Player: For many years it was apparent the BoD was not exercising fiduciary--or any other sort of governance they were sworn to actually do.
On one side, a large block of influential, but naive nearly to the point of being beyond belief, shareholders--was giving the mgt team constant attaboys for everything they did, while tolerating no criticism or discussion of the many extremely serious problems with mgt.
That is the atmosphere that led to some of the worse behaviors by mgt--when they simply realized the shareholders were so supportive and gullible, they didn't need to give them anything, and could just keep every penny squeezed out of them. And these supportive shareholders would hound and attack anyone who tried to point fingers at obvious self-dealing or the constant lies about imminent profitability.
There were precious few checks and no balances whatsoever for the horribly misshapen fable of Wave greatness emerging from the fetid mind of dreamers, saluted by "teckies" who had not a clue about Wave's actual technical value, and the fab-fable was polished by both mgt and the many supportive shareholders.
This drew in even more accolytes who thought they were going to be filthy rich.
Naysayers were shouted down and thuggery was afoot on behalf of Wave. Threats were made, spouses and children were told if their loved one kept on criticizing Wave, 'bad things would happen.'
IMO, it was an atmosphere so rich in opportunity, with so few people watching, it was almost criminal not to take everything not nailed down--so they did. [It was an auditor who caught SKS being paid an extra $70K and he had to give it back.]
Even when Wave got caught pulling some truly outrageous stunts--the supporting cast was there to run interference, cancel any negatives and ensure only the positive was available for public consumption--even though it was complete fiction. i.e. "Will any of that matter when Wave goes to $100 a share?"
Even today, as Wave lies in smoking ruins and ashes, there is talk elsewhere of a "2 or 300 million dollar contract."
Three biz days left in Q3 and Wave mgt is just letting the body lay out in the hot sun--no news, no hope, no communication.
But, as always at Wave, the bonuses get paid for delivering wave after wave of Wave failures. It's a Wave tradition.
IMO, the mgt is going to withhold life support and just let Wave slip away. Wave is an incredible story, the dark side of the digital revolution, a company exchanging worthless promises for hard cash, again and again--to the tune of nearly half a billion dollars.
Without sales, Wave has virtually no chance of regaining Nasdaq compliance by January, IMO. Maybe the strategy is to just collect salaries and bonuses until Naz kicks Wave out. It would be the perfect excuse to close the doors, IMO. "We tried folks. God knows we tried..."
Blue
