Snackman: The point is that yourself and many others seem to be selling hope, when many of us feel there is none. You cite no facts; history is against you.
Is it wrong for my voice to speak what I believe to be the truth about Wave, just as you speak what you believe to be the truth?
I said nothing about selling. I said something about changing this company for the better. One could conclude from your comments that it is perfectly fine at a time of cash starvation, for management to lavish salaries and bonuses on themselves.
One could conclude that you feel it just fine that those bonuses and stock options were awarded for deals that came undone. You seem comfortable with the fact that virtually every quarter mgt has announced a deal, deployment, shipping dates--and in the entire history, not one chip has shipped to fill an order.
I have yet to hear the slightest criticism from you about our direction, our speed and very real possibility we may never get where we are going, because we ran out of cash.
Wave, IMO, has squandered its precious resources in a reckless manner. We had offices in Lee, New York, Princeton, N,J., and San Jose, Calif. when there was no product. We were hiring engineers when there was no demand for our non-existent product.
All of this troubles me as an investor, and you are certainly free to look at the same set of facts and draw an opposite opinion. But pardon some of us, if we not only do not share your opinion, but wonder incredulously how you can be optimistic, given the history and the situation we now find ourselves.
Perhaps if we had pushed harder for explanations of non-execution earlier, mgt might have realized they better come up with something. Blind and unwavering support, IMO, was not the wise thing to offer a spectacularly unsuccessful mgt staggering and lurching around, changing strategies with every wind change.
Wave will succeed or fail no matter what our opinions are. But if we were on the cusp of success and needed a few more months to get there, I for one, would be more than a little bitter that mgt had chosen to burn through scarce resources in the way they have. It did not have to be this way.
When times are hard, we buckle and knuckle down, trim our expenses. If only Wave had acted as if were the shareholder's money and not some bottomless bucket they could dip into for eternity.
Feel free to espouse the optimistic and opposite opinion--but please don't ask me to buy into it. My statements about Wave are based on hard fact. Yours, my friend, seem less so.
So we agree to disagree. You see a glass nearly full. I see a drained and dry glass, one that is dirty, cracked and chipped from abuse.
Bluefang
