You raise some interesting points Ross and I understand your scepticism, given what's happened.
I spoke to DF a couple of days ago and we talked a little about Smith and the problems that they've been causing for quite a while now.
His point is would you rather have a subsidiary onboard that's causing problems and diverting your energy away from building the company upon would you rather be rid of them and focus on what is important.
Smith were happy to become part of the IFCR family when times were bad to give them a greater degree of security and stability but now that things are improving, they want to be masters of their own destiny; clearly you can't have both so what is best for IFCR.
If I was in his position, I would get rid of the problem and concentrate on bringing other, more reliable subs on board and that's what they're doing; without any prompting he discussed how HH was having a breakfast meeting with a $15M revenue company about acquisition. What would you rathe have: $10M and problems or $15M without problems (I know that we can't guarantee that at this time but I'm using it as an example here).
Let's look at the wider picture, a lot of these problems are legacy issues and were started before DF and HH took over; they're still turning this company around and not doing too bad a job - we're profitable now, debt is going down and litigation is being settled and that's been documented in previous filings.
I understand your concerns about PRs and filings and I have similar concerns but having spoken to DF on several occasions, I do believe that he has the best interests of the company and shareholders at heart.
After speaking to him at length the other day I still believe that he has a plan and is busy working on things, he mentioned that we should see some positive changes in a few weeks time and of the course the filings.
This is not the best investment opportunity for day traders and flippers, it's a long term hold here but again I personally think that things will happen in due course and I personally would prefer that he focuses on getting the company right at the detriment of putting out lots of PRs but I do understand where you're coming from.
Give him a call and have a chat with him, not for posting an update like I and several others have done, but for your own peace of mind.
Per Ardua Ad Astra
