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denied?
i think not. but unlike some, i no longer simply trust whatever hot air might blow from the Berkshires.
as it relates to anything Wave, until i see it in print, it ain't hauppened IMO (& even then, as in PRs, etc., i remain a total skseptic). a well documented history shows that to be the prudent course.
the verb chosen (is) could have been was if the ongoing formal SEC investigation was concluded.
this feels strangely similar to when i predicted that Wave would end up paying liquidated damages for breaching one of their many recent loan shark borrowings. i recall similar tap dancing a_voidance from a poster w/a similar ID -- it might have even been you.
btw, nice close... feels like the deck chairs are being rearranged & the quartet is resining their bows.
also, delisting by Thanksgiving (note i've moved that prediction up a month because Wave is clearly a butterball Turkey with the fork already stuck in it).
100% JMO
from CMF's selected 10Q passage:
"The focus of this investigation is on certain public statements made by Wave during and around August 2003, as well as certain trading in Wave’s securities during such time."
rote or not, 24, the langauge is clearly present tense.
if Wave was permitted to utilize past tense language, why did they instead elect to use present tense?
& btw, please show me where an ongoing formal SEC investigation results in a rote bar for all shelf registrations submitted by formal investigation targets.
please cite the source upon which you rely.
tia!
yeah but shute...
you also claimed that a year old PDF schematic proved that NSM product was imminent & SKS claimed in a CC that for all he knew, "the chips were already on a boat from Asia," or some such nonsense.
how is it good news that the ever-increasingly cash-strapped Wave is now responsible for marketing its own wares?
the whole reseller argument isn't very persuasive IMO -- VARs aren't gonna push Wave stuff unless there are significant incentives.
JMO
Snack, it would seem that there are less than 50 people in the entire world who "understand what Wave is all about."
the CEO has even stated (repeatedly) that they "don't get it." he has said this regarding content providers, oems & others. if those audiences simply "don't get it," what makes you so confident that someday soon the world will have a collective epiphany?
not quite the world dominion some predicted years ago & those predictions were thrown around as carelessly as the $122M IMO.
as for "SO be it," the market is speaking volumes about Wave's prospects.
wavx would get an instant 25% "pop" if Feeney was dropped, Lark Allen was named COO & the BoD was reconstituted.
50% if SKS announced sr mgmt would only take option-based compensation until the company was cash-flow positive --- with strike prices of $5.24 or higher.
but it won't go down that way --- ever.
JMO!
Along with Snack's other contrarian support:
http://www.stockta.com/cgi-bin/analysis.pl?symb=WAVX&num1=27&cobrand=
Dr. Jas -- it is refreshing to see the writings of people who i am almost certain *love* Wave, be candid & truthful in their posts about the litany of problems which clearly exist.
c_m of course holds a gifted pen & articulates what many of the huddled wavoid masses presumably feel --- haup for wavoids' collective sake (& benefit) that the powers @ Lee will finally wake up & smell the coffee before it's too late for you & all else similarly situated.
regards & good luck!
By: tophersaint
14 Aug 2004, 11:44 AM EDT Msg. 104022 of 104023
Jump to msg. # Go
Deconstructing an irrational post...
I've decided to take Armp's post and use it as a lesson in bad logic and business immaturity. It IS a well-written post. And that's always welcome. But, there is a tone to it that is that of a (Polish term) "hetman"... Unfortunately, there needs to be lot more thought in the "het." That's how the "hetman" gets to keep the "het."
(Styling on RB is not what is used to... so I'll just use AMPLE quote marks and other marks to separate Armp's words from my own)
************ "There really is nothing wrong with WAVX. I think the comments from the girlie men are mostly flawed. If management was in charge of a product with a pre-existing market, then they should be held fully accountable for deployment. WAVX management cannot rationally be held accountable for the rate at which a new market emerges." *************
(COMMENTS): Well, of course, there's something wrong with WAVX. The stock price is perilously low. The last financing round was ridiculous. The RECOGNIZED revenues from this last quarter were laughable. Their cash position is, to say the least, compromised. AND all of this tends to compromise business discussions with possible partners and potential customers. There were no comments in the CC about the changed NSM contract, though such a POTENTIALLY significant (good, we hope) development certainly merits public discussion. There was mention made in a PR of some kind of new "government trial" which constitutes, on its face, good news. But, why was THAT not discussed in the CC? There has HARDLY been a significant forecast or prediction from SKS that has come to pass. BUT, that said, Wave can't be held accountable for the rate of development of a new market. Still, there are SO many other aspects of the company and its approach for which Wave MUST be accountable or corporate governance becomes a cruel joke.
*************
"Managers of genuinely new products should be assessed for their ability to maintain position of readiness to serve an emerging market and to posture in response to shifting landscapes. This has been marvelously accomplished at a very small hold-in-position cost (less than 200 million $), over a long period of time, for an enormous opportunity.
Novice managers would have prematurely drawn lots of attention to the space and thereby would have given competitors plenty of time to engage as delays occurred. Almost always, the leading edge innovator does not benefit from their innovation. WAVX management appears to have sufficient good judgment to preserve a leadership role, even after al of these years and even with major shifts in landscape. Nothing more can be asked of them. I've been in new products for many years and have seen plenty of managers fail this test."
**********************
(COMMENTS): As I've already discussed this... and wondered aloud just WHICH space and WHEN the poster is referring to... Most of this will just have to pass. This is, of course, just a tarted-up argument for STEALTH. WHEN Wave was flush with money, was it REALLY pursuing stealth...? I mean it was trying to evangelize the need for HARDWARE-based security and trust. And, along the way, it participated in LOTS of very public attempts to bring the issue to the fore. Was that making sure that potential competitors didn't know of its claim-staking? And, for the past couple of years, as well too painfully know, Wave's not had enough cash to do anything but lay low and try to work a select few relationships in a highly focused manner.
But, enough on this. I've given this more analysis than it bears.
*************************************
"As for compensation, why should they take smaller salaries? Managers of less skill get paid small salaries and are told that if they perform they will reap rewards. That is exactly how managers of low skill should be treated. WAVX is potentially too valuable to be in the hands of people who are willing to work for only a couple hundred thousand a year. Please keep those kinds of people away from my investment. For a competent manager to take a smaller salary than they are worth, constitutes an investment by that manager. Why should they invest? Their investing days were earlier, before the company went public. How many girlie men owning WAVX stock are willing to take half of their present salary and give it to WAVX, even for a bonus if the company performs? If not, why should WAVX management do it?"
*******************************
This is, at base, an ineffectual and impotent argument. It's kind of warmed-over Ayn Rand with a faded poster of The Terminator tossed in for good measure. What's the most disturbing about it is how facile it is. I, for one, haven't asked MANAGERS to take reduced salaries. Can't do that UNLESS or UNTIL the "hetman"--Steven--shows a little savvy and less propensity for chowing down at the trough. At a very minimum, with a company that's forced to do financing deals at the sub-dollar level, one has to be smart about COMPENSATION. It's called MANAGING THE BURN. There are creative ways to do it and even MACHIAVELLIAN ways to do it. After 16 years of no profits and negligible revenues, to NOT do it is to only widen the credibilty gap with key constituencies: investors, partners, journalists who frame the perception of the company, etc.
Oh, and should the patty-cake argument be made that, well, look at the recent financials: Wave IS managing its burn. Good. But, clearly, when you still hear Feeney on the calls, you just know that there's some serious fat that needs trimming. Other SMART public companies do things like PUBLICLY making it known that they are suspending "performance bonuses" until or unless a turnaround is achieved.
There are SO many good, solid public companies who, when their numbers are down or markets are temporarily sagging, play this game with great maturity and "street smarts." It requires a hard-nosed, pragmatic approach... that Randian ideologues just can't fathom.
***************************************
" Recently WAVX management has been releasing very valuable information for investors to decide whether to bail. I don't want sales forecast until the market exist. Asking for guidance on the rate at which this market will emerge is asking the wrong question. The answers would only make a liar out of them. They are giving us the guidance we need in order to decide to stay in the game. If you want someone to predict the future, go to a carnival not a shareholders meeting for a company with a new product for an emerging market.
WAVX management has already succeeded. They have kept WAVX alive in spite of much turbulence. Yes they gave up equity along the way, what should they have done to preserve the company? If the market never emerges and WAVX ultimately fails, it will not be a WAVX management failure.
I don't think anyone invested in this stock has a mature reason for feeling upset with management. Those who confuse WAVX with established companies with established product lines will naturally expect management to provide data that simply is not available and also will expect management to have sales even when they cannot yet exist. Novice managers would have panicked and tried to create side products in order to generate revenues for survival. No thanks. Stay focused on the mission of owning the space. I'll gladly give up a lot of equity to have that (should the market ever emerge). Indications are now very strong that the security market is about to emerge and WAVX is well positioned - so it seems."
****************************
That the company is still around... after MANY, MANY missteps and miscalculations... is SUCCESS of a most basic sort. But, whoa, the blunders. (One example: SKS actually said during the SHM that he misjudged IBM's early adoption of the TCPA technology... and missed an opportunity to get on that boat early. This is one of the more strange revelations... because there is this Wave-fed mythos about how SKS actually was instrumental in the creation of the TCPA. How do you MISS OUT on something that you've supposedly created?)
There is so much that is wildly off in the above excerpts... that I'm just going to let them stand. No "mature reason"? A stupid round of financing? Revenues that are easily eclipsed by my local hot-dog street vendor? A track record that, at the very least, does NOT inspire much (if any) confidence? Important DEAL restructurings that are buried in filings rather than discussed (or even CELEBRATED) in public forums? You know, so much of life and business is not just WHAT you do... it's HOW you do it.
Bottom line: it's arguments like Armp's that don't inspire me to continue holding my Wave shares. But, over the years, I've been able to find ample, far better, more vital, more logical reasons to keep invested.
I mean if you want to rally this troop, don't offer up such gems as "Let's just keep top-executive SALARIES high regardless of whatever the underlying fiscal condition of the business" or "Everything's fine." (Baghdad Bob was, at least, a little more amusing.)
But, this is as far as my public Wave critiques go... for now. If we believe what SKS said on the call--and, in a way, we have to because this is one time where common sense comes into play--this next Q's report HAS to be dramatically better. And that "success" will tend to help folks rationalize their "hetman" arguments. It won't have changed ONE IOTA... the truth (as I perceive it) of the facts that I've laid out.
Onward and upward...
Best Regards,
c m
http://ragingbull.lycos.com/mboard/boards.cgi?board=CLB00135&read=104022
nice post by helpful bacteria from RB DD .
wonder why he chose not to post it here?
& btw, IMO if wavoids had written stuff like this (& Zen's recent e-mail) back in 98-99, things might be a little less bleak & Wave might even still have some of the $122M they tore through in 3 years.
owning wavx & demanding corporate accountability don't necessarily have to be mutually exclusive IMO.
anyway, here it is.
By: tophersaint
13 Aug 2004, 12:40 PM EDT Msg. 104015 of 104016
Jump to msg. # Go
Not that anyone asked...
I listened to SKS' CC remarks twice yesterday. What a LONG, long, long, painful call.
The revenues are, of course, ridiculous. In-sulting. Bizarre. Loopy. But, to quote myself on really bad days: It is what it is. And they are what they are.
Why Feeney has not been escorted from the building is completely lost on me.
Why SKS has not decided to do even the POLITIC, civilized thing... and suspend executive bonuses... at least until something MEANINGFUL and CLEAR TO THE COMMON SHAREHOLDER is achieved... is beyond me.
Why SKS has not decided to TIE his salary to performance--IF no one else's--is BAFFLING...
But, even more than that, I just wanted something that sounded remotely HUMAN on yesterday's call. No, not a chubby, young Mr. Wizard... ooh-ing and ahh-ing over the latest science experiment. No, not words like "momentum" and "validating" and "cool" and the other technology "dead zone"-speak.
(There is, thankfully, a NEW type (or is it an OLD type?) of leader that's kicking around in corporate America. I've met a few of this type now. They are among the best at what they do: lead, through good and tough times, because each presents its own set of challenges. They get outside of the "bubble" and hear what they DESPERATELY need to hear.)
I wanted something yesterday: Just a simple, basic, human bit of contrition (not that he's been sinning necessarily... but that he knows that this path that, in large measure, he has thrust upon us all has been, well, a little hard on the feet) or empathy... a sign that the LEADER knows that there's pain all around... even though he may not be willing to substantively share in any of that pain.
I just wanted some human words and proofs that there is grasp of reality: the reality of the SHAREHOLDERS.
I know the arguments. We can't dump SKS... horse in mid-stream and all. (Please, though, don't remind me of patricians and their horses right now.)
We need that GENIUS and that vision. (Well, we do.)
We can't cause an insurrection in the BoD. They're too tired for storming ramparts. And, apparently, too DULL to hear the music of the obvious and feel themselves too insulated from we who might want them on the street. Interestingly, though, one HAS to wonder IF they've ever read Sarbanes-Oxley and understand just how VULNERABLE and ACCOUNTABLE they are.
So, I know the arguments.
I also know that IN ALL THE DISCUSSION since the CC, there's been scarce if any about what was in yesterday's PR: the business of a government trial, etc.
And, in the FACE of yesterday's call, I am DEFIANTLY positive.
I am going to keep ping-ing and, in my own way, haranguing, those people at Wave with reminders that YOU MUST BE MORE than you have been... because of all of us.
I am DEFIANTLY positive. That SKS has defined his role in such pathetically traditional CEO terms isn't going to stop me from PUSHING him and others to realize the FULLNESS of their responsibility.
That SKS lacks the whatever it is--that gene that enables one to know when sacrifice is not only called for but demanded--isn't going to stop me from sifting through the BoD to find a mind and heart that isn't so tone-deaf.
I am DEFIANTLY positive... because the company has IMPORTANT technology and is up to valuable work.
Nobody asked.
Best Regards,
c m
http://ragingbull.lycos.com/mboard/boards.cgi?board=CLB00135&read=104015
test
frankie - just want the truth.
it definitely has nothing to do w/"pushing" the stock --- RB is the place for that!
it has everything to do with the company.
good question/s 1260 -- oem.
no offense bparlette
but that, ahem, article, from "dish" magazine doesn't even have a date or a byline -- is that even a real publication? is it available at the grocery store next to the Weekly World News? why hasn't any real media confirmed anything claimed by Warning?
columnists are willing to dash off a few hundred words if Hilton gets as much as a speeding ticket, yet not one credible publication that i can find has confirmed anything about any "exclusive" repping of Hilton by Warning.
you seem to be one of the Warning fans w/the inside scoop, so what gives?
BTW, here's another real article -- feel free to share this stuff (or the Ford Models links & Observer article) w/the RB crowd -- or not.
again, take note that this article's publication date is also well after Warning's supposed "exclusive" PR.
Human Resources
(c) Human Resources , a Haymarket publication, for more information visit, http://www.haymarketgroup.com or email hpg@haymarketgroup.com
Saturday, May 1, 2004
Bizarre HR - New model behaviour.
These days, model agencies don't just need to make sure their charges look good. They need to invest in training, act as chaperone and tell models when their catwalk days are over, says Rhymer Rigby. Disappointingly, the offices of Models1 in Covent Garden look pretty normal. True, they're in a fashionable industrial conversion but they don't compare with the more outre premises that were common in the dot.com days. Still, at least the girl sitting in reception fits the stereotype - she is six-foot-plus of aspiring model.
Modelling is a rather strange business. Yet in some ways it's also very normal. Those who work in the office have what is essentially an ordinary job: 'You're deskbound and you're on the phone; it's sales, but what you're selling is human,' explains Karen Diamond, head of women and co-owner of Models1. That is the crux: the 'product' is physically beautiful people, rather than widgets.
Moreover, these people are often young, naive and are working in an industry where looks come first and everything else follows.
Those who are young, naive and anxious to get on are also very vulnerable and have to be protected from the unscrupulous. The industry is plagued by allegations of corruption and exploitation, particularly from girls who have since left the business. Rumours of under-age sex, drug abuse and eating disorders always seem to be lurking in the shadows of the catwalk glamour.
The protection of staff from exploitation is a traditional HR role. So in this sense too modelling is normal. But it is unusual in that it is probably the only industry (except perhaps porn) where women earn more than men. And it's one where almost none of the workers has full-time jobs. Almost all models are freelance - the agencies look after their bookings and promote them. For this, they take a percentage of their fees.
In the case of Models1 - which has supermodel Linda Evangelista, socialite Paris Hilton and Yasmin Le Bon on its books - it's 20%.
Some people, says Diamond, start very young so one of the HR roles is to act as a kind of chaperone. 'Ideally we're looking at 16 to 21 for girls and a bit older for boys because they mature later. We do take on under-16s. I don't like doing it, as we're an adult agency. But my theory is that, if we don't, someone less scrupulous will. So we keep them on the back burner and don't interfere with their school work.'
Even when they get a little older there can be problems: 'They often come straight from school and we become the 'establishment'. It takes them a while to realise that they are their own bosses and that if they bunk off they don't get paid.' Indeed, the agency has a 'New Faces' division to look after these girls. It is responsible for finding new models, training them and helping them get their careers off to the best possible start.
The company also has an apartment that sleeps six girls in Chelsea. The chaperone has an in loco parentis role: 'For a lot of girls this is the first time they've left home. She often has to teach them to shop for themselves, that clothes don't pick themselves off the floor. She also helps if they're depressed or homesick.'
If they are very young, says Diamond, a parent will ideally accompany them to shoots. 'We don't allow them to be shot in Lolitaesque poses.
Anyone who books a young girl is aware of that so they don't shoot her in see-through chiffon.' As an agent, she says, 'we are often perceived as the lowest form of life, but we do feel very responsible for these girls'.
What about drugs? 'This industry,' says Diamond, 'gets a bad rap when it comes to drink and drugs. But there's no more drug-taking in fashion than goes on in suburban pubs on a Friday night.' She says that she has to take a pragmatic line on these matters. 'We talk to our girls about it. We tell them we expect them to be sensible. But I can't dictate to people. One recognises the signs - the girl who is always late or can't make assignments on Monday - and I call them in and read them the riot act.' She sees it as part of her career management role. 'I tell them that the party lifestyle isn't conducive to being a model - and usually they get the message.'
The industry's other bete noire -eating disorders - are perhaps a little more difficult to handle: 'I believe that girls who suffer from this condition usually have it before they join the industry,' argues Diamond.
That said, modelling doesn't help: you are judged on your looks. 'A serious eating disorder is not conducive to modelling. Much as they have to be tall and slim, they have also to be healthy. Painfully thin isn't attractive and all the side-effects, such as bad skin and dull, lank hair, don't make a gorgeous girl.'
Most girls, she adds, experience a change in metabolism at around 19 or 20 that will dictate whether they can continue as a model. 'I think that many people do struggle. If your body wants to be a size 12 and you want to be a 10, that's not too bad.
If your body wants to be a 14, that's too much of a struggle-especially in an industry where there's so much rejection.' All of which brings us round to expectations: as with so many other high-visibility professions, the public (and many aspirant models) see only those at the top and may assume that everyone who works in the industry will be one. This is where Diamond's talent management role is important.
'We believe that every girl we take on is a potential star,' she says.
'They could be the next Kate Moss.' But it's a bit like professional sports.
To make it to the top you have to be incredibly single-minded.'They have to make sacrifices,' she explains. 'They may have to miss their boyfriend's birthday, Mothers' Day and spend their own birthdays alone in a hotel room.' Many girls, she continues, are not prepared to do that. 'And they will become what I term 'good working girls'.
They'll do very well, but they won't get to the top.'
Most people's earning potential peaks in their mid-20s and then it usually, though not always, tails off.
'It used to end when they got married,' says Diamond, 'then it was when they had a child. Now you can carry on for as long as you want. Still, for most people, 30 is the beginning of the end.'
Advising them on future prospects when their career is over is another HR role. 'If they have done nothing else,' says Diamond, 'it can be tricky.
I had lunch with a 27 year old the other day and asked her if she'd thought about what she wanted to do when she finished modelling. She said that she might go into acting. I said: 'You're bright. You know it doesn't happen like that."
Like footballers, many go over to the other side and work in agencies.
Others have the good sense to use their celebrity in other areas. Take, for instance, Elle McPherson's lingerie line or Sophie Dahl's writing career. 'You hope as a model they will invest their money and they will be set up,' she adds.
There does come a time when bullets have to be bitten. 'The agency can be the longest relationship they've had,' says Diamond, 'it's their rock.
It's really tough - I don't want to toss them aside. When they leave us, I always hope it will be a mutual decision.'.
http://www.models1.co.uk/detail.asp?imagename=001.JPG&softsearch=&linkback=2&curPage=1&a...
"There will never be a better time to buy into this company than tomorrow morning in my opinion."
did you mean to qualify that by stating something to the effect of:
"There will never be a better time [this week] to buy into this company than tomorrow morning in my opinion."
?!?
because of course you likely know that next monday, tuesday, etc., etc. will assuredly bring even lower prices.
SO, i'm not quite sure what the above statement actually means in that the deep discounting has likely just begun.
there may be a brief dead cat bounce as voids empty their pockets to temporarily defend an indefinsible price decline, but it will only be a brief stop on the way down.
6 weeks till $2 eh?
or was that 6 months?
tell ya what, make it an even 6,000.
$0.50 before any chance of seeing $1 again (if ever, w/out a reverse split of course).
delisting before New Years.
100% JMO.
good luck!
SPIN
PS http://www.oag.state.ny.us/
are you serious?!?
go ahead & call Spitzer & tell him that i opined on a message board that selling the open was a good move with this POS after it announced $6K in revs.
be sure to give him the symbol of the stock!
& don't forget to inform him that one of its money sucking subsidiaries is located in mid-town Manhattan!
yeah, it is a bit late, but i posted that selling was a good move in mid-April (at almost 3X the current price & prolly 4X+ the price you will soon see).
go ahead & call Spitzer, i'm sure there are *many* things about Wave he would find interesting...
keep blaming everyone but those deserving of the scorn.
you've been duped & just can't admit it...
yet.
100% JMO!
edit: Jaybeaux -- tonight please think about a few things:
horse farms fer the missus.
paris "offices."
manhattan "offices."
"founders' shares."
non-performance based guaranteed bonuses.
officers cashing in options (among the lower strike-priced ones mind you) & dumping them onto shareholders.
failure to disclose sale of 500K shares during a "window of opportunity."
written off $1M "loan" while borrower is spending $600K+ to buy his father-in-law's company out of BK.
tax liens.
free food, travel & lodging on yer nickel for years & years of "pipeline building."
a breakeven steven estimate that was slated for this Q.
over a QUARTER BILLION DOLLARS blown -- for what??
blaming CPA for asking tough questions is nonsense IMO.
the questions this family will eventually face from others will be MUCH tougher IMO.
the de minimus allegations have been proven by the market -- face it & hear Bill Paxon's voice in yer head:
GAME OVER
sell the open cuz it is gonna plunge in the next few months.
this "company" ain't worth $60M.
ain't even worth $6M IMO.
edit: wavxmaster -- you don't really believe the financier is "long" -- or do you?
Bill Lerach & SEC Enforcement Div?
edit: that would STILL be a $4M burn/Q
thanks CPA - as you can well imagine, i'm not really reading the filings anymore.
already know how this story ends -- just skip ahead a few pages to chapter seven.
it'll be awesome!
that's funny shute!
look on the bright side...
wavx board is #2 on iHub -- second only to the mighty CMKX!!!
already have -- what i heard was apparently very different from what you heard.
Neal Hamil is her agent @ Ford.
(212) 219-6500.
------------------------------------------------------------------------
Downloads are a girl's best friend
Sunday June 20, 2004
"And Hilton has now sprouted four other careers. She has two movies in the can, has signed with Ford models, is introducing a fragrance line, has been taken on by the aggressive young Hollywood talent agency IMG, and is due to publish her 'autobiography' with Simon & Schuster in the autumn. Her mother Kathy even has her own show on NBC, set in the Waldorf Astoria."
http://observer.guardian.co.uk/magazine/story/0,11913,1241262,00.html
really?
http://www.cfo.com/printable/article.cfm/2991448?f=options
Why Shareholders Opposed DrKoop's Reverse Split Plan
Some shareholders "Prefer" a delisting.
Jennifer Caplan, CFO.com
January 23, 2001
It seemed like a no-brainer at the time.
Desperately trying to get its stock above a buck to avoid being delisted from the Nasdaq, DrKoop.com Inc. proposed a reverse split. In other words, it wanted to exchange its current shares for new, albeit fewer shares.
Surprise!
Last week, the online healthcare site dropped plans to hold a shareholders vote on the matter when several of the company's significant investors said they opposed the reverse stock split.
Drkoop had hoped to include the reverse split in its plan to remain on the Nasdaq, which it is expected to submit when it pleads its case at a hearing before the exchange on or before February 22, 2001.
But, why would Drkoop's shareholders oppose a tactic that could help prevent the stock from being delisted? Were they short sellers?
Nah.
It seems most of the opposition came from the preferred shareholders who had earlier "saved" the company from bankruptcy and whose interests are at odds with the common shareholders.
Back in August 2000, DrKoop.com issued $27 million in preferred stock and warrants in a private placement with a group of investors, including Prime Ventures, JF Shea Ventures, Cramer-Rosenthal-McGlynn and RMC Capital. The initial price of the preferreds was $10 per share.
The preferred shares are convertible into drkoop.com common stock based on a price of 35 cents a share. Under the agreement, if the common stock falls below 35 cents, the conversion price is adjusted accordingly. At the time of the transaction, drkoop.com's stock traded at $1.34. Altogether, the group received a total of 78.6 million shares at a 67 percent discount.
Nice deal, huh?
If DrKoop were acquired or if the company were to liquidate its assets, the preferred shareholders would have a liquidation preference of $15 per share, plus accrued and unpaid dividends.
That certainly explains why they opposed the reverse split.
"My guess is that these are the shareholders that said no to the reverse stock split," says Rob Plaza, an analyst with mutual fund and stock rating firm Morningstar. "They have no incentive to care about the common equity shareholders. If anything, a DrKoop bankruptcy brings out a buyer for the company's assets and Web Site, and those preferred shareholders get some of their money back."
In other words, if DrKoop winds up filing for bankruptcy, it would sell off its assets and use its cash to pay its bills, Plaza says. Whatever money is left goes first to the preferred shareholders.
By agreeing to a reverse split, the preferred shareholders would simply be agreeing to prolonging the agony for Drkoop. The stock would probably limp along.
"Reverse stock splits generally do not work," Plaza adds. "A company is still junk after it implements a reverse split, and its shares fall back to below a $1 anyway--with a lower number of outstanding shares."
Besides, the folks at Nasdaq can see right through this type of last-ditch move, and frequently delist the company anyway, Plaza adds.
Nice try, but DrKoop's chances of survival are looking pretty slim.
http://www.cfo.com/printable/article.cfm/2991448?f=options
a couple weeks old (from the Guess campaign)
the question i have is that these two agencies are apparently representing her right now for model work, but Warning claimed she was "exclusive" to them.
IMO "exclusive" means nobody else in the world, but here are TWO agencies, one in NY & one in London that are currently repping her.
Warning's "exclusive" doesn't seem all that "exclusive" to me...
JMO
how do these three things co-exist?
BEVERLY HILLS, CA--(MARKET WIRE)--Mar 23, 2004 -- Warning Model Management Inc. (OTC BB:WNMI.OB - News) is pleased to announce the exclusive model representation of Paris Hilton.
http://www.models1.co.uk/detail.asp?imagename=001.JPG&softsearch=&linkback=2&curPage=1&a...
http://fordmodels.com/search.cfm?search_yes=&page=8&sex=&div=16&h1=&h2=&s1=&...
You wrote:
"Let's tell the whole story, not just the part that fits an agenda."
i couldn't agree more.
wait till the CC
then you can get more of the same from SKS.
remember when he stood firm on a Q rev projection of > $20M?!?
only "missed" it by around 95%
meanwhile, some three or SO years later, Wave has done about 10% of that amount in its entire history.
SO, when does Wave get to "break-even" again?
didya ever notice how Wave keeps hiding the ball from the believers?
good luck!
SKS can suggest that the SEC declared the registration statement effective, but that doesn't make it SO. Show me the proof [prior to the public announcement] or don't say... [insert relevant info here].
SKS can suggest that NSM SafeKeeper chips are on a boat from Asia, but that doesn't make it SO. Show me the proof or don't say... [insert relevant info here].
SKS can suggest that Wave is the "glue" to the TCG, but that doesn't make it SO. Show me the proof or don't say... [insert relevant info here].
SKS can suggest that excerised some of his lowest priced options & dumped them into a P&D to "help" the company, but that doesn't make it SO. Show me the proof or don't say... [insert relevant info here].
PJS can suggest that SpagueXcess will announce mind blowing news in "literally" a few weeks, but that doesn't make it SO. Show me the proof or don't say... [insert relevant info here].
PJS can suggest that he only sold 100K shares, but that doesn't make it SO. Show me the proof or don't say... [insert relevant info here].
etc.
etc.
etc.
woulda thunk you'd wanna keep that post around for the day of world dominion.
guess it hit a nerve.
$0.75 (or less) by Labor Day.
JMO
you've been snookered & just don't know it yet.
ya think?
WOW - oem
Wave Systems Files $25 Million Shelf Registration
http://www.wave.com/news/press_archive/04/040414_WAVX.html
Lee, MA - April 15, 2004 – Wave Systems Corp. (NASDAQ: WAVX – www.wave.com) announced today that it has filed a $25 million shelf Registration Statement on Form S-3 with the Securities and Exchange Commission. Once declared effective by the Securities and Exchange Commission, the shelf registration statement would permit Wave to sell, in one or more public offerings, up to $25 million in aggregate value of its Class A common stock, warrants to purchase its Class A common stock or a combination of both. Wave has no current plans or agreements regarding the sale of the securities registered on this shelf registration statement.
Steven Sprague, president and CEO of Wave Systems, commented, "Once effective, we believe that the shelf registration statement would provide Wave with the flexibility it needs to fund its working capital needs through equity-based capital raising transactions. We currently anticipate that the gross proceeds indicated in the registration statement, if raised, would be sufficient to meet our current capital requirements through 2005. Depending on the timing and scope of revenue generated from current operations and/or new corporate initiatives, Wave may actually require less funding going forward than that contemplated in this registration statement. Any draw-down under the registration statement would only be done with the advance approval of our Board of Directors."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. No securities are being offered at this time.
About Wave Systems Corp.
Consumers and businesses are demanding a computing environment that is more trusted, private, safe and secure. Wave is the leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms from a variety of vendors. Wave holds a portfolio of significant fundamental patents in security and e-commerce applications and employs some of the world's leading security systems architects and engineers. For more information about Wave, visit http://www.wave.com.
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 and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. . Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.
All brands are the property of their respective owners
For more information please contact:
Gerard T. Feeney, CFO
Wave Systems Corp.
413-243-1600
info@wavesys.com
Wave Investor Relations Contact
David Collins, Richard Land
Jaffoni & Collins
212-835-8500
wavx@jcir.com
The date of this prospectus is April , 2004.
http://www.sec.gov/Archives/edgar/data/919013/000104746904012018/a2133564zs-3.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------------------------------------------
Form S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
------------------------------------------------------------------------
Wave Systems Corp.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
Incorporation or organization) 13-3477246
(I.R.S. Employer
Identification No.)
480 Pleasant Street
Lee, Massachusetts 01238
(413) 243-1600
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
Steven Sprague
President and Chief Executive Officer
Wave Systems Corp.
480 Pleasant Street
Lee, Massachusetts 01238
(413) 243-1600
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copy to:
Neil W. Townsend, Esq.
Bingham McCutchen LLP
399 Park Avenue
New York, New York 10022-4689
(212) 705-7700
Approximate date of commencement of proposed sale to public: At such time or times after the Registration Statement becomes effective as the Selling Holders may determine.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ‡
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If the delivery of the prospectus is expected to be made pursuant to Rule 434 under the Securities Act, check the following box.
--snip--
Neither the Securities and Exchange Commission nor any state securities commission has approved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is May 10, 2004.
http://www.sec.gov/Archives/edgar/data/919013/000104746904016550/a2136163z424b1.htm
------------------------------------------------------------------------
SO, the May 10th Rule 424(b)(1) is assuredly a subsequent filing to anything filed on or about April 15th.
------------------------------------------------------------------------
Press Release Source: Wave Systems Corp.
Wave to Host Q1 Webcast/Conference Call Thursday, May 13th at 4:30 P.M. EDT
Monday May 10, 4:15 pm ET
http://biz.yahoo.com/bw/040510/106040_1.html
------------------------------------------------------------------------
Meyer: Final question. Regarding the recent announcement to raise up to $25 million via a shelf registration? Could you outline the strategy as to how those shares will be released and what will be the driving force moving the share price up from the current dollar and a quarter area to minimize dilution?
SKS: So, I don't think that it's really appropriate for me to go into too much detail on this. As you see we've done a shelf registration, which has now been filed as effective, you know, made effective. That gives us a tool that allows us to use that to raise capital for the company. The specific mechanism of how that’s going to be used, how much of that is going to be used, when it is going to be used, is really something that I am not prepared to comment on today.
Meyer: Okay, thank you.
Wave Systems 1Q04 Conference Call, 05/13/04
http://www.unclever.com/wavx/
------------------------------------------------------------------------
SO, you weren't willing to take the wager. gee, wonder why?
instead, you would have people believe that by virtue of filing that Wave supposedly received approval by rote from the SEC. Moreover, this purported rote approval was turned around in THREE DAYS while Wave is embroiled in a full blown formal investigation?!?
Not THREE WEEKS, as PJS said SO many years ago, but THREE DAYS!?!?!?!?
AND, if Wave's filings were already approved, why hasn't Wave announced as much? MANY companies issue a PR which informs the public that their registrations have been declared effective, why not Wave?!?
Just because SKS says something, as history has proven time & again, definitely does not make it SO.
There is no evidence other than an SKS comment from SKS THREE DAYS subsequent to the May 10, 2004 filing (clearly subsequent to the April 15th filing & which clearly states that the registration was not approved at the time of its filing) which supports the contention that the SEC has in fact declared the $25M shelf registration effective.
have a good day!
unfortunately, the lengthy record reflects otherwise.
"...work night and day and pray that I was making the right decisions… for them."
if this was in fact the Wave ethos, i'd have next-to-nothing negative to post, they wouldn't be under formal SEC investigation, not facing class actions, etc., etc., etc.
btw, c_m you recently penned a highly sober assessment of your views of owning wavx that i spincerely enjoyed reading & found your balanced perspective in that particular post an utterly refreshing change from the "it's okay to lie to me today if you promise to make me rich tomorrow" posts.
even if you have complete contempt & disdain for me & my criticisms of Wave & its mgmt, & even if you have wrongly concluded that i'm a price manipulating basher, i still felt the urge to compliment you for those observations.
regards.
Snack, when have you NOT thought wavx was a buy?!?
LOL!
btw, using my technique allows someone who wants to buy or add (for whatever reason) to track it as it moves lower & look for the best entry. downtrends like this usually have a sharp down spike on volume based on things i've seen over the years watching wavx.
if it does turn up as you predict, my technique results in a slightly higher basis, but it is during an uptrend.
yer technique can result in trying to catch a falling knife & possibly having to sit on a loss for Gawd knows how long waiting for it to turn.
also, i think i posted in the $.80 range, not necessarily exactly $.80. nevertheless, i expect it to break below a buck convincingly in the weeks ahead on further weakness.
unless of course, Wave intends to PR every day of the week (which i s'pose is possible, but the SEC is watching).
why wait six months?
call it six weeks - i say extended period below a buck on a closing basis, w/a possible down spike to around $.80 (or even lower), you say $2.
we shall see!
PS i'm not yer puppet John -- i'll get to it when i get to it.
& if i'm right, how 'bout another year of excommunication for you?
& if i'm wrong, one month exile from iHub-wavx for me.
because yer SO very confident, you should give me odds.
deal?
Zen - when i have some spare time, i will pour through the SEC filings & find the statement/s which expressed that the SEC had not approved the shelf.
not right now though, it'll prolly take a while.
i'll do it when i feel like doing it.
guessing you just received a PM...
congrats Zen!
i'm glad you mitigated some losses, but doesn't this most recent statement call into question all of yer posts to me regarding the action back then?
i mean, you kept calling me out for the sell signal, while you simultaneously profited from that call?
that's sorta weak dude.
btw, right on the dollar, finally?!?
was a seller in the high $4s range last year while wavoids were looking for $10!
LMAO!
never, EVER posted that i was the smartest, but i am definitely smart enough to see through wavoid hype.
are you?
btw, that PP buddy is now down almost 50% -- did he hold the entire position & ride it down?
seriously, i am genuinely glad for you that the opportunity was there & you acted upon it.
Kudos!
Ayock you may be right as well...
but wavx is clinging to the bottom of a fairly wide downtrending bollie band & appears to be on the cusp of convincingly slicing through the $1.02 low from April 1st (which it also closed at yesterday), and it set a new intraday low for 2004 when went into the pennies today.
Yeah Vader, there is the hammer action of today's trading, but the T/A tea leaves are widely sibject to interpretation (ask Dudash, who just bought around $1.10 b/c he was convinced it was the bottom (& fwiw, he is waaaayyyyy more astute w/T/A than I'll ever haup to be!).
Some (maybe most?) T/A "scholars" believe that the T/A foretells the F/A. i tend to think T/A is helpful, but in no way the endpoint of the analysis. in fact, it is only one point on the curve to consider IMO.
http://stockcharts.com/def/servlet/SC.web?c=WAVX,uu[w,a]daclyiay[dd][pb15!d15,2!f][vc60][iut!Lh15,3!...
as to Vader's point re: "pricing in the $25M" -- maybe that's true, but it's too unpredictable right now IMO, primarily b/c of the really meager volume in recent months & who knows what having Wave on the Ask w/regularity will do to the stock? MMs can certainly play games when they *know* there is a seller that *needs* to liquidate a position.
there is also the heeeyooog unknown re: the Berlin listing. Small & microcaps have been getting crushed & i'm in the camp that believes that counterfeit shares are being sold via "naked" shorting & that, IMO, has the potential to completely invalidate ANY T/A.
don't wish *any* individual shareholders here any ill will (contrary to what some may believe), just (firmly) believe that most here have not been realistic about the environment the stock trades in, or the many obvious reasons for lower prices in the future.
one of you recently responded to me about being a "trader" & yes, i do trade (sometimes actively), but the term doesn't really define my approach or investment philosophy -- in fact, i'd prefer to be a "buy & hold" guy when i find what i believe is a great opportunity.
i will not even consider owning wavx until the SEC matter is concluded & class actions resolved. too much risk of a trading halt & enormo gap down IMO. SO, no, i am not "reloaded" on wavx right now & may never be.
IMO the *only* thing that will pull wavx out of the cellar is a blow-out upside surprise Q results.
will it ever hauppen? who knows, but i have *never* ruled out the possibility. i just think it's terribly unlikely & believe if Wave does survive, they will be a niche player & never achieve the world dominance that many dreamed of years ago described in one word: UBIQUITY.
i think that dream is over.
also, as you may have noted, my wavx posting frequency is down considerably & i typically have reserved my comments for AH more often than not in order to eliminate the arrow from certain wavoids' quivers that i am in any way attempting to influence the price (which never was true fwiw).
also not gonna rub salt in the wounds, esp. to Zen, but my last sell calls on wavx in the Spring were by far the most right that anyone has been on this board regarding this stock in a very, ahem, "long" time
i tried to help some people to get back some of their money & recover some losses. i haup D&O wasn't the only one who was a beneficiary from that narrow window.
good luck wavoids -- if you simply must own more shares, look for an entry in the $.80 range.
there might be another short-term pop over the next month or SO. if i were inclined to trade this, i'd wait until the RSI got down around 20 & the slow stochs are below 10. i think there will be a sharp high volume down spike in the next few weeks that might even break $.80 intraday.
& btw, if i were to ever consider owning wavx again, you could put me in the revenoid camp. the techno sugar plum fairies have never been all that persuasive to me & have been proven wrong far too many times over the years to garner much credibility IMO.
no matter how it all plays out, it'll definitely be spinteresting, as wavx always has been!
anyway, good luck!
wavx is in a downward stairstep pattern that will continue...
Ayock, yer "near-term reversal" theory completely neglects to factor in the $25M in paper that Lee needs to dump.
moreover, funds typically don't hold stock once they reach the pennies either, SO many institutions will prolly begin to close positions (if they are not already in the process) soon.
you will also get no "juice" from any short-squeeze -- shorts seem confident that wavx is going to -0- eventually & will ride it out paying the margin interest to squeeze the last drop out of wavx.
also, there remains the distinct possibility that you are experiencing so-called "naked" shorting as a result of the Reg SHO loophole created by a "dual listing" which seemingly permits supposedly legitimate market making arbitrage trades. i suspect the failure to deliver number is substantial (& is not reported in short figgers).
additionally, wavoids can dance around all they want about the supposed "holy grail" of attestation, but the realities of trading are not at all in your favor.
AND, wavoids simply do not have unlimited capital to keep throwing cash at wavx while thinking "this has to be the bottom."
it would appear from the low volume protracted sell-off, that nobody outside the followers of Sprague is buying it, despite "news" day after day.
AND, none of this even takes into account that the formal SEC investigation continues (now in its 8th month) and the many class action lawsuits still pending.
wavx is going lower.
just get used to it.
good luck!
(100% JMO)
BE CAREFUL! connected to WNMI (Warning Models)
FMLY hyped by http://www.subway.com
FMLY CFO (Stanley Teppar) is also CFO for WNMI
George Furla (of FMLY) was one of founding partners of Warning before it "went public" by rev. merger.
edit: with what? reality? LOL!
Snack, you know that i'm a barge fan & i don't even think there should be a "jail" at all, but what's good for the goose & all that...
missed out on all the vitriol that landed him in the pokey, but based on reading some certainly biased voidist recounts, one would think that "shalom" is some kind of magic word that gives its user an automatic mulligan, no matter the circumstances.
Nelson Mandela became President after serving around 25 years, SO maybe this is just the beginning of the onset of a bargian era of greatness?
it'll be fun to watch, that's for sure.
were you a wavx buyer today Snack?
i wasn't.
PS hauppy birthday Web.
Didn't SKS also say something about $19-20M in quarterly revs in 2000 or SO?
does the words coming out of SKS' mouth somehow manage to make them Gospel to the more devout wavoids?
how many things has SKS proclaimed over lo these many years, that were later apparently just smoke & mirrors & never to be heard from or about again?
to use "logic" that it came out of Stevie's mouth SO it must therefore be true, simply ignores the many statements made over the years which never came true & does illustrate the massively irrational mindset that some holders of this stock maintain to justify the many shortcomings of Wave management & the disappointment that has befallen upon the loyal flock.
why have Wave's subsequent SEC filings expressly indicated that the registration had NOT been declared effective?
given the wavoid doldrums these days (& the looming inevitable double digit pps) why didn't Wave issue a PR announcing the approval of the shelf? other companies have PRed such an SEC declaration, why didn't Wave?
well, SKS said it was effective SO it has to be true!
nice to see sheriff Matt doling out a little justice on both sides of the aisle & fun to read the writings of shocked voids who cannot believe their carefully constructed artificial reality is actually vulnerable to all the mean people who reside outside of the confines of utopia.
hang tough barge, i'll bring you a carton of Luckys on visiting day. maybe even a picture of Carly to help pass the time.
ciao!
barge, a better question might be
whatever hauppened to McGowan's vision of VerSecure and Wave's prominent role in HP's view of the future of TC.
You know, that little "dot" you espoused from the rooftops as FACT for about 5 years or SO!?!
good luck!
the fact that you state:
"when this takes off..."
underscores yer wholesale wavaholic lack of objectivity regarding this company & its stock.
you seem to believe it is a fait accompli.
good luck!