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Every occurrence that looked damaging to shareholder value on the face has overwhelming been determined to be beneficial to the shareholder. Until it turned out to be exactly what it was.
Not only that Player, but i can't imagine the conclusion one of these companies takes away seeing the terms in that release instills cofidence going forward to do business. It can't. No mmatter how one wants to spin it those terms are not ones that reflect a healthy bottom line.
Blue..the terms on that bridge loan were given for a reason. I can rest assured it wasn't because sales were going to miraculously appear at the end of the term....think of the car lotsthat cater to bad credit. High mileage pieces of crap that nobody else wants. I think they are looking at the intetest gained and there still seems to be some sort of market for the shares . Given they way news has been released they can probably take possession and sell the shares off before the news hits that payment isn't being made.
In todays circumstance it's very clear to see that what was once viewed as a very "wrong" view was really right all along. Blown hot air eventually rises and what is transpiring can no longer be obfuscated and obscured.
Smells like some sort of manipulation to me. The wolves in the hen house.
What if this cash was raised for travel and lodging for these presentations scheduled? Thats the only thing that makes sense to me. Companies that do these types of loans are in diee troyble or struggling to get off the ground. Not 20 years in and not with terms like that with such a short repayment term if you have growing revenue or signed terms with revenue starting to come in within that window. If that was the case the option to get the shares at that price would have been enough incentive. The cupboard for sales must be barren.
In the days before color television an article like that would have quadrupled the share price. It's about time that action and not words deserve the reward.
This stock has violated one of the most basic tenets of investing and that is the time value of money. To average down has only proved an illusion. Just like the money lost through the years by the company that will never be recovered so will the value of shares that have vaporized never to be seen again.
The numbers from the SEC fillings show
over 6M in salary and bonus and over 4 million stock options
Doing some reading on the subject and the compensation was over and above given the shape and actual prospects of the company under his tenure. He would probably try and argue otherwise but the results speak for themselves and the shareholders paid the price of investing in the company under that kind of leadership.
FYI as of april 2014 Sprague held a little over 64,000 shares
I would not be surprised if there were more bag holders from the double digit dollars to todays price still in this stock than what you stated.
The compensation for that stellar record should be posted for the record.
Typical behavior in this stock, magnified by the beaten up share price that is ripe for the day traders to take advantage of the long shareholders yet again. The past facts, errr history surrounding this stock shows that 99% of the time some sort of pop follows some sort of mention somewhere on the internet. Yesterday saw a mention in some teaser of a report costing over 4K to peruse.
You can go back years prior and find the pops after being mentioned in many reports which were later found out to be coverage that was bought and paid for.
Another concerns a PR that was released about a certain pizza chain that was employing the product, only to find out after the fact that a poster on these very boards and a shareholder was also involved with that chain....
These are but a few in a long history of what at best seem questionable.......
Couple this release with a release stating that the NASDAQ was not going to delist the company-and that news was held by the company for 6 days before PR'ing it, and it sure is interesting with that and the timing of this 4K report yesterday.
It's nice to see a mention in a report one must pay for still generates interest and a pump in the stock price. Nothing changed.
Enjoy the market timers profiting off you long shareholders. Soon to settle back into the mid teens again. The stock is ripe to be manipulated in the weakened state it is in.
Wave still has a chance. ...to what, climb back over .20? Very little time left in the quarter and the price is no reflection of anything being afoot. The price reflects a stock on the scrap heap neing kept afloat by wishful thinking longs. At .16 its the closest to finishing a year with the stockprice and date nearly in tandem. And thats not a good thing given the decimal point location.
It was from the CC
"With our previously announced global restructuring initiative, we expect to begin seeing a further reduction of expenses in Q3 with the full impact of the restructuring being shown in Q4. Any severance charges will occur in the third quarter as well, we expect those charges to be in the low six figures."
If the past is a future indicator in this company the cost will exceed the low six figure number IMO.
Whitewash.to answer your question..I believe severance pay was mentioned during the conference call as having an effect on the 3rd quarter.
Reply To: None Tuesday, 21 Mar 2000 at 7:16 PM EST
Post # of 163580
The Top Ten Reasons Why I will Not Sell One Share Of WAVX This Year.
#10. The trusted-client system, jointly developed by HP and Wave Systems during the past six months, will be the basis for a new generation of e-commerce, and security applications and services. It is based on Wave Systems' secure e-commerce architecture and HP's VerSecure security management framework. The trusted-client system is an open, programmable hardware- and software-based device that creates a fully exportable, secure and trusted environment within the PC.
http://www.hp.com/pressrel/oct98/27oct98d.htm
#9. WaveXpress is lining up manufacturers for consumer receivers, and negotiating agreements with content
providers and broadcast distribution outlets. The company expects to have a network with over 1,000,000
users within two years.
http://www.waveexpress.com/investors/index.html
#8. We are reiterating our Strong Buy rating and raising our price target for Wave to $74 based on the TCPA's progress toward releasing version 1.0 of the PC security standard by mid-year and our confidence that Wave can capture significant deployment contracts.
Pacific Growth Equities
http://www.ragingbull.com/mboard/boards.cgi?board=WAVX&read=158807
#7. "Supporting our optimism is the changing industry dynamic in which we are now being sought out by respected partners to discuss applications and deployment opportunities across a broad base of applications and industries. Our team of over 170 staff and consultants is working with great purpose and growing focus
to move our business forward, with our partners such as Compaq, Cyber-Comm and National Semiconductor as well as our WaveXpress and GlobalWave joint ventures at the forefront of expected developments."
Steven Sprague
http://www.wave.com/news/press_archive/000222yr_end.html
#6. The EMBASSY enabled Compaq smart card key board, designed specifically to meet stringent European banking standards, is also being featured by Wave Systems and its partner GlobalWave at a conference in Cannes, France. Wave is showcasing these smart-card readers developed by Compaq for Cyber-COMM®, a consortium led by French banks whose mandate is to find technology solutions to solve online consumer security, trust and privacy issues. Cyber-COMM has licensed Wave's EMBASSY technology for the development of a European network of enhanced smart-card readers for conducting e-commerce.
http://www.wave.com/news/press_archive/000217windows.html
#5. InterTrust Technologies Corporation (NASDAQ: ITRU), the MetaTrust Utility™, and Wave Systems Corp. (NASDAQ: WAVX), today announced a comprehensive relationship to license and integrate InterTrust's digital rights management (DRM) technology into Wave's digital broadcast network infrastructure and Trusted Client hardware platform and services.
http://www.wave.com/news/press_archive/000308intertrust.html
#4. Wave Systems Corp. (NASDAQ:WAVX;http://www.wave.com), a provider of hardware and services for e-commerce, digital content distribution and sales, and security applications, announced today that it has completed a private placement of 3,600,800 million shares of Class A Common Stock at $34.00 per share, yielding gross proceeds of $122,427,200.
http://www.wave.com/news/press_archive/00030900placement.html
#3. "In the Wave solution, your secrets are instantly encrypted right there at your desktop reader, so everything that goes down the wire, across your desk into your PC is already encrypted," says Leigh Moore, a European marketing executive for Compaq. "Just about every credit-card manufacturer on the planet is interested. Most of the large multinational corporations are very interested. What's happening is people are doing higher-and-higher-value transactions over the Internet, which is considered an open
environment. [Wave's solution] is the ultimate in security."
http://www.smartmoney.com/smt/markets/news/index.cfm?story=200002281
#2. "I'm sure that many of the initial subscribers felt similar pangs of frustration and impatience as they waited for nearly three years for Qualcomm to move. They could wait confidently and buy on the down turns because they had come to grasp the superiority of the Qualcomm technology. I have waited some 10 years for the market to recognize the value of Wave Systems technology."
George Gilder
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=13210901&s=Gilder
And the #1 reason that I will not sell one share of WAVX this year is........
"Wave will deliver our robust solution for broadcast Internet to the mass media industry, expand significantly the number of content and technology partners who have selected Wave's platform solution and continue to extend the functionality and number of products that will integrate the EMBASSY trusted client technology. Everything is in place for 2000 to be a banner year for the Wave vision of the future.”
Steven Sprague
http://www.wave.com/news/press_archive/000202partner.html
If you read the filings they give the shares a par value at .01. Again I don't believe there is any shareholder approval needed to issue those shares and I believe those shares are readily available since they are not traded.
It would take an investment of less than 170,000 if they sell the shares at .01.
That would give a voting power of 65M. As I understand it there is language that states in the filings that no shareholder approval of a group is needed if it is brought forth by the BOD..in essence to vote on the group. There can be a vote but if the number of these shares are outstanding along with the number of regular shares owned by the 11 people that now hold those shares I cannot see a scenario where a sale at any price could be voted down.
I never dove into the filings enough to see if in the case of a sale if the B shares and the common shares would have a common value or not.
Player 13M authorised B shares as of march 2015 with around 8855 owned i think. Maybe they are funding the company by selling these shares.
Dig into the form and see how many designated shares there are. The total out is close to what uou state. The total designated is enough but they need to be acquired. point is they will do whatever needs to be done to get a sale of the company. Even if it means allowing the 11 people that hold the shares to buy them at fractions of a cent. The filing specifically states there is no market for the shares so in essence they can set whatever price they want and who benefits from the sale of the company the shareholders are those holding the the special shares the five times the voting power
Are u saying those shares don't have five time voting power?
very true but I also know that those shares don't need to be issued from the shelf. it also says something to the effect that there isn't a market so in effect they could probably set whatever price they wanted on those shares. given the way this company has been run I would not put it past them to see those shares snapped up for pennies to insure something going through. if I learned 1 thing in the years following this stock there has NEVER been anything done with the share holder welfare taking precedence
Another example of shareholders not understanding how this company was set up to screw them.......
"No way shareholders approve any sale near that price. Period!"
The shareholder don't have control of enough shares to vote against any potential sale. Not with the other class of shares holding 5 share voting power for every share
The same way the votes to oust a BOD didn't matter.
This just falls into place with guaranteed bonus money while the company bleeds out for years. No buying of shares on the open market until practically being forced.
Business as usual for the company.
Shareholders seeing something 180 degrees from what is actually taking place.
The company has been a share selling machine for two decades. Product not so much.
Would absolutely love to see a chart showing the amount of revenue generated from the sale of shares next to a chart of product sales revenue since 1999.
That would be eye opening to some.
Share holders take note of Microsoft purchase of Israel secutity firm today.
It could be something as simple as these penny stock traders bumping up the price and luring some hardcore in buying thinking something was up and getting out when they bought. No news release in the next day or so and I think that's the case
Why are shareholders excited about vendors? Think about a magazine stand and all the different offerings. Wave is the crappy rag on the last row of the bottom shelf that you gotta bend down to even see it's available for sale. But they carry it....
A majority of the shareholders are in deep denial. They actually think the company will be sold at a premium of the share price. There has been zero news released as we enter the last month of the quarter and it is plain to see that opportunities that were expect will not be arriving. History of no news with this company shows zero reason to expect upside surprise.
I cannot see any way the company sees anything but a discount to this shareprice. They have zero leverage in negotiation. The product has zero measurable impact in the marketplace. Any company that would acquire the company would have to spend marketing dollars to push the product in the portfolio on top of the acquiring price of the company!
The conundrum for any company thinking about acquiring the company is the cost basis vs market demand for these products. There isn't enough to offset that cost. Even at this shareprice. If there are 54,000,000 shares outstanding the market has the company valued at 7M and there isn't any action at this valuation.
Going to be an interesting time going forward. Wavoids still believe. They are putting unrealistic value on the products still. There isn't an established market so there are still marketing cost to be incurred by an acquiring company for products that have no track record of being self sufficient financially. The company can continue trimming to the bone while carrots are dangled. The stock could traded in this range .17 to .06 for a long period of time. Death by a thousand cuts for the buy into the story and hold and buy some more on the dips investor.
I am coming around on this thing hanging on for years. They have a captive shareholder base not willing to move on even as it creeps lower...you have a penny stock faction that is now in play down here...they can cut cost to bare bones and people will hang on.
Here's a piece of crap company I remember from back in the day. This could be what the wavoids are in for and yeah they had 2 RS as well SCON
http://finance.yahoo.com/echarts?s=SCON+Interactive#{%22range%22:%22max%22,%22allowChartStacking%22:true}
Once it became apparent that there were forces at work that were at the very least roadblocking the technology maybe the tack should have changed. Maybe they should have tried integrating the tech into media-music, e-book, broadcasts, video and movies to try eradicate the free distribution of product.
You are probably correct...
I was thinking more along the lines of the IP. How many times have we read this looks like wave sounds exactly like what they do, then we read about how they probably would not have the resources to defend the IP. Its possible a company could scoop it up and bury it so an established company with deeper pockets could not challenge a possible infringement.
That would be the ultimate sand in the face if one of the companies some shareholders swore had no chance against the product offerings of this company bought them out and mothballed the whole line.
Exactly....what is there hasn't sold enough to prove sustainable so why would a company over pay and or even pay market share value? If anything there might be a company out there who might try and buy it at a severe discount just to bury the tech if they have a competing product. Might be worth it at pennies or fraction of pennies on the dollar to do just that.
The grip is a very tight one. Reading some posts it seems as if some folks believe they are still.going to enjoy the spoils or that the company is going to receive fair value if a buyout occurs. Problem is the bylaws as it pertains to any sort of takeover buyout etc leaves the common share holder a spectator in the same fashion their vote on the BOD is strictly a non factor. The company is in no shape to command any sort of premium to this share price given that the business model and product barely register above a theory
That any shareholder would publicly sign off on any smidgen of anything below board as being okay is incredulous. That these are shareholders in a company that is a supposed lynch pin in the changing paradigm, and supposedly a face of Trusted Computing is incomprehensible. While the shareholders can discount what was being said, I feel that there were potential business partners and possible customers that knew otherwise and decided at that point to never have a relationship with this company.
It's even more disheartening to KNOW how many people lost money in this stock based on biased and unsubstantiated claims that were presented in such a way that it made it appear this company was a far larger player and that it's success was a foregone conclusion.
It's also a shame that the excess rhetoric as you call it, is exactly the reason this company is on life support at the mercy of a deal in which they are more than likely going to have do at a very steep discount and one that will shortchange the shareholder.
And the shareholder will have absolutely no say in the matter if the party or parties is brought forth or recommended by the BOD. Only a hostile sort of takeover would require a vote. 11 shareholders control the B shares which count for 5 votes each while only 8,000 plus of those shares are out, they have over 10,000,000 of those shares available- can't remember if its 11M or 13M so we will say over 10M- the proxy claims no market for those shares so I could imagine they could set any price they wanted for those and since there is no market those shares don't fall under the scrutiny of traded shares on the capital markets.
So there is a work around to limit any say the shareholder might have to a deal that leaves them as the bag holder..as it has been for the entire history of this company.
For those thinking they get to vote to approve a buy in or buy out..think again. As long as it meets approval or recommended by the BOD there does not need to be a shareholder vote.
Not only that..I see some asking about funding and not wanting a PP. In the last filing there was a passage about not being able to use shares off the shelf so i.believrna PP is off the table for now. Maybe a special shareholder vote to dilute themselves again since it has always worked out well.