FINALLY we see the 8-K making it official that Haddock has left IDLM! Sweet!
For some here, this may be news. But for others, the writing was on the wall when Haddock's email was cut off and when Frasier issued the shareholder letter.
OK, I suppose that if I had to choose one or the other to run IDLM, perhaps I would have sided with Haddock. But I FOR SURE didn't care for having both of them at IDLM in a perpetual state of conflict. And when I say conflict, perhaps I should have used all caps... I am totally convinced that IDLM will be a vastly better investment proposition with Haddock gone and Frasier at the helm than with both of them there.
My belief has long been that this conflict has been at the root of much of what has occurred over the past couple of years. With Haddock's departure, I feel it is a more appropriate time to share my beliefs. Probably things went well initially. But I think the honeymoon ended very quickly. And from that point on I suspect that Frasier only kept Haddock around to navigate the mess Frasier had made regarding the SEC.
So, with Haddock out the door or heading out the door, what is the first thing Frasier does? He issues the shareholder letter. Why? We've all seen the emails showing Frasier's contempt for shareholders, but I ASSURE you all that he's smart enough to understand that shareholder relations affect the PPS, and the PPS helps to drive the eventual sale value of IDLM. I don't think Frasier likes being a public CEO. I believe at least a portion of those emails that were never posted...(SMH) And if he were going to try to take IDLM private, he would have retained Haddock to help him access capital. And so now his only option out is to try to sell his shares somehow -- and folks are kidding themselves if they don't think he wants to get as much money as possible. Might he sell his controlling interest? Or will he sell the entire company? Time will tell. But I remain optimistic that there is a very lucrative ending to this story for those of us who hold and who cost average down.
Anyone who thinks that Frasier would have booted Haddock prior to some sort of resolution with the SEC needs to have their heads examined or needs to follow the inner workings of IDLM more closely. This has been a massive conflict for years, but only now does he boot Haddock and start improved communications... This is not just some coincidence!
So, what is the next step for Frasier? Well, I'd say that he needs to figure out OTCMarkets.com. He needs to UPDATE THE SHARE STRUCTURE there (last done in 2012). Of course, this is not really all that necessary in view of the UNGAGGED TA and the fact that IDLM's share structure is essentially unchanged since it began in 2010 (apart from the Shaheen clawback and the issuance to Haddock and KP, which was basically a wash). But UPDATING THE SHARE STRUCTURE on OTCmarkets.com will give us some tangible evidence that FRASIER MEANS WHAT HE SAYS about making IDLM more shareholder friendly and transparent.
Then he needs to issue OTCmarkets financials. They are less costly that SEC filings, but getting to the OTC's CURRENT INFORMATION tier would be a HUGE STEP.
Then he needs to get busy on branded merchandise.
Come on Marcus!! I'm rooting for you now. Let's get this party started! Two years late, but better late than never. Let's get this cranking!
Wadi
