Let's get it all out. I said weeks ago, rather carelessly, Wave had no new sales. I was wrong. I meant no significant sales, sales with substance, sales one could use to show Wave was not drowning in its own sludge. I was not talking about the renewal of licenses or whatever else Wave does to bring in its declining, minimalist revenue.
Now the supporters are nibbling away, taking up the "zero" remark banner again as if I had repeated it over and over without correction or modification.
Here is the one true fact: Wave has not sold anything significant, reportable, material or sustainable in more than a year--despite a complete change in personnel and focus.
We are all familiar with Wave's penchant for marvelous-sounding releases about great partnerships--only problem is they either have no revenue, or a pittance attached. Sometimes those 'partnerships' cost more to administer than they brought in.
We have had the past CEO spend nearly $50M to give his brother and father a job--then gave them a second avenue for wasting scarce resources--Scrambls--a free service that the former CEO said would hit break-even--same as he said about WXP.
So, please--quit trying to bend words to mean down is up. Wave is a failure thus far--26 years--an unmitigated, abysmal failure on all fronts except for fleecing shareholders by pretending to be a real company.
I believe the current mgt team is trying as hard as it can to reverse the tide--not successful so far. In fairness, when the new mgt was finally installed, the treasury was bare and a host of other ills were eating away from the inside out.
It is a company drained by corruption, nepotism and greed; a company badly tarnished by lies about false profitability and huge deals signed or about to be signed that never were, ineptness on a grand scale involving the wasting of hundreds of millions of shareholder dollars.
We had the biggest revenue company of all--Dell--turn its back on Wave and go elsewhere. That too, was denied and called inaccurate. It was right on the money. Dell bought Credant--goodbye Wave. It is a great example of what present day defenders are still doing in trying to present Wave as prosperous or about to be.
Against this steady march of failure after failure, quarter after quarter, there has been a significant push-back by supporters trying to soften or even reverse what is--an utter mess for shareholders--especially those who bought and held through all the bad times.
These loyal shareholders who should have been most rewarded for their faith in Wave, are the ones most punished.
We have endured round after round of dilution, two reverse splits and are flirting with a third. After spending (wasting) nearly half a billion dollars, our shares bought at a dollar apiece back in the day, are now worth a fraction more than six and a half cents.
Yet the supporters and defenders of this massive sinkhole are doing what they always do--pretending the reality is misleading, that there is a real good chance Wave will rise up out of its self-dug hole and conquer the world--soon, mind you.
OK, well, why hasn't it happened before now, instead of the company sliding farther and deeper into the hole? Because in its entire history, Wave has failed to sell anything to anyone in a sustainable manner.
It's equivalent to a mother saying of her addicted, 45-year old slacker son who has never held a job, "He's about to turn his life around"--even as he lays drugged, drunk and unconscious in his own slobber. She can hope, but it does not change the reality.
It is easier to attack someone telling the truth, than to attack the unpleasant truth itself and that is what is being done here.
One looks back at the Maginot Line supporters erected to shield egregious and blatant acts of incompetence, stupidity and mendacity of the past regime from the truth about these acts--and one sees the same tactics employed yet again--all in a vain attempt to project Wave as an entity holding great promise.
As far as "flopping around seeking to spin false statements into true ones" there is no better flopper in Wave's history than the author of that whopper. But he goes further out onto the ever-thinner ice with this one--typical of all the defenders of the pretenders.
"What I find absurd is the basic thesis (that Wave is a failing company)..."
What is truly absurd, is this statement, implying Wave is a success, or if not a success, then NOT failing. What is it about 26 straight years of not achieving a single profitable quarter that smells like success?
If those 26 years are not a good working definition of failure, what is?
All the words in the world can not hide, mask or reverse the reality of the bleakness of Wave and the precariousness of its present position. Yet, all Wave needs to do to save itself, is sell its products for profit. Oddly, that is the one thing Wave has been unable to do with any success--ever.
If Wave is not a failure and a failing company, I am an azalea bush.
