Player: I thought SKS and crew had posted the low water marks for incompetence, but Solms's Motley Military Misfits have shown creativity beyond the pale in that arena and may in fact be America's First in Failure team, if there was such a team.
Walter Shephard, Wave's alleged Chief Financial Officer, needs a little more time, (after a little more time) to figure how to add zeros and negative numbers. It's not that hard. Even congenital math clowns like me are able to do it.
Blue Theory as to what is going on? IMO, the hammer is going to come down hard and in fact may already be at the start of its downward arc towards the Wave exposed and proffered neck.
Why? How does this make sense? Well, assuming even the always-acquiescent Naz does de-list Wave, one gets to appeal, don't they, even though they were on appeal (extension) already and while trying to convince the Naz Wave should stay, the company slips below the min. listing market cap.
And by the way, while on appeal, if there is such a thing possible at this low point, the executive staff will receive salary and bonuses until they have to strap on their own golden parachutes with what is left in the Wave barrel.
27 years in business, not a single profitable quarter. Wave never met a single deadline (set by the company) or any of the optimistic quarterly forecasts given by Steven with one hand behind his back, hiding the crossed fingers.
Founders shares. Employees exempted from the reverse split devastating shareholders, but the CFO (Feeney) urged passage anyway because it would cost Wave more than $100,000 to correct his error.
Guaranteed big bonuses! CEO is 'mistakenly' overpaid $70,000--a mistake caught by outside auditors. Golden parachutes.
Against this steady flood of actual bad news, a tight-knit core of determined and true-believer share-holders for years posted a series of posts based on rumors, hallucinations, mis-readings of events, denials of facts, alternate realities--all of which guaranteed good things, among them, a share price soaring after many forward splits, a party in Las Vegas with unlimited French champagne and on and on.
Even as the end was coming up fast, the Dot Machine was cranked up to 'turbo' and as the cascading bad news drained pennies a day from the share price, the Wave forward horizon (rose-colored safety glasses on, please) was filled with a pipeline of deals so big with companies so important they couldn't make them public--only it was all BS.
From the get-go, it was BS, from the time Peter Sprague either got bored or distracted and gave the CEO position to his unqualified, semi-literate son.
From there, it was straight downhill on a steep ramp slickened with mistakes, greed grabs, self-dealing, errors, mistakes, incompetence and outright lies about prospects, profitability and sales.
What about this awful, long-running show was not predictable? The Wave believers thought (and some still think) Wave has some kind of good fairy in reserve and after allowing the company to teeter on the precipice, she will come out, wave her wand and dump 24-carat gold ingots in the company treasury and all will live happily ever after.
Even today, one can look elsewhere to see fairy dust drifting down as die-hards make up possible excuses for a second delay in quarterly results--[from elsewhere today, as a case in point]:
"I think that Bill is delaying, hoping to firm up an announcement so that the third quarter earnings can be cobbled with a very positive announcement which will assure the ability to fulfill NASDAQ listing requirements. JMO
It may take a fairy godmother to save Wave. It is hard to believe Wave can be saved otherwise at this point by mortal man/woman.
One wonders if those who lost so much will remember who floated the lies, the denial of what was actually happening and who made-up reasons, excuses and rationalizations for no performance at all and who banned and attacked those telling the truth about Wave.
After two reverse splits, today's share price closed (split adjusted) at one penny on more than 600,000 shares traded. This was to be the company destined for all-time greatness, destined to be bigger than IBM, GE, Google, MS, HP--all combined. One penny a share! [If you bought before 2006 and held]
Blue
