?
Groovemaster, why wouldn't you favor the SEC checking into NVEI's dealings? If NVEI is legitimate, no problem, right? I know I'd sure like to know for sure that I'm invested in a reputable company. That there IS a tech that "works" and my investment dollars haven't gone to "line some pockets".