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I resent your accusation and implication. Its a cheap shot and I always thought such were beneath you! Maybe you need to pay more attention to the public boards also. The investment world always is full of rumor, inuendo, etc.,. Its always in the markets. Reality and different viewpoints are difficult for RMBS LTL's and sometimes so is class!
3J:
For what its worth, I think your in denial! Your trying to deny a point that has been around a long time. What is in the private world stays there. I did not make this up even though you would like it that way. There is a real world that does not cloud RMBS. To use the phrase of another longtime and now maligned poster on another board, most longtime RMBS posters are "wishin and hopin" and never get really objective.
3J:
Will not answer your sources question. However, those rumors have been stated publicly on other boards on other occasions. The facts that RMBS management has failed to address this lengthy options mess is most puzzling because it has such a material meaning to its stock and stockholders. RMBS management initially stated that this was in the hands of its independent options study committee and auditors it (management) had very little control over it until it was completed. The length of time it has taken to complete (as you have frequently stated) without any type of explanation is just plainly silly. It certainly leads to this type of speculation by people who have a very vested interest in RMBS. IMHO, if it does not have neutral or better conclusion is will be very bad for the stock.
Rumor control has it the RMBS is trying to tap dance around the options mess and the auditors aren't buying it. This is going to quite interesting! The longer the wait, the bigger the problem, particularily if its bad.
Not yet, give until the annual meeting if RMBS ever decides when to have it. Think it is worth 5-10 points in the next 4-8 weeks.
Threejack:
Maybe a good short term bet in here with the Courts cooperation and a good RMBS announcement. Good luck!
Why would an investment professional risk a manipulation or trading inquiry over RMBS? Don't think RMBS would be one to fall onto the sword!
How are the pros manipulating the price and trading of RMBS? Please be specific.
In those families of funds, which funds own RMBS?
Care to put a time frame on ending?
Kennedy is Bush manageing Iraq and Hughes is Rumsfeld. Will it ever end?
Agree with your sentiment regarding RMBS management, but must disagree with your thought that the pros are manipulating RMBS. In reality, the pros mostly could care less about
RMBS and pay little or no attention to it. For them, there really is little reason to pay much attention to RMBS because there are just too many issues with the company and really no major impetus from financial and product to make much of case for owning the company. The big owners are mostly specialty funds that will blow the stock out with any kind of bad news. They will not be long term holders until at least some of the RMBS issues end or are somewhat dissipated. The stock is still expensive. Too many LTLs are looking backward and hoping for some major litigation payout that may or never come. Many expect some type of major sudden move and never really look at the stock from an investment stand point.
Your point on Kennedy is very good. He has not been able to fix JDSU and only recently engineered a reverse split to try and pretty JDSU up. JDSU was the proto type options fleeser and insider selling firm (prior to his coming to JDSU). Kennedy really should get out of RMBS and concentrate on JDSU. He is the captain of two very broken ships.
Verizon/Vonage court rulings on Friday have interesting implications for RMBS. The initial ruling for Verizon put an injuntion on Vonage for new customers. Later in the day, on appeal, Vonage had the injuction temporarily stayed by the higher court.
All done in Virgina and Washington, DC.
Cell is a non-issue has less traction than Rdram at comparative stages. RMBS needs new horses and INTC which may be why Farmwald and Horowitz are supposedly working one day a week.
Threejack: JMO
I have seen and heard all of RMBS management all the way to CFO Harmon at various conferences so I have somewhat of a biased view. I can detail what I think of RMBS management both past and current, but don't want to do it.
RMBS likes to tell the story of its humble beginning that began with the very bright ideas of Horowitz and Farmwald. Those brillient ideas morphed into entitlement by Tate et etc, who continued to tell the world about the size of the memory market and RMBS's unique and priviledged position in it. Most memory makers recognized and really valued the technology, but RMBS management decided that they were more entitled and deserved more in a thin margin environment than most MM's thought they deserved. RMBS's, our way or the high way, see you in court, mentality paved the way. They gave many MM's reasons not to use RMBS and in general angered most of them along the way (Barrett's remark of "gatekeeper" was a real tip off). RMBS ended up with few friends and many court dates. Its trading world now is legal rather than business and trades as such. It can't continue indefinitely in its course because its going nowhere. If you were a MM, would you want to do business with RMBS?
RMBS must settle one on one. There is no court solution (including AT) because it will take forever.
The RMBS BOD has aquiesed entirely along the way. Agree, there are new BOD members with perhaps some new views. If the BOD has changed, why is the option mess still out there? Why is there still such a public relations mess? What has changed?
I just trade this thing up and down and have been around it a long time. It has terrific technology, but its management and BOD just keeps shooting itself in the foot and then shots it shareholders some more. This stock could have been really, really good, but it will never be as long as it stays in its present course.
Listening to conference call doesn't mean that much. It is mostly scriped with few strong questions. It is like listening to the wind.
I admire and salute almost all core RMBS shareholders because there are not many public companies who have more loyal and faithful shareholders than RMBS. RMBS management and BOD do not deserve them. The shareholders are much better then either. Also, there are not many public companies who have more consistently screwed their shareholders than RMBS management and its BOD. The irony of it all is, if RMBS shareholders went on the warpath in the manner they do in the public message boards against the Amigos, management and the BOD in terms of organized public outcry, media PR, annual meeting demonstrations with press coverage etc., focusing media attention on RMBS and its practices, the shareholders would be much better off. Too much light on RMBS management and BOD might result in a different and more open and compromising RMBS. RMBS has been hurt just as much by its management and BOD as it has been by the Amigos. Go to the annual meeting, see them and hear them in person. You may wish to rethink your long term position.
IMO, one of the mistakes RMBS longs continue to make is too blame most of the MMs for all of the litigation, failure to reach an agreement or settlement---you name it, is always everyone eles's fault. The corollary to that is -- if RMBS management and BOD treats and reacts the same to the MMs as it does to its shareholders, blame can be attached equally. Doing busines with RMBS appears to be extremely onesided.
Oh no, the good Judge heading this study on behalf of the BOD, has a hard time staying awake after being up all night frequenting all those jazz clubs.
Cell is great. Will even be enough to get to even $50 in 2009 at is its current implementation rate? Will it still be considered to be a sidebar memory type like Rdram?
The best thing that could happen to RMBS would be a take out. That is the only way anything positive will happen for RMBS shareholders. The BOD and management are to inept and just keep reproving it. The press release was interesting to the extent the only Hughes and Rishi are innocent bystanders in the options excess. All the rest are not mentioned and are mostly gone including the sainted Danforth.
Send Mr. Kennedy an email at JDSU investor relations. He will get your email.
Realistic, good post. RMBS management has more ways to screw something up, destroy investor confidence, convince hard money to stay away, dump on its shareholders and customers, than almost any other tech company around. The fact that it is still around is amazing. Farmwald coming back a day or so per week along with Horowitz almost says that there is little in the kitty jar. Will Xdray ever get any traction like Rdram?
Threejack:
You got your wish!. Tate resigned.
The only thing I can say is "oh my word" and leave it at that!
Please explain to me how Mr. Danforth earned his pay?
The company might have some value. But the stock has no life and the company no credibilty. It will be a long and slow comeback with nothing but legal issues in the way. Some of the BOD and management will only be working only to stay of jail.
With due respect, I think you naive. It must really, really stressful to be senior vice president in company of 300 people!
Oh come on! You at best guessing if there even was an effect on Danforth's private life. He did not try anything. The heavy lifing was done by hired firms. He supposedly went to work just like everyone else in the world and did the job he was hired to do. I'm guessing effect on his personal life is little different than most other people in responsible positions. For than he was more than amply paid. You should be so lucky!
The morality and integrity of this company's management and BOD is as low as it gets. Just how much has Danforth legally swiped from RMBS stockholders. And RMBS supporters acuse other companies of stealing. If RMBS treats it clients like it treats it shareholders it explains why it has such problems. How can anyone really trust this company?
What happened to CalBiker? Always enjoyed his posts.
With due respect, the post opens up some questions and caution with contents of the post. If Mr. Hughes and Mr. Danforth are offering private opinions to some shareholders there is a problem. The options problems may predate Mr. Hughes, but he was on the BOD and should have had an indication of the some of the options problems or he was not paying attention. His recent public comments regarding options do not reflect overly significant concerns or any degree of reigning in the awarding of options. Again with due respect, the writer of the post also initiated the wildly bullish "running out of stock" posts and other highly bullish posts and projections that have not been anywhere near the mark. The writer was also a big proponent of Mr. Eulau and has at other times been very supportive of previous RMBS management. The writer may be very long and may have significant understanding of RMBS, but has always been a very staunch RMBS LTL. This management does deserve a chance, but has been very slow in providing reasons to support it. In my opinion, this is not a good management or good BOD and should by and large be replaced. True objectivity is always an issue with RMBS supporters. Just my opinion and I think is a current buy.
The last round of selling by RMBS insiders is quite material if Danforth, Hughes etc., knew or suspected some options hanky panky was going on. The big flurry of selling after the court announcement is quite suspect.
It is time most of current Board of Directors left including Farmwald. The current Board thinks its quite clever in changing the Chairman yearly. Its really a joke and one of the reasons the Board is so weak and dominated by the crooks.
Exactly what does RMBS have that will save INTC's bacon?
If you liked it before, you got to love it now! It is really good chance to buy, or there is something really seriously wrong imho. It seems like a good odds-on bet now.
Mr. Tate gave back quite a few options earlier this year. At the time it seemed quite strange given his history of option selling. I think Mr. Tate was solely in charge of the options dispensing in 2003 and prior years. Recall reading proxy statements stating that in those years. This could be a good thing for RMBS in the future because it gets this mess out in the open. On of the Board members, Kennedy from JDSU, has had signicant insider selling and option problems that he inherited from previous management. I believe Calpers forced some changes in the selling and options programs during the past two years. Kennedy maybe could have seen this coming at RMBS!
This mornings Hambricht comments are quite choice. Rarely do you see comments that blunt. If RMBS doesn't get the message now it never will and the stock has little chance. Now they really need to step up. Basically Hambricht is saying the technology is good and holds the stock, but the management, and Board, is quite poor and selling opportunistic.
There are a couple of interesting color posts at Yahoo on the Hughes issue. There are posts 991627 and 991630 authored by Ulysses. Sorry, can't repost.
Now you can understand why Mr. Hughes was shown the door at Intel. He is more dangerous than Tate/Davidow/Mooring and will hurt more in the end than the old troika.