HhHeavy Dilution...
you had an argument to make about the loans when they were discounted to -0- & a 100% reserve established.
the after-the-fact that they never shoulda done it is ridiculously obvious but also ineffectual. that viewpoint was priced in before. PJS sales shoulda been unnecessary, but again, it was already priced into the stock a while ago.
new things are priced-in now - INTC, Shoddy Sheng, big put interest, supposed SEC "investigation," IBM "confusion," scheduling of the SHM and approval of the DEF14A.
all in there @ $3.50ish.
tens of millions of shares have churned b/tw $3.30 & $3.60 & the battle for $3.50 has been fun to watch.
the buying was strong @ close in the face of an inquiry by "financial_reporter23" (good call btw, Larry - doubt so highly the FR is fer real) & a low volume walk-down around 3pm (2 days in a row).
i tHhHink i'm a howie litmus test of sorts & his arguments have become increasingly irrelevant during the developments of the last 10 days. That he is reaching into the PJS loan bag AFTER $3.6million is going in the kitty & contends how much better it woulda been to come from treas shares - duhhhhh... but that was not the reality of the situation & is low hanging fruit hindsight).
i'm firmly w/the camp that desires some challenge of the wave mission. it strengthens resolve & overall understanding.
also sick of the "FIRE" theorists - longs have definitely traded in the same currency over the years. An approach that has likely cost as much (or more) for investors who held when they shoulda taken profits, bought on margin (when they shoulda taken profits), rode it from 50 --->1... yep, when they shoulda taken profits!
"voids wanna be invited to the big dance but @ same time don't wanna messy bored?!?!? hafta say -- too bad -- fame has its costs & those includes the "pluvias" of the world taking shots @ you! the latter brings w/it the former. if the stock is gonna continue to appreciate, it'll take new capital coming in (& not house-of-card wavoid margin buys either!).
the grumpy old, supposedly urbane, gentlemen still growing in the DD petrie dish want a company that makes money (truly profound, btw) but also wanna stay isolated in a DD wonderland. a "private club" is *not* what wavx needs - it needs all these bright bulbs to shine light as the best disinfectant.
There's plenty of DD to refute most (if not all) of the main "basher" points. The collective IQ here is prolly about 50-75 points higher than @ yahoo & if 'voids collectively wanna do something positive for the future of wavx, refute negative arguments effectively instead of seeking to squash them w/iggy, etc. If 'voids couldn't refute the contentions, i sure wouldn't hold wavx - it's that simple (& i s'pose, that complex as well).
criticism that is readliy dispatched by informed posters is exponentially will always be more valuable than hiding somehwere "in peace."
IMO financial_reporter smacks of someone desperate b/c they have watched, mouth agape, as every MM dirty trick, Shoddy story, etc., has *still* left wavx w/all the news priced @ roughly $3.50. Following HhH's theory of being "right" he has been consistently wrong of late & chewing up tens of million of shares @ $3.50 proves it.
wouldn't wanna be "out" this weekend -- too much potential for gap-up news on monday & if memory serves, Wave has often released news going into reporting Q results. the *heavy* buying into close is worth noting as well -- the comeback from $3.30 was very impressive.
HhH's role is moving much closer to "CarroTop" quality amusement & continues to drift further & further from relevant probing. HE admits he loooooves to parody the company, so why not laugh @ it (& yerselves) every once in a while... plus, i'd rather read on HhH than 20 "thanks Snack," "didya see that block go by?" & shout-outs from Peoria).
i value his presence either way, but i don't hold grudges as long as some (though most of them remain mired in the magical treehouse of RB).
the FACT of the matter is the SEC worries are GONE as of today! (formerly a fairly significant unknown IMO)
it also looks increasingly likely that the 15/20 @ $1.90 is gonna be blown out of the water! (was also a big source of concern).
the simpleton argument of "P&D -- Loooook OUT belowwwww!" has been disproven by tens of millions of shares that are a serious Maginot Line drawn in the $3s.
All that looked sorta bleak when Shoddy's second snipe was released has been washed away by tens of millions of shares in the mid-$3s.
The worries of how to raise cash are melting away & Wave may not evern need to do an offer in any semblance of desperation ever again (another one of my biggest blocks in the wall of worry).
They just banked $3.6 - another $4-5mil is on the horizon w/Series H_ell warrants trigger. that's close to the stated need of $9 & doesn't even include SSPX, WXP, debt financing OR the possibility of seeing some Q2 revs, or at least a bloating of Wave's accts. receivable (which might hint towards revs flowing in). There's also the (discounted) possibility of 13Ds being filed.
Then there is 3H's contention abut SKS remark re: insiders... being the new era of SKS credibility, IMO it remains very possible that SKS was talking about Bagalay, Gilder, Bushnell, et al. I seriously doubt he meant him, Dad, & Feeney.
As to SKS selling after option exercise -- this is NOT a problem for me. It's generally incentive-based (he *did* land the Intel deal (or at least played a huge role in it). I'd like to see the "new" Wave be meticulously responsible about this stuff & issue all future options w/strikes @ 52week highs (NOT lows). If they execute, they "earn" significant upside on such options IMO.
the *only* viable argument 3H has left is the question of whether Feeney paid back his loan... & even that is only a moralish-ethical question now b/c Wave's filings have passed SEC muster.
Wave has turned the corner & that too, is priced in @ $3.50ish.
TCG is clearly moving foward @ a quick gait & Wave is disproportionately a beneficiary of that undeniable trend - probably much more so than any other member in many ways.
The silver linings are far too many w/far too significant implications.
Howie has been reduced to a gadfly... a clever & 40grit abrasive gadfly, but almost innoucuous nonetheless.
let him stick around - HhHe's shooting almost exclusively blanks right now & his arguments are all watered-down!
and i think he knows it...
an optimistic,
SPIN
PS RB has also become virtually irrelevant IMO - BOTH threads.
PPS notice that NO OTHER respected media outlet jumped on Shoddy Sheng's schloppy schtory. Some, like CBS' Mike Baron actually bothered to call the company before slamming the company w/KPMG in the present tenses re: a filing that addressed Q2!!!!
PPPS have a good weekend - maybe i'll bring some flowers & cookies next week!
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