From an inside source, Wave may not be completely dead. Past shareholders do not rejoice, however, your share will be nothing.
Bill Solms's most grievous mistake, among many others, like lying his butt off about prospects and traction--was to pin all of Wave's future hopes on the virtual smart card VSC 2.0.
It was a disaster, comparable to, if Ford Motor Co. had bet it all on the launch of the 1958 Edsel--just as big a disaster*, except the Edsel did not take down Ford--they recovered.
What I have been told is there are forces now who are buying up Wave's assets in bankruptcy and will attempt to make something out of some of Wave's other projects and assets.
If these attempts result in some kind of success, previous shareholders will not be entitled to a dime of it.
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* Ford lost $250 million on the Edsel, estimated at $2.25 billion in today's dollars. One theory was the grill looked like part of the female anatomy. But that was just one problem, not the main one. The public had been hyped to expect a super-car, but instead, Ford produced an ordinary car--an ugly one at that.
And when the product did not match the hype, customers stayed away en masse. [Does this sound at all familiar?]
From the man who runs the Edsel website: "I learned that a company should never allow its spokespersons to build up enthusiasm for an unseen, unproven product," he says.
In this case, it was Wave's CEO(s), CFO, and the cult leaders providing the no-limit, who-wants-to-be-a-billionaire fantasy hype about Wave's potential return to investors.
Only no one except us critics said how the money was going into the pockets of Wave's executives and their family members, rather than into the pockets of the investors who made it all possible. "You'll get yours later," they were told, "just have patience." [Wait until the bankruptcy?]
Blue
