I must respectfully disagree. Sam is anything but dumb. Granted, he completely screwed up when he bought Fresh Diet. He never understood the business and he hired a clueless CEO to run the fiasco. But let's move on to more recent activities.
iGourmet has taken longer than shareholders anticipated to become profitable. There are at least two dimensions to this situation. First, company management has done absolutely nothing to manage investor expectations. As a result, investors expected positive results quickly. The net result, which we are seeing now, is disillusionment.
As for IVFH's seeming incompetence in running a DTC food business, IVFH has never exhibited competence in this marketplace. They do B2B well. They do B2C poorly. For whatever reason, the company has not decided to hire a professional to turn this around. If they have, they certainly haven't told anyone because Sam doesn't talk to the little people. So he could have been hired 6 weeks ago, but no one will ever know.
People who have read my posts know I am a believer that management is executing a very slow, but very deliberate buyout of the company. Management is purposely running this business like clowns, with a bozoic board in full compliance. I believe it is why our dearly departed board member was kicked off the island. He refused to play well with others.
The damage they are doing is all minimal and immediately correctable. They are transferring wealth from the public shareholders to management. It's only a theory, but I have yet to see any reason to discredit this thesis. Lower stock prices are not a problem. They are an opportunity.
