Zen: I read it. We both see the same thing and come to differing conclusions.
Like you, I resent being strung along by falsehoods (or rosy predictionss, since that sounds nicer)while we wait for the paradigm to shift our way.
But one little story out of the early days of the TCPA, if you will. SKS was invited to join the initial group. A friend of mine was there and said SKS was treated kind of like a dog at the table--as long as he was quiet, bothered no one, and knew his place, he could stay. He was quiet and stayed.
The SKS version of this same meeting was that he practically started TCPA--a very gross distortion of the actual facts.
So asking ourselves why would our president distort and exaggerate the fact that Wave was present at an important meeting? Why wasn't it enough that we were there? Why did it have to go from what it was, to what it wasn't?
Your guess is as good as mine on that score--but the bottom line is SKS does not always tell the truth--there may be a kernel of truth in there somewhere, sometimes. I don't like having to guess which part is true and which part is false or exaggerated. Those kind of things cast doubt on everything he says.
On another point you made: whether mgt should be congratulated for still being here at this point, is another issue. We burned thru money like no tomorrow when there was no real chance to deploy. A prudent company conserves cash for when it really counts.
We are now at the end of the line, cash-wise and probably prospect-wise too. Too many VC's have been burned by Wave. Many of us will not buy more stock unless revenues start to flow. How did we get to this point? In my mind, poor decisions and failure to cut costs and blatant dishonesty all led to our current position.
You see it very differently, which is fine. You applaud mgt for surviving this long; I chastise them for not conserving our resources sooner and better. We could both be right.
One of my criticisms in the past was that if Wave makes a public announcement of a deal, a partnership, etc.--if it falls apart, a public announcement should be made in that same space, or at least some disclosure given to the shareholders. That seems fair to me. But Wave seems to think we can not handle the truth. The prospect that they might be right is what scares me.
Why spend so much time and energy faking people out? Just execute and accept the accolades. If Wave were even at $25 a share again, none of us would be complaining.
In the past we blamed MM's, shorters, bashers, the media, and a gang of co-conspirators for keeping our story out of the limelight. Now, some of us are starting to look a little closer to home for the answers. Execution now would make all the pain go away. The question is, is it too late?
Not sure if I exactly answered your question, but I gave it a good try.
Best to you, Zen.
P.S. OT, some of you have e-mailed me privately and I can not respond privately at this point. Thank each of you for your comments, pro and con.---Bluefang
