Wave Duke: Yes, Bill is a completely different captain and I am not holding him responsible for Steven's many sins. I think Wave shareholders were fed a load of irresponsible lies which many, including myself believed for a while--some much longer.
Believing Steven's optimistic and completely fictitious predictions of imminent success led to huge losses.
That's the past. So, going into the present, do we grant Bill the same blank check we did for Steven, never holding him accountable for his lies and unfulfilled promises? IMO, no. We hold him on a short leash and require him to be accountable for his statements, which he said we should do.
Whether I am a shareholder at present, or at some future time, is irrelevant, IMO. If I speak truth, that is sufficient. For many years, I spoke truth to Steven's lies and was condemned as a basher with an agenda. My agenda was simple: accountability and professional mgt was what I was looking and hoping for. It did not come under Steven and he was finally fired for it.
You said a couple of things I take issue with. You said I post anonymously, as if everyone on this board, including yourself, does not. We all use aliases and are somewhat anonymous. Most of the long time shareholders know exactly who I am, where I live and what I did for a living. But all of that is completely irrelevant when it comes to the facts about Wave.
Then you said I 'use silence' and my anonymity "to my advantage." I have no agenda and those are not the tools of my trade. Facts are, and the facts about Wave are pretty horrendous. 99%+ of shareholder money has been completely wasted under the old regime--a staggering sum close to half a billion dollars. To me, that is extremely serious.
That money was wasted in part because shareholders believed and followed a man (Steven) who continually spun lies and failed to ever gain the smallest toe-hold in a world clamoring for security.
Now, we have a new captain of the ship, as you said and he is left with the legacy of products Steven and Peter had created. The new captain, despite tinkering with those products, has yet to sell a single one of significance.
In that way, Bill is like Steven. I do not believe the new sales team is inept, but rather, hampered by trying to sell products no one wants. I do not know the reason why--but that is precisely what will determine our future as a company. If the products remain unmarketable, Wave is doomed, unless Bill can re-engineer those products, or create new and better ones in a rather short time--real short time.
That is beyond the reach of you and I. So, what is left? We can judge Bill on what he says and how accurate he is. It was not me who said we'd see signs of a turnaround by the third and fourth quarter of this year.
It was Bill, again, and not me, who said we'd be cash flow break-even by the end of this year--just 5 weeks away--with no new sales yet and the window closing rapidly.
It was Bill who said on Nov. 6, "...I am not presently looking to do a capital raise..." and then just 7 business days later, we learn there is a $15M shelf offering. I addressed what I believe are the inconsistencies in what he said and what he did.
I also criticized the timing of the shelf announcement. IMO, Bill knew at the time of the Q3 CC he was going to do another shelf--but elected to keep quiet about it. Why? We can only speculate because he gave no reason and chose to withhold the shelf news and any discussion about it until after the CC.
I don't think Bill is a liar. Still, after following Steven and knowing his reputation for mendacity, one would think he would be extra careful not to say something unless he had a lead-pipe guarantee it would be accurate.
Already there is slippage on that front and I believe there is a far more serious one coming up soon--his prediction and his reiteration on Nov. 6 that Wave will be CFBE by year's end. How will he reach that goal if there are no new sales?
On that basis, I believe shareholders are justified in requiring Bill to explain exactly why he made the prediction and missed it, if in fact Wave is not CFBE.
Is that unreasonable? It sure seems perfectly reasonable to me. It is called accountability and Mr. Solms said early on he expected to be held accountable.
You may think Wave won't use the new shelf registration. If not and the sales dearth continues, how else will he make payroll, pay bills and meet the company's obligations? He will be forced to use the shelf.
Personally, I think having a shelf available as insurance is a perfectly good business practice, but why say a few days before applying for it, you see no need for a "capital raise?"
For all of those reasons, that is what prompted my "short leash" call. I believe it is prudent for shareholders to be on guard against being taken advantage of in the present and future. I believe that is exactly what led to our current position.
Ronald Reagan said, "Trust, but verify." That is a good creed for Wave shareholders. This is the part I am looking for, the verification Solms is doing what he says he will. Thus far, there has been some slippage.
Rather than sweeping it under the rug, or disregarding it altogether, I choose to call him on it. Feel free to disagree. I'm out and you are still in. I would love to get back in, but Wave has to meet a few goals first, like selling and reaching profitability before I will ever trust another cent invested in the company.
That is not bashing, it is only requiring the barest minimum before committing to a company which has disappointed since its origin 26 years ago.
I wish you the best with your investment.
Blue
