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Yahoo is showing the last trade as happening at 4 pm today, even tho it is not quite 3 pm (EST). That makes me think, Wave is all done, at least for the day, but prolly for all time--at least as we have known it.
I find the seeing of the halt in Wave trading, that some are interpreting as a good sign--that the company's trading halted because the news was so good!
How, at this point, can anyone see the inevitable marks of a dying company as a giant, surprise goody package for the shareholders?--I can't get my arms or mind around that. No Q3 billings; accountants quit; skipping out on the rent in Calif.;...there's so much evidence, IMO, not only is the news not good, it is cataclysmically bad.
Even the erstwhile leader of the hard-core supporters raised the white flag to his followers. He thinks it is over and has for a month, he said. This is significant, IMO.
When the last of the tightly-bound loyalists desert the ship, the ship is in trouble. Because, IMO, it was these big shareholders who kept their shares "in strong hands" without selling, despite the many reasons to do exactly that. And that provided a stable base, no matter how poorly the company performed.
Now, it appears that loyal group is trying to either get out for a penny or less on the dollar, or just go down with the ship because their shares are worth so little, anyway.
Waiting like everyone else for some sort of statement from Mgt or the BoD. Their prolonged silence in the face of what appears to be implosion, is shameful, IMO. It reeks of self-dealing.
The reason for the silence, IMO, was to let Wave drift on with the current as long as possible, in order to collect more bonuses and salaries while the Wave ship slowly sank. If that speculative scenario proves true, I sure hope some of those who lost their shirts will sue.
Blue
More like True Transgressions--Blue
Money: IMO, it has to do with the psychology of wanting to believe in an idea or stock so fiercely, all contrary indicators are blocked out. In Wave's case, they had some help.
Real Wave indicators have been readily visible, but because of inaccurate interpretations of what those indicators meant, the belief system won out over a long and contradictive history, disproving facts and just plain rationality.
The Wave myth was like a sparkler in the night attracting many moths to its intense light.
Even long after it was clearly evident Wave was not being operated with the welfare of shareholders in mind, rather the welfare of management always came first--even after this was demonstrated repeatedly--some claimed it meant exactly the opposite. They were told this is being done for you--and they believed it.
Wave has taken severe advantage of these believers, IMO, encouraging them with faux deals, phantom profitability promises and a bright, bright future just ahead--a future that recedes out of reach, a little faster each day.
The Wave belief system is so strong, many still believe, even as Wave sinks into quicksand up to its neck, relief will come in the form of a last minute miracle.
Whatever happened to the old-fashion way of making money by selling your products? Unfortunately, Wave never could compete in the security market in which it claimed to be a leader and first mover.
Good sales, good management, a good business plan have all been missing from Wave's history.
Instead, shareholders have had to put up with a series of embarrassing mistakes, revenue re-statements, repeated Nasdaq de-listing threats, one actual de-listing, crippling loans, constant dilution, accounting firm quitting, firing the CEO, the Co. skipping out on the lease in Calif., selling accounts receivables for cash, broken promises and outright lies about Wave's true situation.
And, at one of the most critical moments in Wave's long and inglorious history, shareholders were denied the most basic of numbers--billings--just weeks after the CEO told us to watch billings for true signs of Wave's condition and future.
No information was given prior to the vote on Reverse Split #3--instead shareholders had to vote blindly.
No info on the either the bridge loan with its 100%+ interest due Xmas Eve, or another loan taken, possibly to pay the bridge loan? Important stuff for shareholders. But Wave has gone silent on these issues.
I do not conclude as does another believer, Wave hid the Q3 billings because they were too good to release. Quite the opposite, IMO.
IMO, Wave hid the Q3 billings because they were so awful. Can they get away with hiding Q4 billings too?
If I were a shareholder, I would seek a court writ of mandamus ordering the company to release the information immediately to shareholders--because it is critical info to their investment.
Yet, despite being treated as less valuable than dog dirt, some believers still think all of this is being done for shareholder benefit, and that management still deserves unbending support.
Last year, Solms, with his Militaire Gang of Three, all got bonuses for lying their butts off about deals coming in, profitability in sight, the pipeline filling up--and not an nanogram of truth in any of it.
I can't wait to see just how richly the mgt will reward itself this time. They certainly outdid themselves.
Blue
Baffling isn't it. Why does this keep happening to Wave? They are all set to launch warp speed into deep space and at the last second, something always comes up with Wave.
The silence from Blowhard Bill and the BoD smells of death to me.
A little birdie told me it is all over, but the shouting. The current strategy is to take advantage of every extension, every technicality the company can dredge up, to stay both open and on the Naz as long as possible.
Milk it to the last drop, seems to be the Wave philosophy--not that it has ever changed.
Interesting to read how things are interpreted elsewhere. When the Q3 billings were withheld, one long-time believer actually said it was because the numbers were so good Wave dare not release them.
That's the sort of flexibility of mind one needs to invest in Wave and to swallow the incredible lies fed to the shareholders over the years from all three CEOs.
Haven't read too many "I picked up another few thou" kind of posts lately.
What does it all mean to Wave? IMO, it is the loyal shareholder base that formed the foundation of Wave support--responsible for keeping the company alive through some really rough patches.
Now, that loyal base has been openly betrayed by the company mgt, IMO, for the sole purpose of luring them back in for a final set of shearings--or at the very least, to keep them from selling--can the company still stay alive?
I wonder how much longer Wave can stagger on when the hard-core believer bunch decides it is over? It feels near that point now, to me.
You don't say watch the billings for the real picture of Wave, and then, weeks later, when the numbers are awful, hide the billings from the shareholders and give a garbled, unintelligible reply as to when billings would be available:
[from Wave:] "Their billings were not disclosed in the 10Q but we will look to providing an answer in some future disclosure if at all it will possible. Thanks, Tanya"
You don't ask shareholders to vote blindly on a third reverse split without giving them any info, including how big the reverse split was going to be or how any money would be used--yet Wave did all of these unholy deeds.
And through it all, silence from Wave management stiller than a forest with a dangerous predator afoot. Bridge Loan that could cripple Wave or cede control to another entity and was due on Dec. 24? Silence. Missed goals and profitability? Silence
Signs of turnaround not seen? Silence.
Huge pipeline, brimming with mega-deals? Silence.
Two Nasdaq insufficiencies, one extension--with one needed to start being cured yesterday? Again, silence.
IMO, it is not success stalking the wounded and bleeding Wave through the deep snow.
Blue
In the silence, it is akin to watching and waiting for a relative to pass from this world to the next.
In Wave's case, unless business outliers find evidence of corporate life after death, Wave is fried to a crisp in its own gravy made of dots and faux promises.
I do not discount this life after death, at all. I fully expect for the remnants of this shattered company to be sold for mills on the dollar--to someone or a group of someones who will pump up all the old lies about humongous prosperity coming v soon.
I expect the new incantation of Wave to be much like the old--a vehicle for manipulators to trick people out of their money.
Wave has been too reliable for the manipulators for them to trash it now. It will emerge, I predict from its self-dug grave, change names and invite in a new group of "investors."
Despite all the made-up myths, the repeated lies about Wave's imminent BIG traction, the insistence Wave was not done, when it was--Wave was never even a shadow of what was expected of it by its most loyal captives.
Now, Wave, once the giant that would threaten the entire world with its rapid growth and money making appeal--lies on the sand without a pulse--or a decent burial.
The vultures, jackals and hyenas are stripping Wave's bones, looking for a shred of meat and finding precious little in the much sifted grit.
For a stock promising so much, in a quarter of a century, Wave has delivered almost nothing, except betrayal, treachery and lies at every choice point for its shareholders. How could this end not be inevitable?
Elsewhere, they are still stacking up many long shots for a slight chance at survival--survival! not profitability.
Today marks the last day Wave can operate below the $35M min. market cap set by the Naz. There will be appeals of course--but with no sales force, no service force, even if a big contract did drift in through the window, Wave is not viable enough to service it.
So, IMO, Wave is all but finished. Sure there will be some trading back and forth, but it is reshuffling the deck chairs on the Titanic with no rescue in sight. Traders and rumors will have the run of Wave from here out.
I wonder if when the Q4 numbers come out in March, if the company will once again withhold billings. There's not much to hide.
Here is an Investor Relations person responding to an email regarding the omission of Q3 billings:
"Their billings were not disclosed in the 10Q but we will look to providing an answer in some future disclosure if at all it will possible. Thanks, Tanya"
They don't even care enough to use correct grammar when making a statement to shareholders--that's how little shareholders were regarded. This, after the CEO told shareholders to watch billings for progress.
Wave leads its shareholders down into the rat hole, then shovels dirt on them down there.
Blue
There have been so many announcements similar to thae one about the unnamed financial services company and Wave's VSC 2.0.
Unfortunately, most of the similar announcements, seemingly big at the time, ended up being insignificant in terms of revenue.
Besides, ask yourself, if Wave were to win a large contract, how in the world would they service it satisfactorily with all the recent lay-offs?
Strange steps taken by the company--skipping out on the lease in Calif., etc. Wave gives the outward appearance of a company in the motions of closing down.
Especially, given the silence shareholders have been greeted with and the conflicting signals Solms has sent. He told us to watch billings for signs of progress and then, weeks later, the Q3 report comes out with billings omitted.
E-mails on the subject, from shareholders seeking clarity, have been ignored. When neither the CEO, nor any of the board of directors replies to shareholder emails or phone calls, one can surmise something unpleasant is afoot.
It looks ominous and suspicious to me. I would not be surprised to see the company reduced to a desk and phone until the year end bonuses and salary increases are paid, along with golden parachutes to eat up any left over money.
Many of us expect the worst and without a word from the CEO or the Board of Directors, it looks like the end to me. They pulled off a third reverse split to keep Wave on the Naz--that is what the announcement today says.
Instead of supporting the company with sales, it appears the only thing sold were more shares. Revenue has to be bad, for them not to release billings. Anytime Wave withholds info on something crucial, it is never for a good reason, usually to hide something bad, IMO.
Somewhere, sometime, there must be or have been a company treating its shareholders as badly as Wave has, but I can't think of it.
They deserve more.
Blue
Of course. Just look at the latest Wave billings from last quarter.
That's the best way to track Wave's progress.
Blue
Cartie: You may have grossly underestimated the number of razor slashes inflicted on shareholders by Mgt. My calculus takes your number, times 10 squared then throw in a couple of light years.
I find it extremely fascinating Wave, the company, has gone from the biggest potential enterprise the world has ever known--to a point where the prospect of survival is so dismal, shareholders were encouraged to vote without any information on yet another reverse split (number 3), simply as a long-shot chance to hang on another few weeks in the hope an unlikely sale might happen--even though they know it will simply be more of the same, IMO.
Wave has cut all the 'non-essential' personnel, including salespeople; has walked away from their lease in Calif.; has said squat to the shareholders in months and my bet is their Last Gasp before closing the doors or selling it to someone for next to nothing--will be to exhaust what little treasury is left and pay themselves bonuses, golden parachutes and exit with little or no fanfare--one magnificent and final finger to those who financed it.
Blue
Yes. Wave is still in business for the sole reason, IMO, of further enriching the Wave executive staff for one more round of pay-offs.
Said staff has told one lie after another about coming deals that have boiled off into nothingness, as almost all "deals" with Wave have.
But meanwhile, the lies told about big deals coming soon resulted in people buying shares because they believed those huge deals were coming and Wave's share price would simply shoot up.
Wave is still in business, IMO, only until the 2015 exec. & BoD bonuses are paid and then it will sink to where it belongs, based on its terrible record--no profit ever.
That is the history and nothing has happened to indicate shareholders have ever been given the smallest consideration for all their financial support [half a billion dollars!].
When it came time for the third reverse split, so Wave could stay on the Naz, Mgt gave no information, yet expected shareholders to vote blindly--as if the vote of shareholders ever meant anything--it didn't. [Remember the Chair of the BoD, John Bagalay, was voted out, but stayed on the Board anyway?]
IMO, Wave shareholders have been treated unfairly from the get-go and the company continues and will continue, IMO, until the end.
Why wouldn't it? What is the downside? Where does anyone in charge have to bear responsibility for any of the horrible decisions Wave has made over the years--especially after the new CEO talked turnaround, big deals about to be signed--same as always, IMO. More bait to lure in more share-buyers, IMO.
I just don't see a way out for Wave at this point. It has failed in every way spectacularly.
Blue
News: [real] 1:10 reverse split approved
--(Marketwired - Dec 30, 2015) - Wave Systems Corp. (NASDAQ: WAVX) announced today that, following shareholder approval at the special Shareholders' meeting on December 28, 2015, the Board of Directors has approved a 1-for-10 reverse split of the Company's common stock. The reverse stock split will be in effect at the commencement of trading Thursday, December 31, 2015.
The reverse split is being implemented for purposes of regaining compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the Nasdaq Capital Market.
For every ten (10) shares held, Wave shareholders will receive in exchange one (1) new share of Wave Systems common stock. Shareholders otherwise entitled to fractional shares as a result of the reverse stock split will receive cash payments in lieu of those fractional shares. The number of common shares issued and outstanding (Class A and Class B combined) will be reduced to approximately 6.1 million (from approximately 60.8 million). Shareholders' percentage ownership in the Company will remain unchanged as a result of the reverse split.
The Board of Directors believes that the reverse stock split will enable the Company to regain compliance with the $1 per share minimum closing bid price continued listing requirement. However, there can be no assurance that this result will be achieved or that Wave will maintain the listing of its common stock on the Nasdaq Capital Market.
$: Were't those floods in Thailand where the hard drive factories were? It was the excuse SKS gave for his inability to sell Wave's SED technology.
Didn't SKS say he could sell SED-Wave-equipped, 10,000 drives today--if he had them.
And what happened after the Thai floods receded and the factories were rebuilt on higher ground?
He was still unable to sell Wave's product. That's the Wave history we all know and love. Big promises, followed by absolutely nothing.
Blue
How do charts help one decide whether to buy or sell, if the company in question has few sales as Wave does?
Blue
I agree with your scenario and it has been repeated many times.
But the point of the discussion was whether the "release" of false "information" to certain insiders would constitute grounds for a lawsuit.
Yes, it does apparently violate Sarbane-Oxley.
My point is if the "inside info" was all bogus and cost the 'insiders' money, it seems less likely the suit would prevail.
Yes, the shorting of the placements was laid out in public by SKS. At the time he said it, it was said with such naivete, IMO, I don't think he understood (or cared) funding the company with placements inflicted much loss, repeatedly to the most loyal shareholders.
Player, in my nearly 20 years watching Wave, the shareholders were given warm words of praise, month after month, but when it came time to actually do something for the shareholders--it never happened. Mgt (and the family) came first, last and always.
I'm guessing the million shares traded already today means another placement has begun.
I agree if there is no news, nothing can prop up the price. But my question is, suppose Wave does land a contract. How are they supposed to service it now they have laid off so many?
Based on that reasoning, I just don't see how they could possibly win a contract at this point, without the means to service it. In fact, I don't think Wave is even competing for contracts now.
IMO, the scenario is one of waiting and extending the execution date until the last possible moment, maintaining silence, eating up any funds left and then emptying the barrel for their big bonuses and golden parachutes.
That scenario fits precisely with exactly how Wave has been run in the past and IMO, the present.
P.S. Despite the critics' accuracy in predicting Wave's steady downward spiral, at other publications, we are still 'bashers.' In fact you are, too. It seems the supporters are still expecting a last second miracle.
It is all part of the Wave come-on, IMO--grab cheap shares now before they rocket upward. But wouldn't sales have to happen to propel the share price upward now that mere words can't do the job?
Blue
Cypher: Only one problem. All the "inside" info given out only led to grievous losses. It was all bum dope, IMO, put out to keep investors thinking positive news was coming real soon and no way should they sell their shares and miss out on the tsunami.
Keep those shares in strong hands--was the watch word.
Might be hard to get a conviction when the "inside" info did not lead to profits.
But I'm no lawyer.
Blue
Can't be long now. Share price down to single digits--less than a penny split adjusted.
The company has filed a pre-14a with dates left blank, but month and year (Dec. 2015) filled in for the meeting in DC to approve the R/S.
Once again, the company is asking shareholders to approve a R/S of indeterminate consolidation of shares, without giving shareholders a shred of information on which to base their votes.
Perhaps at the last minute they will rush some plausible (or not) explanation of why they want another reverse split and what will be done with the money raised if allowed to stay on the Naz for one last brief fling.
Instead, it appears the company is relying on past 'leaders' to recommend approval because they claim any other option is simply not available--w/o the R/S it is over.
Except there are other options. If I owned shares, no way would I vote for another R/S until the mgt promised me the money would not go to 'performance' bonuses or any golden parachutes for mgt.
IMO, management past and present have crapped on shareholders early and often, while removing millions for themselves.
In my 20th year of following Wave, I can not recall a single instance where shareholders were given even the smallest consideration, other than worthless words and more empty promises.
Instead, shareholders have been taken for granted, and for stupid, for allowing egregious behavior like continuous lying about the break-even point--with the 'leaders' claiming success was coming closer, while reality showed it was getting farther from actuality.
I would vote 'no' until I was given some assurance any new funds raised as a result of the R/S would not be wasted the same way the other hundreds of millions were squandered in the most irresponsible and incomprehensible of spending sprees characterizing most of Wave's long and sordid history without any profit at all.
Of course, the 'leaders' of other publications no doubt will advise otherwise. If Wave history continues the way it has, the 'leaders' (wrong unerringly) in the past, will IMO, steer their followers to the worst possible path they could take here at the end. That has been the history here.
That and the 'leaders' telling follower things that mattered a great deal, didn't matter at all--when it was crucial to understanding Wave was not progressing whatsoever.
It was all hot air about manifest "ubiquity," first to market, only product with remote mgt, finest and best security product available, stealth, financial riches--and so many other subjects about which the 'leaders' gave their wrong advice, leading to horrific losses.
There's not much left to take, but I'm guessing the Military Triumvirate now 'running' Wave will squeeze a few more drops from its wrung-out corpse, before closing the doors. Hey, what about funding golden parachutes?
I'm guessing if there are any parachutes to be deployed by mgt, gold may not be the best color to describe them. I think they will be considerably more modest than SKS's golden, million dollar kiss as he went out the door.
Looks like the last remaining sheep in the corral have decided to ride Wave down to the end. Just what mgt was hoping for--a chance to sop up what little gravy remains before saying bye-bye to those who have funded this train wreck.
Blue
If the folks who bought thousands of shares at $0.15/share thought it was a bargain, why isn't the current price of $0.08 almost twice as good? Volume a little low for shares available as low as 7 cents.
A quick visit to St. Elsewhere reveals a lot of folks realizing they have been waltzed around the wisteria vine by both of the last two Wave CEOs.
Many accept the losses, but there has not been a single mention of how they got so far off the logical path and so deep in doo-doo before they realized the jig was up.
One over there posted he wished there'd been some warning most of what they had been fed was meadow dressing. Gosh, if one had bothered to read a board where both sides were represented, maybe it could have been different, but I doubt it.
One fellow who claims shares numbering in six figures, basically shrugged his shoulders and said he will ride her down to the bottom. That takes a mindset few have. Not sure courageous is the right word. If it were mine, I'd see 08 cents better than nada, but hey, I was never good with sums.
So many deadlines are coming up for Wave in a matter of days. So many tethers are tightening, one wonders will Wave live to see February? IMO, not--at least in the form we have known Wave.
But for all who have watched this long, slow-mo train wreck--the end is surely near. If there was hope, I expect mgt would be trying to lift spirits a bit. IMO, it is safe to assume by mgt's silence, no big contracts have been signed or are about to be signed.
And because of past lies about phantom deals, if mgt said deals were on the table about to be signed, few would believe it.
From this vantage point, it appears nearly certain, IMO, Wave is headed to the pinkies and oblivion soon after.
Blue
Looking back at the Wave wreckage field in a wider perspective, it seems so stunning that at every low point and at every choice point in Wave's long stumble, there were a group of serious supporters who chose the wrong path for their followers.
In the beginning, Wave was full of enthusiasm and the CEO was bubbling over with made-up stories about a full pipeline and not only prosperity, but as the myth goes--unlimited wealth.
Wave was a beautiful, blinding dream just as the Internet was transitioning from defense/scientist circles to enterprises and consumers worldwide. It was going to be, and is, "the information superhighway."
The Wave myth held that the little company from Lee would be the toll-taker on that information highway, taking a mere fraction of a cent on each, but transactions would number in the billions and trillions daily, so the Wave story was passed around.
Because of the gathering of intellectual digeratti around Wave, like Atari's Nolan Bushnell, Futurist George Gilder, MIT/Wired Mag Nicolas Negroponte and others--there was a constant buzz of excitement carried on these same boards--there have been more than 15 of them dedicated to Wave.
When things didn't go well, the power-supporters consisting of large block holder-believers, friends of SKS & Peter (Loop Group) always came up with plausible reasons for missing out on traction quarter after quarter while the CEO was blowing such huge, pretty bubbles for them.
But when good cheer, have patience, big things coming soon--the usual fish bait Wave & its supporters dangled, there was a dark backside.
This same group peddled the fear if you got out and sold your shares, you would miss a steep rocket take-off so violent, so straight up, by the time you were able to get some shares, the price would be through the stratosphere.
So, in a sense, Wave supporters gave its shareholders the bad cop, worst cop routine to those unhappy or impatient with constantly deferred goals.
If you questioned the myth, like how come we are not making money already when we are years behind the calls for passing break-even? Bang, Maxwell's Silver Hammer came down in the form of banning, jailing, PM threats, obscenity, phone threats and more.
At every juncture of this long saga, when Wave's egregious behavior cried out for shareholder intervention--like over the guaranteed bonuses equal to half his salary no matter how poorly the company was doing [and it was doing horribly] and the leaching, growing nepotism--nothing was done.
Did the leaders call mgt out on any of these behaviors as they could have, putting a stop to it and letting mgt know there were limits, a warning shot, if you will? No. Not at all.
The leaders instead put forth questions like "Will any of that matter when Wave goes to $100?"
Again, at every juncture, the supporters steered their shareholder base to what now appears to be exactly the wrong decision every time. Remarkable.
Isn't there some point at which one loses all credibility? Especially if every wrong decision cost the followers enormous sums?
Strangely, the ones most wrong about Wave are still being listened too. The ones who had the harshest views of Wave and were banned and called liars--were closer to the truth. Situation static. Puzzling, eh?
Blue
Alea: You wrote: "looks like finally it is a truth universally acknowledged that the os vendors and mobile carriers have always been an obstruction to wave's progress."
You may have misdiagnosed the source of the problem in your analysis and search for the universal truth. IMO, the problem is Wave's products are so unimpressive, Wave can not sell them.
Those who signed big with Wave like GM, did not re-sign with Wave. That indicates some sort of dissatisfaction with either the product or the mgt.
Despite all the optimism surrounding Solms's declaration of turnaround, break-even, dozens of pilots inciting interest and many large enterprises ready to sign with Wave--all according to Bill Solms and there was not a nanogram of truth in any of it.
After re-jiggering the VSC 2.0, Wave's crown jewel, according to the new CEO, sales have been almost non-existent. There was a solo moderate sale, but it was for Wave's older tech, not the VSC 2.0.
So, in summary, I think it was not the OS vendors or the mobile carriers who kept Wave from success. I think it was Wave itself, by putting out a product either faulty, or else, one no one or few wanted .
Wave and its supporters were claiming Wave had the best and only manageable solution to security, were first to market and they were trying to sell Wave in the midst of wholesale hacks, destroying companies and reputations week after week.
Yet, somehow the 'best' product was never bought by the market at large. Wave's "solution" seemed inevitable, at least to the supporters, but big enterprises continuously avoided Wave. Part of the avoidance may be a result of the previous CEO's air of arrogance and entitlement in negotiations and meetings.
But, ultimately, IMO, if you want to buy a lock and the seller is truly obnoxious, but his lock is really good, you grit your teeth and put up with the seller long enough to secure your purchase.
Bad vibes, bad karma, bad decisions by mgt were all excused away by supporters and their leaders as not important to the greater mission.
IMO, Wave mgt only once had to face shareholder rebellion and that was over the Employee Options(I) proposal the company put out, saving employees from the ravages of the first reverse split affecting everyone else. Shareholders revolted and mgt watered down the onerous parts until it passed.
But the main foundation of Wave should have been the sales of product, not company shares as was the actual case.
I think if the product had been first rate, it would have sold no matter how irritating SKS was to deal with, or how close the company was to being out of business.
The company itself has not been forthcoming about reasons for lack of sales--normal sales cycles take this long, etc., etc.
And the supporters jumped into the breach of no significant sales for significant amounts of time with made up excuses and rationalizations for the constant lack of sales. Incredibly, the torrent of excuses seemed to work, keeping the supporters holding shares instead of selling.
They held because they believed in Wave, and the need for online/offline/cloud computing security--an excellent goal.
My theory is the products were as PC Mag described them many years ago: "Wave--sub-par suite at best." And sub-par products are IMO, why Wave has never sold enough goods to support itself or even hit break-even for one quarter.
If one has a sub-standard product in a competitive market, IMO, I don't think it fair to blame OS vendors or mobile carriers for the lack of traction. IMO, the issues start much closer to the source.
Best--Blue
Single digits except for a painted finish and sustained silence from Solms.
I think the actual situation inside Wave has now been glimpsed by most, except a few who still think Wave will suddenly spring to life with a major contract from left field and will skillfully manage and nurture this contract into producing other contracts...and...
The dreams keep coming in spite of a darkening picture, now almost completely black (not the ink, though).
Scenarios explaining this intense darkness just before the brightest dawn ever seen reach deep into fantasy land and black-bag conspiracies.
According to one poster elsewhere, the Gov. and Wave have agreed on specs and Wave-mandated orders are coming in briskly, but because the NSA is involved, Wave can't tell its shareholders the good news. "Where are they hiding all that money?" he demands until a calmer head tells him there isn't any money or else shares would be hard to come by if MS was involved.
This is the kind of baseless, but well-intentioned nonsense that board encourages, while removing any posts differing from the myth of big wealth soon in Wave shares--no matter how true those critical posts are.
So hopeful but utterly hopeless bologna is invited for posting on that board if optimistic, while truth and reality if at all critical, is shunned and banned.
How can supporters embrace these fantasies of Wave conquering all, while watching the share price fall below a dime--without wondering why they are almost all alone in buying shares.
Where are all the other folks who want to get rich quick? I don't know where they are. Maybe they don't need the money?
If one just read that one positive board in all its optimism, I can see where a nine-cent share price would come as a stunning surprise, just when the supporters were expecting it to soar.
I guess it pays to listen to both critics and praise.
Blue
Cypher: Let me join the crowd in thanking you for your informative posts about activities within the company. Your information has been accurate and gives a true window into a sham company trying to pose as a legitimate one.
Apparently the posing has fooled many for a long time. If one goes to publications elsewhere, today one finds this naive bit of hope:
"Does anyone buy that Solms silence equates to no real sales for the last 3 months? Look at his record at Oracle and Microsoft. Do you think he's been sitting on his duf quietly meditating for the last 3 months? The market think so. I think not."
______
One wonders about Wave supporters, proven wrong at almost every fork in every road, they still defy Wave's history of earnings, lack of profitability and market expectations--in favor of what appears near impossibility, IMO.
Wave has a tenuous grip on a small plant at the top of a steep cliff. The plant's roots can not handle the strain; the clifftop is crumbling and a large, hungry bear awaits the company, should it manage to regain the summit.
We are exactly 20 days from what amounts to a firing squad for Wave if they can not come up with money+interest for the bridge loan--about $600,000.
The consequences of default on this loan are dire--it appears under the terms, the loaners will end up controlling Wave in event of a default--which seems almost inevitable--barring an asteroid strike or a fairy godmother's magic wand.
Maybe Wave will do a third reverse split anyway--but the R/S seems irrelevant in the face of the looming loan the company does not appear to have the wherewithal to pay.
That fits into the picture Cyper paints of a Wave in chaos: mass resignations, firings and lay-offs--completely hollowing out the business, technological and research end of the company and leaving it with no way to service a big contract if the company was to get one.
It sure seems Wave is down to its last life. But, before we go closing the casket lid, just remember how often Wave managed to stay a half-step ahead of the Bankruptcy Grim Reaper over its long history.
I don't see how it is possible, but let's see if the much-delayed reality is coming at long last.
Blue
It makes no sense whatsoever, beyond a diagnosis of extreme paranoia with delusions of riches.
Why would Wave, teetering on the cliff's edge of extinction, withhold any good news? What is the benefit of letting the company slide further?
When your share price is 11 cents and there is good news to be had? Why most would blast the good news from the tree tops, not hide it in service to some ridiculous plot, IMO.
What is going on, IMO, is pure desperation. Some of the supporters are ordinary people who poured every dime into Wave as a single-shot slot for riches. Some of them borrowed money, mortgaged houses and bought on margin.
All have been punished financially, except the insiders and the manipulators pedaling nothing but good works [that never happen].
Now the curtain is coming down for Wave and there is legitimate panic. Folks who were assured success was delayed, but not denied--kept buying more shares, even as the new ones were devalued almost by the day.
One wonders that alone didn't make them question the wisdom of putting still more money into a company never once meeting its own goals and forecasts.
Blue
Sounds familiar, TKC.
Blue
Lone Lobo: If the SP is dropping, I don't think you are talking about accumulation. I think you are seeing longtime longs exiting Wave, perhaps with a few chastised institutions unloading too.
The curtain is about to come down on Wave. Isn't 11 cents a share after 2 R/S and a third coming up, proof enough after 27 years without a profit that not much is going in Wave?
Does the company's statement the way to judge Wave's progress is to watch billings--and then the company won't provide the billings, and instead comes up with ill-written excuses. It looks like gross incompetence to me--same as before under the Spragues.
Whenever there is a push to hide an important and informative number, one can be assured there is a good reason for the concealment.
My guess is the billings number was so low it would have been embarrassing to reveal it, because it would have put the veritas tourniquet on the gushing wound that was the myth of Wave riches.
This flimsy number Wave is concealing (possibly illegally) after just telling us to watch those billings, is a good clue to the chaos going on inside Wave.
On the St. Elsewhere board publication, TKC, a Wave hopeful who has posted and debated civilly with others wrote to Investor Relations for an answer to this question. Here's the garbled reply, worthy of SKS himself.
________
"Nov 27 To IR: Please inquire of Mr. Shepard what Q3 billings were and provide that to me.....
Just received response: "Hi xxxx, sorry for the delayed response. Their billings were not disclosed in the 10Q but we will look to providing an answer in some future disclosure if at all it will possible. Thanks, Tanya"
________
Wave does not have enough employees to staff a big deal if they ever made one. The company is behind on its bills, is shut off from financing the payroll and etc. by selling anything more than pieces for short money.
The company is in default of two Naz listing minimums and is three weeks and a day shy of a big bridge loan due--which if not paid, could be the end of the company as we know it--due to the onerous terms of the loan (107% interest) and the dire penalty for non or late payment.
The auditors have quit for unknown reasons [this is almost never a good sign.]
IMO, the end is real near. The tri-headed military mgt has finished off this company in true Wave fashion: big lies about profitability and deals coming any minute (for the last two years)
and about the viability of this all-but-dead company going forward.
Sadly, Solms's lies are virtually the same as those told by SKS. And for decimating what was left of shareholder value, the BoD gave Mr. Chickensh*t Solms (he hides in his spider hole) a big 'performance' bonus. Deja Vu!
But under the biodome elsewhere, there is this from yesterday:
______
"...the wildcard is Mr. Solms. I believe he is extremely dedicated and not to be underestimated. Just judging by some of the things he has written, he is passionate, intelligent and knows the business. He has a military background which means he knows a lot about strategy."
_______
Trust and belief in Mr. Solms, why, even after he has lied repeatedly to shareholders about deals and profitability--just like SKS did.
Those are some of the good reasons why the SP is about a penny a share, split adjusted--before the next big R/S coming up soon.
Which comes first--total collapse or the R/S? IMO, it is irrelevant. Either way, IMO, it is Taps for Wave.
Blue
Lone Wolf: I would watch for sales announcements, before I would make any decisions based on volume.
It is exactly that, the lack of any significant sales announcements that is behind Wave's current price of about a penny (split adjusted).
A company in business for 27 years, spending about half a billion dollars in that period and failing at every single venture tried, and in that time period not so much as a penny's profit--what about this company looks appealing?
Thsi company has basically sold shares in itself for nearly 3 decades--with a rare actual sale now and again to keep alive the Wave myth of unlimited wealth just ahead.
Supporters have clung to many straws thrown into the waters over the years, but in the end, they proved only that--straws insufficient to maintain flotation.
The supporters have focused on one false hope after another, all the while their leaders were denying there were any problems, even when anyone with a pulse could see there were major problems.
IMO, this company is about to implode. Lone Wolf, not that you need my advice, but were I you, I'd sure take a look at the earnings history--in a word, it is pathetic.
It is particularly pathetic when you examine the words of the Wave mgt. SKS (CEO in 2010) This will be the first cash flow break-even quarter from operations, in the company's history.
2011 (CFO Gerry Feeney said almost exactly the same thing)--but both statements were uttered in the closing weeks of the quarter at the time--a year apart.
Then the new CEO (Wm Solms) said stay tuned for a major turnaround. And in 2013 (if memory can be trusted)he predicted break-even.
Solms also discussed dozens, if not hundreds of Wave pilots that had extraordinary potential, plus the bulging pipeline of deals ready to close--none of that materialized.
So now, Wave is in violation of two Nasdaq
I think more likely, it was some selling by long-time loyals, some of them seem to be giving up the ghost on Wave.
On publication elsewhere, there are some angry messages, for which this one seems to speak for many:
"I respectfully request.....no I will demand answers from management. If not Wave Systems Corp and their BOD can take it and shove it where the sun don't shine!"
This came from one of the longest and most trusting shareholders Wave has had in its fold.
But for some, despite events, inexplicably there are still some true believers out in the fields of fantasy amid the wheats and the oats.
"Bill will have my total support so that he will have no obsatles to impede wave's progress & ultimate success!!"
Nice to hear the perennial Wheats (ph) don't cut and run after more than 20 consecutive years of shareholder devastation. No obsatles at all, whatever they are.
One wonders how anyone can be optimistic in the face of Wave's current situation. The Naz de-listing sword above its head; the 107% interest bridge loan and the big balloon payment is due on Xmas Eve.
Wave is out of money, behind on its bills and no sales are in sight, unless one believes Bullsh*t Bill's Ballad of the Bulging, Bloated Pipeline of Plenty spitting out deal after deal with the biggest tech companies around for billions...and then we wake up to the dire reality that is Wave's current situation.
Blue
Money: There may be some consolation in knowing the "inside" info about Wave has prolly done more to reduce the finances of the supporters receiving this 'valuable' info than anything else.
I bit and bit hard after SKS spun a few whoppers back in the late Nineteen-nineties and early 2000s and I was dumb enough to believe him and buy more.
What finally straightened me out was encountering the strange phenomenon of predictions made by the CEO that failed miserably and massively, but if anyone tried to ask what happened, they were shouted down. This happened repeatedly.
I couldn't get my arms around the concept of a publicly traded company just out and out lying to the shareholders about important issues--and then when the lies didn't come true, we were supposed to believe the next set of lies from the company. And, by the way, no discussion, ever.
Blue
Intuitive: I can have compassion for your pain, but it is pretty hard to be sympathetic to folks who called you a liar for telling the truth and then chased you out of town for it--because the facts didn't fit the Wave myth.
There was an uncalled-for level of thuggery, ferocity and lack of civility coming from your leaders over a simple difference of opinion. What pained the most, though, was what we critics were saying was true and what your leaders were saying was false--over and over.
Have we ever made mistakes? Of course. But to tell the truth, I think few of us made the exact same mistake, believed the same liars, and bought the same faux bill of goods over and over again, year after year the way most of the Wave supporters did. [And which some are still doing.]
Are you asking compassion for your stupidity in believing the unbelievable story of Wave as told to you by leaders and self-anointed 'experts'--the story where you buy and hold and you become rich?
I've got compassion for mistakes (if they are not repeated) and pain (if it isn't self-induced). As hard as it is to recognize, you are reaping what you have sown. The story you believed in had zero credibility and zero evidence any of it was true. Yet, you believed.
Again and again you trusted the untrustworthy. Again and again you handed over hard cash in exchange for worthless promises that came with a long history of being worthless.
Perhaps you were expecting another ending?
Wave has spent half a billion dollars of shareholder money. Has so much as a crumb ever fallen your way? Do you think that will change drastically if the R/S passes?
Excuse me if you expect sympathy for that. If you don't see what is wrong with the equation, I'm sorry.
Blue
Intuitive: It's almost as if someone is approaching a giant mud puddle and sees someone walking straight towards it from the opposite side and warns them, but they plunge gaily ahead, then they trip, fall and are covered in mud and water. Is that person deserving of sympathy?
The only place I ever heard Wave's products called "excellent" was on these same boards--never by recognized technologists.
In fact, two folks who worked in the field were driven off the boards because their experience in network and computer security differed greatly from the vision Wave "experts" were putting forth--that it was but a matter of time before the world recognized the prize Wave was and embraced it.
Every published report I ever saw was dismissive of Wave's technology. Years ago, PC Magazine said of Wave, "Subpar suite at best." But the leaders had 50 reasons why PC Mag didn't know what they were talking about.
Some enterprises set up to fix balky computers recommended "uninstalling the Wave crapware."
And if the Wave technology was so superior, why didn't it sell? Most of the time, good technology wins. Wave failed again and again at selling. But the leaders said it didn't matter. [It did.]
It is hard now to feel sympathy for those who ignored good sense, reason, logic, quarterly results and all principles of investing--especially when they were told many times beforehand they were being fed taffy by liars and frauds.
The lies coming from the company, and/or the Loop Group acting in concert with Wave Mgt and the myths of Wave greatness were never written about elsewhere, unless it was bought and paid for opinions like the series of "analysts" Wave hired to regurgitate SKS's big lies to investors about how well the company was doing, when it was really falling further behind.
Likewise, the myths created by the so-called leaders of the Wave 'cult' because that is exactly what it is--were all bologna, too.
All those PRs, memorandum of understandings, 'deals' with huge companies that didn't bring in a dime. The CEO first predicted profitability in 2003, for 2004. He repeated it over and over, every year.
Missing every single one of those forecasts for profitability didn't bother folks? Was this not a warning in itself that all wasn't as right in Wave world as the 'experts' believed?
Well, of course it didn't matter and neither did all the nepotism [father, son, two brothers, a daughter and a granddaughter as well as a babysitting nanny who rode, but was called a "communications specialist," plus assorted friends who 'worked' from home--some still in their pajamas].
When I raised the issue of nepotism, lies and greed grabs by the SKS administration, the most prominent leader of the supporters said, "Will any of that matter when Wave goes to $100 a share?"
Hard to argue with that logic, if Wave was going to $100/share.
And when folks stood up to say the leaders were wrong in saying things like MS and Wave were connected at the hip--these same leaders removed all contrary opinions and called the people telling the truth about Wave "bashers," as if truth had a color or a position other than fact.
If it is sympathy you are seeking for disregarding great advice and pertinent warnings, it will have to come from elsewhere. Because over on Elsewhere, you can still get positive messages about Bill Solms's secret plans to make Wave wildly successful. It is ever so much more pleasant than the reality.
Never mind the same 'leaders' and their sanitized boards led their followers into the desert time and time again--and then had the nerve to tell the followers the desert sands were the beginnings of a beach for the poor, tired turtles who had finally found the sea at last. [Instead it was a lot more desert.]
And what of the latest false rumor to quicken the pulses of supporters? Why, as of last Monday, Wave was going to be named Grand Poohbah or something by MS and the Krauts, and then all the shareholders would be rich overnight and the world would stop laughing at them at last.
When asked for proof of this coming tsunami from Microsoft, the man who searched tout le monde for Wave connections and found many of them (invisible to everyone else)--simply disappeared. Why? Because he was completely FOS about any rich connections with Wave and any decent companies, because there are not any.
Who kept believing the new CEO after he lied repeatedly? It's the same crew holding the most shares of Wave--the guys called the "strong hands," who were warned repeatedly about folks trying to pry the Wave shares from their hands. [As if they were valuable any you couldn't get as many as you wanted for next to nothing.]
So Wave supporters were urged to buy more and hold, and they did.
You were warned about Wave and you disregarded commonsense in your headlong rush to get rich in an investment only you and fellow supporters thought they understood, while the 'market didn't get it.'
So pardon some of us if we don't bring out a hanky to cry over those who fell in the big mud puddle we warned about so often.
Blue
I read the reason Bill Solms gave for not taking a voluntary cut in pay until things turn around:(his wife wouldn't like it) [remember he said he wanted to be held accountable to the BoD and the shareholders?]
Well, the BoD rewarded him with a big bonus for hollowing out what was left of the the company. IMO, shareholders will gift him with another few weeks of checks and a big bonus at year end when they approve the third reverse split.["It's either vote for the R/S or it's certain bankruptcy!]
One wonders if the Wave CEO ever went into combat (which he did not), would he have given orders to his soldiers not to shoot the enemy out of consideration the enemy mothers would grieve their absence?
So considerate, that Lt. Col.--just full of the milk of human kindness. If only he had a backbone. [sigh!]
Bill, leadership is usually done from the front, not from the hidey-hole way in the rear where you stay.
And usually, real leaders face the music and the criticism for mistakes they made. But, Silly-Billy likes to play silent hide and seek when things take a turn for the harsh.
I fully expect the shareholders to follow the leaders right over the cliff. They always do. The R/S will pass (IMO) and the scam will keep on keeping on, until the end. A few more sweet paychecks, a nice bonus and then the Golden Parachute. Heck, the last CEO got a cool million on his way out the door.
Blue
Musing on TTT from St. Elsewhere
I'm surprised that spidery fellow would change his motto from "Things Take Time" (in support of waiting until Eternity for Wave to hit profitability) to [using the same initials] "Tolerance, Trust, Try."
Well, absolutely one must have tolerance and trust for the fraud to work. Then, after one is diminished financially, one must try to trust again and have more tolerance for additional lying, cheating, defrauding, mismanaging and greed-grabbing. Why? Because next quarter it will all be worth it!
Col. BS afraid of Wifey? OMG, who isn't he afraid of? Why the shareholders, that's who. Ask them to vote for a pig in a poke--no explanations--they don't need it and don't deserve any explanations as to why they massively missed projections and have to resort to yet another reverse split.
That's where the spidery 'trust' comes in. You trust that the cold hand you feel in your pocket is not removing your purse when you know darn well it is.
Welcome to Wave! After the purse removal, don't forget to stand and applaud. (Loudly).
I think what that spidery fellow meant was TTT [Terrible Toll [on the] Tenacious.
Blue
Wave Management, after lying repeatedly about prospects, deals and prosperity now wants you to trust them one more time.
Of all the misguided spidery crap ever written on the Board of Publication of False Promises, this has to take the cake: "What if Bill has been truthful and we ain't dead yet."
What if SKS was really truthful and the problem was, the market didn't get it. [Yes, they do!]
Don't know about you folks, but if someone jukes me once, they will not get the chance to do it again.
Must be a strong recessive gene in the supporters that makes one enjoy the masochistic pleasure of being lied to again and again, while your pocket is repeatedly picked by the same folks you are cheering onward. That, and being told afterward it was for your own good.
All those supporters still buying more at $.12, $.13, $.14 and $.15--already with a warehouse of shares soon to be decimated again for the third and final time.
Got this from St. Elsewhere--if true, it provides all you need to know about the 'leadership' of Lt. Col Chickensh*t Bill Solms when he was asked why didn't he take a voluntary pay cut until things get better:
"Im still in awe of his answer that wifey would be upset if he voluntarily cut his pay."
Absolutely fills one with a warm and pleasant feeling--just like wetting your pants outside on a cold day. Feels good at first....
Blue
Just as I came into this stock (1996) at $1/share (split adjusted, currently a little over a penny per share)--Wave was de-listed by the Naz to the pinkies--it did not go bankrupt--instead, Wave worked to get back on the Naz and it did. I still have the T-shirt "Wave Back on the Naz".
Over at St. Elsewhere, the tireless pushers of Wave hope are coming up with dire scare tactics stating a R/S is all that will save Wave from certain bankruptcy.
Not true. If Wave had sold any of its best and most hopeful product, the Virtual Smart Card V 2.0--there would be hope. And why didn't being demoted to the pinkies in the 1990's mean certain bankruptcy?
I don't know if Wave has ever sold a single VSC 2.0. If so, not many more, IMO.
Instead, the pattern of plunder continues. There is not one shred of hope put out for investors by the company. Not one word of explanation.
CEO Bill Solms has shown he not only has a yellow streak up his back, his entire back is as yellow as a stick of creamery butter.
He is a gutless, clueless manager who promised the world but gave us ashes--and now he hides in his spider hole and hopes the idiots who voted for the past two R/Ss will step up and approve another one without a single byte of info.
To what end? I can think of only one--prolonging the checks the mgt and BoD get until the very end.
Where is the statement from the company about a way forward? [IMO, They will not say because some of the angry supporters will certainly sue if they make any more false promises].
If there is any doubt this wreckage is company policy, look no further back than last year when Lt. Col (ret'd*) BS** Solms was given a big bonus for 'performance' when he reduced shareholder value more than 80% after he promisied profitability, lots of deals in the pipeline, dozens of pilots with big promise--all of which came to naught.
Take a good look at exactly who is promoting the voting in favor of a third R/S. Ask yourself this question: What is the accuracy of their pronouncements and 'leadership?'
Let me answer it for you. These so called 'leaders' in more than 20 years, have never been right. Not once. Instead, they have provided false hope by either misreading or intentionally misstating the facts [I believe there was more of the latter than the former].
So let me give you the Blue View: In the 27 years the co. has been in biz, they have existed almost exclusively by selling shares. They made a few small sales which gave hope, but then Wave bulked up on spending, anticipating huge orders to come. [They didn't.] But the premature spending for preparing for the 'big' orders crippled Wave--perhaps permanently.
After having more than enough time to demonstrate whether Wave was relevant in this new tech world, Wave has failed again and again to sell. Dell, once the company's brightest (and only) hope left Wave to wed Credant. GM did not resign.
Dell was a grievous and perhaps fatal loss for Wave, but what did the Leaders of Wave (life)Support Mission Team say? They said it would not matter; Wave would make up the Dell loss and more with rapid sales of the re-jiggered VSC 2.0 and more. Did not happen.
Look back at all the other momentous events in Wave's investor history. How many times did the 'leaders' call it right? Let me answer that question. Not once. Not ever.
These 'leaders,' made up of a group of naive and trusting investors alongside cold-eyed, dishonest, treacherous people who counseled one way on the boards, but in private helped drive Wave down, by selling short overseas (or in Canada) the shares they bought for a 20% discount. SKS once explained this process in public.
So, without disclosing their interests, some of the leaders have participated in PPs (until they requested their names be withheld by the company) to keep Wave shareholders from knowing what they were doing behind their backs.
Now they ask you to approve a third reverse split, without stating the reason for it or what Wave will do with the money. Has any Wave mgt type ever taken less pay because of poor results? Never, ever. It is only the shareholders who suffer losses and don't get bonuses for it.
If you believe the claptrap peddled elsewhere and do vote for a 3rd R/S, after 27 straight years of bungling, plundering and living high off the shareholder funding without ever supporting itself with enough sales, cushioning the shortage with more lies ('next quarter will be the first break-even quarter in the company's history'). [said by SKS 2010, G Feeney in 2011 and Solms in 2013, 2014 and hinted at in 2015)--if you vote for another R/S that will continue to fund the people who wrecked the co., then, please, have at it.
I promise the results will be the same, only quicker.
The people 'leading' you make money while you lose it. The CEO, CFO and the tri-headed military monster allegedly running Wave, along with the BoD (known for awarding huge bonuses for cratering the company) thank you in advance for another month at least of salaries and bonuses. Bonuses? Aren't they paid at the end of the year?
Hmmmm, maybe that's what this is about. Situation hopeless? Let's prolong the slo-mo wreck to freeze-frame speed and enjoy the high life a little longer--into the New Year.
Why the shareholders want us to enjoy ourselves! Why else would they keep believing our lies about imminent profitability, a full pipeline and non-existent deals, quarter after quarter until we squeeze the last drop of blood from the turnip. Give Bullsh*t Bill Solms another huge bonus--in fact, bonuses for the house (excluding shareholders).
If anyone believes voting for yet another R/S is the only way out, given all that has gone before (where the shareholders never got so much as a crumb--and now all these bone-cracking jackals and hyenas are going to go generous)? Sure! Back up the trucks, Mama, we are going to be rich!
*ret'd is an abbreviation of retarded (common Wave usage)
**BS Solms--you can prolly guess what BS stands for and the S does not stand for Solms, even though he defines it.
Blue
I believe we are very close to the end. I don't think Wave will see the New Year.
Voting for the reverse split as the "strong hands" have been advised to do, means prolonging paychecks for a particular clueless, tone deaf mgt & BoD, while prolonging the agony and increasing the loss for shareholders.
If shareholders had voted down the first 3-1 reverse split in 2006 and the company had gone out of business, hundreds of thousands of shareholder dollars would have been saved.
Nearly 10 years later, look at where we are--farther down than I could have possibly imagined ten years ago. In violation of two Naz listing minimums and on extension for one; delisting is an issue; but worst of all is the monster due on Xmas Eve: the bridge loan plus 107% interest--comes to more than a half million Wave doesn't have and is unlikely to get.
Late in filings, embarrassingly so, Q3 CC scheduled, postponed and finally disappeared. Wasn't bad enough they caught a math error a couple years back just minutes before the CC and they had to cancel it.
There have been so many displays of not only stupidity by Wave mgt (so many examples) but the failed DD on the Safend deal was right up there--that and overpaying the CEO a cool $70K. Thank God an outside auditor was awake.
I guess the Wave CEO didn't notice an extra 70Gs in his paycheck and the CFO didn't notice a missing $70,000--until it was pointed out to him by the auditor.
The entire time, Wave has resorted to stunts, rather than solid performance. Take the Papa Gino "win". CricketCricket was a well-known Wave true believer, shareholder and evangelist for the company.
C2 also holds a position at Papa G's regional pizza chain--Director of Networks and Information. C2 told the world he had searched all over for security and Wave had been chosen to secure a handful of Papa G's 1600 fleet of lappies.
Big news, until it broke C2 was who he was. [He denied it], but supporters posted "congratulations Chris" on other boards at the time. Those posts were later removed to conceal Chris's undeclared interest in Wave as a shareholder and to remove evidence of it.
So many shady deals like that characterized Wave and were defended by its supporters as if Wave wasn't selling "Trust." Integrity matters to most companies. Ironically, Wave could not be trusted--certainly not by its shareholders.
It has been a long and sordid ordeal and there were those who went out of their way to deny and lie that what was happening, was not happening, to invent excuses and reasons why Wave continually never met any of its own deadlines and forecasts.
Strange, the leaders of the supporters were never once right about Wave--but they called the critics who were almost always right, "bashers."
Despite an unbroken record of calling it wrong, there are some supporters who still listen to these 'leaders' and follow their suggestions, which to date, have only brought them ruin.
Even today, it seems some people still think Wave is going to pay off.
Good luck on that one and to the folks buying shares in the teens.
There's a good reason why the share price is where it is, and it is not good news.
Blue
Bingo!
Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a)
Print
15684426.4
WAVE SYSTEMS CORP.
480 Pleasant Street
Lee, Massachusetts 01238
NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
To Be Held December [--], 2015
TO THE STOCKHOLDERS OF WAVE SYSTEMS CORP.:
Notice is hereby given that a Special Meeting of Stockholders (the “Special Meeting”) of Wave Systems Corp. (the “Company”) will be held at 4:00 p.m. on December [--], 2015 at a venue to be determined in New York, New York, for the following purposes:
1. To approve a series of amendments to the Company’s Restated Certificate of Incorporation (the “Proposed Amendments”) to effect a reverse stock split of our Class A Common Stock and Class B Common Stock whereby, at the discretion of our Board of Directors, each outstanding 5, 10 or 20 shares of the Company’s Class A Common Stock and Class B Common Stock, respectively, would be combined into and become one share of the Company’s Class A Common Stock or Class B Common Stock, as applicable.
If approved, the Board of Directors will have the discretion to effect one of such Proposed Amendments and abandon the other Proposed Amendments or to abandon of all of the Proposed Amendments as permitted under Section 242(c) of the Delaware General Corporation Law; and..."
Someone is buying Wave shares despite the desperate situation. Someone thinks Wave has a future.
My problem with that is quite fundamental. If Wave can not now pay its rent (lease) and other bills, how the heck are they going to scrape up the whopper of an interest payment, much less the principal of the bridge loan due pretty soon?
There has been no third quarter conference call scheduled, only the quite and twice tardy release of Q3 results, disappointing as usual, IMO.
The Naz is allowing Wave to keep printing shares, diluting the loyal longs, while the SP falls to near Kleenex value. Wave is currently in violation of two of the Naz listing minimums with no real way to reach sufficiency with the exception of a fairy godmother.
The auditors quit without stating why, but resignation of auditors without reasons given, is reason enough to scrutinize possible dark scenarios as the cause.
Not a single sale of the crown jewel of Wave products, VSC 2.0, despite 'rejiggering.'
Over at St. Elsewhere, there is talk of a bright turn possibly just ahead. Wouldn't that have to be a sale or two? This publication is known for expanding theories and kluging together Rube Goldberg 'logical' elements proving Wave is about to launch.
Lately, that publication has been featuring the phantom Microsoft connection with Wave that will take the dreamers home with untold riches. Only, last Monday was the deadline and, no Wave connection was revealed.
Over in the spidery reaches of elsewhere, even the Turtle Wrangler has asked for some proof of this predicted cornucopia of Redmond riches to come.
How can one hope for much-needed results, when there are no sales, just low level licensing and service?
And may I present a question I can't quite get my head around? If MS was involved with Wave, wouldn't everyone who knew about the deal run out and buy hundreds of thousands of Wave shares at the unbelievable bargain price they are right now? They'd be calling their mothers-in-law telling them to mortgage the house and buy Wave before the word leaks out.
Is that happening? Apparently not. What is one to conclude?
Not much discussion elsewhere about what the meaning is, of no quarterly conference. To my knowledge, no one has even brought it up, so it could be sluffed off as irrelevant.
I am naive to the ways of the market, but it seems to me, omitting a quarterly conference call, after scheduling it, postponing it and finally just putting out the numbers with no reference to a CC--that all seems so strange as to merit an explanation. But Wave, as usual, is leaving us all in the dark to puzzle it out.
Player, or others, am I wrong that the lack of a CC is significant? Can anyone point me to what this means for Wave? Is something imminent, besides ubiquity?
Blue
As the cascading bad news turns from ugly to horrible, one wonders at the reaction elsewhere. Some see the minor uptick in revenue (imagined?) as a positive sign. There are always those who sift the wreckage and pull out a shiny bit of tinfoil as proof of the promise of Wave.
It seems no matter how harsh the real news, elsewhere they are talking about the value of the Wave patents (IMO, the value is next to zero).
Elsewhere, others see the death sentence as a bright light from above and claim they are buying more shares even "as the weak ones flee!"
It is as if 16 nails are required to keep the coffin shut. In Wave's case, 15 of them have been driven home perfectly, but the 16th nail did not hammer down flush and sticks up a barely perceptible micrometer.
The supporters who see nothing but blue skies, seize upon the one nail not quite driven home and declare Lazarus will not only smash open the coffin and crawl out, but then he (Wave) will enter a tech marathon and win it bigger and better than anyone who came before.
But most absurdly of all, some still cling to the CEO's words as if they contained truth instead of the almost pure BS he has been feeding the shareholders.
From St. Elsewhere: "Bill has stated that they have been in communication with customers weekly to ensure them that they have access to capital."
[OK, access to capital for a few weeks at 107% interest?! Wow, that's some access plan. Bet it calls for upping the CEO's bonus.]
Another from elsewhere: "There is good news on the horizon..." [yes, perhaps the long nightmare will soon be over.]
Where's that fairy with the magic wand?
"Maybe enough (revenue) has come in to pay off the bridge loan. A couple of deals sure wouldn't hurt either."
And also from Elsewhere, a reply to the Chief Analogy Officer, he of the turtles, hockey sticks and the minder of Wave's Eternal Hope Clock, who sees a wonderful future ahead.
"Always a voice of reason. I think we still have a few tricks up our sleeves. Something tells me we have another shoe to drop and maybe just maybe it will be a life line." [Blue, choking, "voice of reason" in that web of lies?]
There is so much more, turning in every direction but the right one, to see some way out of the hopeless mess. "A buy-in partner could help Wave in closing a deal." [If they had any deals to close, Wave would not be where it is right now, on the verge of complete collapse, IMO.]
I don't see a way out from here. I think we are down to perhaps days or weeks. The tangle of lies that kept this company afloat against all odds has finally eaten away at the hull below the water line.
This was never a seaworthy craft, IMO, but the supporters claimed it could carry more than the Queen Mary, beat any 12-meter America's Cup yacht and set a new ocean crossing record to boot.
All those naive and mis-aimed accolades now seem mocking of a ship that never once left the harbor and is slowly sinking. The water is rushing in faster than ever.
How long can a company run on rampant rumors of big sales, without ever making less than a handful of them in 27 years?
How many trip wires can mgt set off and still stay in business, without sales? How many times can rumors of big contracts keep shareholders content without any delivery?
How many companies showing promise, shunned Wave (Dell) after a long partnership? And how many said Dell's loss didn't mean anything, nothing to worry about. La de da.
How many lies, excuses, rationalizations and denials of inexorable truths about Wave can be tolerated? My guess is, we are about to find out.
In my 20th year of following Wave, this is the lowest point, the most desperate, the least hopeful and the saddest position I have seen for the company.
Shabby and incompetent management did us in, along with the lies coming from both Wave HQ and some interested and collaborative parties (without disclosing their interests) who were playing the shareholders from both ends--both sides assured one and all that things were just fine--be patient and you'll be rich. Just ignore those 'disgruntled investors' trying to sow fear and doubt.
That was bad enough. But when some folks tried to reveal the truth, they were shouted down, attacked and chased away. Those voices that were so conscientiously smothered, jailed, banned and deleted, were exactly the voices worth hearing, IMO. They told truth to the repeated lies about imminent profitability.
Those banned voices, if heard and heeded, could possibly have saved the company when it was still possible, if, instead of cheering at every misstep and laughing off the many blunders, shareholders had called for accountability and change.
Instead, mgt and the supporters together steered the broken Wave wagon into a deep ditch.
Today may be the day when some of those who were fooled may not only see the truth at last, but begin to wonder who it was who misled them so long about so much.
They may remember those who denied dropping sales, failures to reach goals and deadlines and repeated references to future big deals and sales that evaporated--were of no consequence. [They were.]
These same 'leaders' told supporters egregious mistakes like the bungling of the Safend deal, the over-payment of $70K to the CEO, the consistent sales of shares by the principals, the foul-up over the employee options plans, Founders Shares and so much more--all amounted to nothing to get excited about or so the 'leaders' claimed.
The problem is, the ineptness and the greed grabs that decimated Wave's treasury, were very much relevant and were absolutely indicative of a company that exalted in its constant lies to shareholders, promising profitability, while the mistakes, errors, missteps were blinking out a warning this company not only can't sell squat, but it also can not be trusted.
The end has yet to be written, but I think I can see it from here.
Blue
From Wave's filing today, "Narrative" of why Wave was late in filing:
"The Registrant’s independent auditors have determined that a material weakness exists in the Registrant’s control over financial reporting due to insufficient finance and accounting resources within the organization. As a result, the Registrant has been unable to complete its quarterly financial statements."
__________
I know in some quarters a 'material weakness due to insufficient finance' will be hailed as a brave new step forward, instead of the last gasp of a dying dwarf being squeezed for every drop before the end.
Blue
Orda: Interesting article about Dell's choices. Here's what I consider Wave's death knell from Dell (rhymes!):
"Finding a satisfactory product took Dell security experts more than a year. There are a lot of new companies that are trying different approaches to stopping malware and advanced attacks, and Dell looked at products from more than 60, Hansen said."
Considering Dell was once Wave's number one revenue producer, it appears Dell has moved completely on and away from Wave after being Wave's partner for years.
I'm guessing that decision was made not on the basis of insufficient finances, bad mgt, shaky future, etc.--but on the quality of Wave's product. If it worked as advertised, Dell would not have abandoned Wave the way it did.
If Wave's products improved since Dell left Wave at the altar, I would think Dell would have come back to Wave.
My whole Wave theory has been based on the lack of wide acceptance of Wave's products, except for fringe and minute enterprises--way out there outliers. Exceptions were GM and a few others. They did not re-sign with Wave, despite the supporters' claim there is no evidence those companies didn't resign with Wave.
Yes, there is evidence. Look at the shrinking quarterly revenue. Wave was supposed to be amping up and ramping up for full-scale ubiquity, according to the hopefuls. However, the pathetic and rapidly-declining revenue has brought Wave to the edge of the precipice instead of profitability.
Wave is currently in default of two Nasdaq listing regulations, as well as a twice-late quarterly filing (for which we have no new date for Q3 results) and its share price is teetering on total collapse which could come with the Q3 results.
All of SKS's and Solms's bright promises of prosperity soon to come were, it seems, nothing more than hyper-active dreams of what could be, not likely to be fulfilled.
Furthermore, the onerous terms of the short-term bridge loan at more than 100% interest and the attempt to repay the loan with oodles of freshly-printed unregistered shares worth slightly more than bath tissue--because that was the best they could get--spells out just how high the deep doo-doo is stacked for Wave; how desperate and dire its situation and almost all, if not all paths forward are blocked.
There are so many barrels aimed at Wave's heart, it really doesn't matter which one fires the fatal bullet. Wave is against the wall, hands tied behind its back, with a blindfold on and the Commandante has his sword raised, ready to give the command for a merciful end to a 27-year nightmare for investors.
The huge hot-air balloon that was Wave is suffering rapid deflation, because all that was keeping it in the air--was hot air mixed with generous infusions of BS to keep investors from selling out.
Maybe there is a future from this point, but if so, I can not see how. But, that's been my problem for years now. I could never see how Wave could possibly fulfill its heady promises, let alone even make a profit when sales were anemic (to be kind) or mostly missing altogether.
An individual or an enterprise has to stop losing before it can start winning. Wave has rarely won anything except contempt for questionable business tactics and plans and the complete disrespect it has shown investors financing Wave all these years.
After 27 years, most Wave investors are left wondering how the end will come. Bankruptcy? Quiet shuttering of the old meat-packing plant? Sale for mills on the dollar? The alternatives for Wave are not pretty, but they are immediate. The choices are between shooting and hanging, gas chamber or electric chair?
The postponing of reporting quarterly results twice, without a new date for revealing the numbers IMO, falls not in the good category as some have hoped, but in operatic terms, IMO, a finale with the last curtain due any day.
But elsewhere, the sun still shines down from blue skies as if Wave just signed multiple big contracts:
"...if it goes to a nickel/share I may buy a couple hundred bucks worth."
"If it goes to a nickel a share I'll buy a million"
_______
Those are the sentiments of those who still truly believe, at this late date, that Wave's fairy godmother is coming to the rescue and will provide a happy ending for all their patience and faith.
Kinda of like the Heaven's Gate cult, waiting for the Spaceship to come, once the poison is in your system, your arms folded over your chest and your new sneakers are neatly tucked under your bed. Bon voyage.
Blue
Player: I thought SKS and crew had posted the low water marks for incompetence, but Solms's Motley Military Misfits have shown creativity beyond the pale in that arena and may in fact be America's First in Failure team, if there was such a team.
Walter Shephard, Wave's alleged Chief Financial Officer, needs a little more time, (after a little more time) to figure how to add zeros and negative numbers. It's not that hard. Even congenital math clowns like me are able to do it.
Blue Theory as to what is going on? IMO, the hammer is going to come down hard and in fact may already be at the start of its downward arc towards the Wave exposed and proffered neck.
Why? How does this make sense? Well, assuming even the always-acquiescent Naz does de-list Wave, one gets to appeal, don't they, even though they were on appeal (extension) already and while trying to convince the Naz Wave should stay, the company slips below the min. listing market cap.
And by the way, while on appeal, if there is such a thing possible at this low point, the executive staff will receive salary and bonuses until they have to strap on their own golden parachutes with what is left in the Wave barrel.
27 years in business, not a single profitable quarter. Wave never met a single deadline (set by the company) or any of the optimistic quarterly forecasts given by Steven with one hand behind his back, hiding the crossed fingers.
Founders shares. Employees exempted from the reverse split devastating shareholders, but the CFO (Feeney) urged passage anyway because it would cost Wave more than $100,000 to correct his error.
Guaranteed big bonuses! CEO is 'mistakenly' overpaid $70,000--a mistake caught by outside auditors. Golden parachutes.
Against this steady flood of actual bad news, a tight-knit core of determined and true-believer share-holders for years posted a series of posts based on rumors, hallucinations, mis-readings of events, denials of facts, alternate realities--all of which guaranteed good things, among them, a share price soaring after many forward splits, a party in Las Vegas with unlimited French champagne and on and on.
Even as the end was coming up fast, the Dot Machine was cranked up to 'turbo' and as the cascading bad news drained pennies a day from the share price, the Wave forward horizon (rose-colored safety glasses on, please) was filled with a pipeline of deals so big with companies so important they couldn't make them public--only it was all BS.
From the get-go, it was BS, from the time Peter Sprague either got bored or distracted and gave the CEO position to his unqualified, semi-literate son.
From there, it was straight downhill on a steep ramp slickened with mistakes, greed grabs, self-dealing, errors, mistakes, incompetence and outright lies about prospects, profitability and sales.
What about this awful, long-running show was not predictable? The Wave believers thought (and some still think) Wave has some kind of good fairy in reserve and after allowing the company to teeter on the precipice, she will come out, wave her wand and dump 24-carat gold ingots in the company treasury and all will live happily ever after.
Even today, one can look elsewhere to see fairy dust drifting down as die-hards make up possible excuses for a second delay in quarterly results--[from elsewhere today, as a case in point]:
"I think that Bill is delaying, hoping to firm up an announcement so that the third quarter earnings can be cobbled with a very positive announcement which will assure the ability to fulfill NASDAQ listing requirements. JMO
It may take a fairy godmother to save Wave. It is hard to believe Wave can be saved otherwise at this point by mortal man/woman.
One wonders if those who lost so much will remember who floated the lies, the denial of what was actually happening and who made-up reasons, excuses and rationalizations for no performance at all and who banned and attacked those telling the truth about Wave.
After two reverse splits, today's share price closed (split adjusted) at one penny on more than 600,000 shares traded. This was to be the company destined for all-time greatness, destined to be bigger than IBM, GE, Google, MS, HP--all combined. One penny a share! [If you bought before 2006 and held]
Blue
Higgie: And you believed Mr. Sprague? Despite his atrocious record of telling lie after lie fabricated completely from whole cloth?
Blue