Alea: I agree with almost everything in your post with one exception. You wrote, "...if the issue was banana or goat rather than scaleability, the previous management needed to go."
I don't think the major reason for SKS's ouster had anything to do with fruit or billy goats. I think there were two main reasons: (1) The consistent failure to deliver on promises of profitability and sales (2) the consistent lies about both of the above.
One can argue if the product sold well and if Wave had been profitable, no one would then care whether SKS lied his butt off or not. I disagree. I believe credibility and integrity are important in a publicly traded company. Wave and its former CEO had neither.
Furthermore, it was baffling, that in an age of extreme data insecurity and privacy disclosures, Wave, which claimed to solve many of these same problems, could not sell into a market craving security. As you mentioned, the excuses were prolific, although excuses were not forthcoming unless someone cornered and pressed the former CEO for explanations. The resultant excuses were seen by many investors as mendacious and without any basis whatsoever in truth. Time bore out the truth of those views.
I believe Solms is trying to undo that well-earned, bad reputation. But the new CEO is facing two major problems. Shortage of cash for the long haul and the failure to sell any Wave products in a consistent manner.
It may be the former CEO dug too deep a hole to get out of before his hands were pried loose from the reins.
It is troubling to me after three quarters as CEO, there have been no announcements of new contracts or deals. Maybe we simply have not given the new CEO enough time, but surely Solms must realize his window is a short one and if execution does not begin soon, he will face massive desertions from the loyal longs who stayed too late and too long at the dance with SKS calling the tunes.
I am confident Solms has ended the squanderage of precious funds on stupid stuff 'developed' by Sprague relatives and friends. That's a huge plus, yet not nearly enough.
Blue
