Where is the lie? He reduced the shares by 100,000,000 down to 122 million from 222 million. (And although in betwe en it went up by about 4 million it is now around 119 million. So actually it is a net of 103 million down. But the important part is he reduced his shares by 45% up to this point which is unheard of in the stock market. Again there is no lie there and it is an unbelievable accomplishment.
And to be fair, I would assume in the future some or all of the 100 million will be used to fund the company- but remember that even if that indeed does happen it will be way less than adding in those retired shares. Very few if any company raises capital without increasing o/s.
Now to q's not being filed. Why is that a lie? Yes he absolutely misjudged the time it would take, and yes the q's normally would have come out during the year, but there is no lie there, just a mistake in timing.
And yes he did say after , that they should be out in oct / nov. And then said definitely by the eoy. He missed those dates, no doubt about it. But it does not mean he is lying, plans sometimes change and delays happen. Obviously anyone who is unhappy with his time schedule has a right to be. But to call him a liar is not correct. And especially when he delivered on the big one which is the 100 million share reduction of fnhi o/s.
Many ceo's would have gotten the 3 q's out and raised the o/s by double, triple or more. So I ask which is better, q's on time and double the o/s OR q's late and o/s reduced by 45%?
And obviously having both on time q's and lowered o/s is best, but life doesn't always work like that. So for now we need to understand we have a greatly reduced o/s, with the q's coming at some point.
Hope this helps to clarify and put into prospective what has happened.
No one likes late filings, especially very late filings such as the case here, just sometimes it happens.
Those that invested in fnhi for the long haul should be rewarded well in the future and those that wanted a quick flip out of fnhi did not get a good deal and certainly not what they wanted. I think that is why we have such strong differences of opinion on the various posts on this board, both for and against.
No matter which side you are on in regards to fnhi, good luck to you all.
