Cutting-
I agree with everything you say. It's been completely frustrating as I also bought in believing that the financials would be wrapped up at the end of 2Q2006. Like all good red-blooded Americans, I wanted to buy a ton of shares, hold them for a couple of months and make a ton. Boy has that not been my experience!
BUT then I remembered from my own business that EVERYTHING is a "moving target." Surely I have had some clients who think that I am a complete crook. But I'm not. For example, my partners and I once calculated that sales, engineering, infrastructure construction etc on a project would happen much faster than it did. And then because we WERE on the up and up, we had to comply with Interstate Commerce paperwork from the Fed and it almost cost us 50% of our business on one project alone because it held things up for another year and was running in excess of $300K in legal fees. We worked things out with a lot of "song and dance" along the way...but 18 months later than we expected and with a much different model than originally intended. All this makes it easier for me to give these boys a little grace when I start to go postal about the current scenario...
I haven't been in PBLS as long as you, so forgive me for trying to "tell you how things are." It's just that I've turned over enough rocks to believe that this company is "young" but legit (as you probably have as well). That means it has quite a few skeletons to deal with, has a couple of CEO's/COO's who lack experience in running a public company, and sadly are a bit inept sometimes at estimating their own time horizons. Don't string them up yet. If you need to sell, then unload. But look at it this way, their bumbling has gotten you to the 15% long term status so IF they do pull this off and go audited and get off the pinks, you have to pay less to Uncle Sam, who often is the biggest problem with any business, including making audited financials so stinking complicated!
Don't quit Bob. What do you have to lose now other than the Opportunity Cost of having your money tied up? That's a better loss IMO than selling in the duldrums before the "wind picks up"...
Ren
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
www.younglife.org
