Alea: IMO, there were many reasons why Wave failed so badly. The CEO was the first problem. He was arrogant and entitled and not pleasant to be around.
The product did not distinguish itself in the market, despite the glowing reviews from the self-appointed Wave Technologists--in fact it showed its absolute imperviousness to sales in every category it was entered.
Wave's product did not sell well, but the glowing statements continued as if it were only a matter of time before the world itself saw Wave's singular advantages and started buying it with both hands.
The expectations built each quarter with truly awesome predictions that those uttering them knew could never come true--helped tarnish Wave as a company.
When you are selling trust and your CEO is an insecure, pathological liar, it is an uphill battle at best. And despite the true dearth of sales, we were always buttered up after the crushing results came in, with new rumors of big deals, expansions to China and moving into mobile, etc.
But step one is sales. That is where Wave failed. it was not encryption issues, government keeping Wave down, or any of the other excuses cooked up to present Wave as anything but what it is--a company that blew through almost half a billion and has squat to show for it.
Mismanagement, ineptness, dishonesty, sky-high expectations, nepotism and a failure to come up with a product that companies wanted--each of these factors played starring roles in what has happened.
Solms is a clueless dolt either dishonest as SKS was, or someone who fell in love with their own abilities and raised them in his mind far above what he could execute.
So, the Light Colonel goes down as the second fall guy--big hat, but no cattle--big gun, but no bullets and ultimately he is a big fat coward for hiding in his bunker while Wave craters into nothingness and he can not be found uttering a sound about the loud crashing of all his 'goals.' (Split adjusted, it's now a tad over a penny.)
Next Thursday, I expect to see them state earning and NOT take any questions. Then the Naz will kick them off the Capital Market and Wave will either close or try to make a go of it on the PInkies, where they have deserved to be for many years--based on performance.
Blue
