I totally agree on what TF is Writing. I remember very well when ECAB came in as a player, we were informed that we would see, rather quick, shareholdersfriendly actions. As TF writes, after 18 months we have seen nothing of that kind. I am surprised that FD is permitting his reputation go down the toilet.
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Why I agree with this statement to a certain extent, I believe FD faced an uphill battle with Solomon to get him to see the light. The delay IMO was primarily caused by Solomon wanted to build a large conglomerate (which is respected by Eastern values) and FD's knowledge on how to build shareholder value by breaking up the business, listing at the appropriate exchanges to maximize valuation and removing historical management that has been a road block and will facilitate better and more friendly shareholder decisions going forward. It is a brilliant plan and one that took delicate and I suppose long negotiations with Solomon.
What I find troubling however is the apparent lack of attention to near term damage caused to the stock price by the recent delay. Management's and / or FD's attention to this matter is highly questionable. Perhaps something will come out before year end to stabilize and provide a catalyst to the price, let's hope so. If not I find it appalling that insiders have not stepped up here, that they don't recognize or can't figure out how to do a buy back and even a simple thing like returning emails to major shareholder is lacking. I'm not riding this into the ground.
AI
