Loop .. Good post .. However, while I too feel strongly that enough is enough, I think I am referring to a very different "enough." When I submitted my report to IDCC the stock was at $5/share. It is now $25. The institutional ownership was around 17% as I recall. It is now twice that. We had no sell-side analyst coverage and little hope that we would get any. We now have coverage by two excellent ones and considerable promise of more to come. The CC's were a joke, but unfortuantely a sick one. We have just come off our best CC ever. It seemed like every other post was pleading with management to "toot IDCC's horn." Can anyone objectively look at this year's annual report and suggest that they haven't finally done so? There was not one aspect of shareholder communications that deserved a grade above "D" when I wrote my report. Surely, even the most cynical among us would have to admit that there has been at least a one grade improvement across the board since then and in some cases two or more. IDCC had considerable momentum then, but it was clearly to the downside. Does anyone doubt that IDCC now has extensive and building positive momentum in many areas of the business, not the least of which is the financial results? I could go on, but that should suffice. I am certainly not suggesting that any of these changes came about as a result of my report. I'm sure it had little if anything to do with it. The dramatic change between what we observed then and what we see now is all a credit to an ever improving management team.
It was totally understandable that at the time of the report we were almost totally focused on management and critcized them in the most derogatory terms. It is not understandable or acceptable to me that the dissatisfaction with management by some continues to be expressed in the most insulting terms and that the we versus them attitude persists at the same level as then and in some cases to an even greater degree.
I was wrong about prop #2 and have so stated at least twice. It was defeated and it should have been. Can we end it there? Can we continue to critque management, pro and con, but solely for the purpose of making a buy, hold or sell decision rather than as the basis for some organized effort to make changes at IDCC? Enough is enough. If the answer is yes to the last two questions then I think there is no reason that this board can't return to its past level of excellence. If the answer is no then I feel strongly that some of us will either abandon the board or stick around and exchange personal insults. I'll be doing the former.
