Alea: I'm in complete agreement with your statements. I was not focusing on the overlooked financials, the excused elastic timelines, the disappearing deals, nepotism and all the rest of it--I was just listening to the stories of dead dreams.
It made me so sad, working people were fleeced so mercilessly. Yes, I recognize their willful overting of the eyes to all of the plainly deceptive statements at official events--that they played a key role in their own financial disaster.
Nevertheless, I can still feel for the folks who were led in the wrong direction again and again--and kept asking the same folks steering them wrong, which way should they go.
I get that. Still, it is a human tragedy in one case, to work nearly 20 years, thinking at the end, there would be a pile of money waiting so it would be time to kick back and enjoy life.
Only now, after 20 years, the promised millions have gone where so many Bernie Madoff and Charles Ponzi dollars went.
No matter how much they contributed to their own losses, there is the heartbreak of realizing from here out, there would be no end to work--at 50 years old to realize you are going to drop in the harness. No respite. No kicking back.
There were a lot of blue collar supporters, craftsmen, construction folks--many of them have physically hard jobs. Imagine thinking you will have to work until you die.
As for the late Awk, he got the technology, but never got the company. He seemed to have had trouble separating on one hand what a brilliant idea it was, from the source of that idea--a rapacious, grasping greed that overreached everything.
Yes, you are right. It was always my argument, if it is so brilliant, why isn't it selling? Some of the excuses given were so laughable--like the Thai floods, or the first guaranteed quarter of profitability [there were two such claims a year apart]--when you put it all together, it was a scam plain and simple.
It may have started out legit, but once SKS came aboard, his lies lifted the stock and then crashed it. He was known as a pathological liar inside the company!
Solms was another lying blowhard with not the stones to tell shareholders the truth--he has slithered away, taking his loot with him, not a backward glance.
Maybe justice will come. I doubt it. It sure doesn't seem to have gotten off to a great start. But it is early. Interesting to read the comments of folks once so certain Wave was it, now angry at all the deceit and treachery, particularly at the end.
There was deceit almost from the start and it was a frequent weapon in Wave's quiver. Phony awards, bought and paid for 'analysts' repeating the CEO's lies. Profitability somehow could be seen as far back as 2003 and was 'guaranteed' twice but somehow it always eluded Wave.
All of those memoranda of understandings, like the one from DoCoMo--not a number in it, but boy did it lift the price and the enthusiasm. Complete hogwash. Wave lived off those phony, no-money PRs.
So deceit was there early and often, as they say.
I didn't lose any money, but I didn't make any either. I wasted 20 years of my time following this stock. How smart was I?
Blue
